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Data on Singapore’s Sovereign Wealth Fund is Flawed
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Christopher Balding, World Economics, September 2015
This paper undertakes a critique of the quality of Singapore’s public economic data in the context of the claim that one of the island’s sovereign wealth funds, Temasek Holdings, reports that it has earned since inception in 1974 an average annualized rate of return of 16%. Over a similar time period the Singapore stock market earned 4.99% implying that Temasek on average outperformed the local stock market in which it was heavily invested, by a factor of more than three times every year. The paper replicates Temasek’s portfolio and analyses Singapore’s public finances and finds that irregularities may exist within Temasek financials. It concludes that if there are as of yet unknown financial weaknesses within Singaporean public finances that have yet to be realized then given the importance of the island in Asia’s financial markets, this should raise concerns over the quality of financial statements produced by government linked corporations and the public sector.
The West and the Rest in the World Economy: 1000–2030
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Angus Maddison, World Economics, December 2008
This paper analyses the forces determining per capita income levels of nations over the past millennium and the prospects to 2030. In the year 1000 AD, Asian countries were in the lead. By 1820, per capita GDP in Western Europe and the US was twice the Asian average. The divergence had grown much bigger by 1950, but by the 1970s, several Asian countries – Japan, South Korea, Taiwan, Hong Kong and Singapore – had achieved considerable catch up. Since then, there has been a major surge in China and the beginning of a similar phenomenon in India. As a result, the Asian share of world income has risen steadily and, by 2030, will be fairly close to what it was in 1820. Maddison concludes by comparing his analysis with the Malthusian interpretation of Oded Galor.

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