28 Feb '13, 11pm

Singapore Avoids Stimulus as Minister Acts to Curb Bubble Risk

Singapore Avoids Stimulus as Minister Acts to Curb Bubble Risk

Singapore Finance Minister Tharman Shanmugaratnam said there’s no need for monetary stimulus in a country with full employment, leaving policy makers reliant on unorthodox tools to prevent asset bubbles. “We don’t have an output gap, and evidence of that is in an extremely tight labor market,” Shanmugaratnam, 56, said in a Bloomberg Television interview with Haslinda Amin yesterday. “In that context basically, you can’t have an easy monetary policy, which in our case is an exchange-rate policy.” The minister, who also discussed so-called currency wars and Singapore’s efforts to limit the influx of foreign workers in an hour-long interview, said property prices need to stabilize further even as measures implemented earlier this year begin to take effect. A search for higher-yielding assets amid monetary easing in developed economies has fueled record property prices in Sing...

Full article: http://www.bloomberg.com/news/2013-02-28/singapore-avoids...

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