This paper examines the efficiency of the Stock Exchange of Singapore and the relationship between the stock market and the overall economy. Using a wide range of methods for testing market efficiency, the paper establishes that the Singapore stock market is both aweaklya and asemi-stronglya efficient in asset-pricing terms but not astronglya efficient. Granger causality tests based on the efficiency test results indicate that developments in the stock market appear to be systematically related to the overall economy in Singapore and can thus serve as a leading indicator of its intertemporal behavior.An Overview of the Structure of the Stock Exchange of Singapore and Aggregate Stock Market Indicators Up to 1973, ... with the recession of 1985; the local Pan Electric crisis 1/ in November 1985; the worldwide market crash in October 1987.
|Title||:||Stock Market Equilibrium and Macroeconomic Fundamentals|
|Author||:||Mr. Lamin Leigh|
|Publisher||:||International Monetary Fund - 1997-01-01|