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Land and buildings form a significant portion of the national wealth in most economies, but in Singapore and Hong Kong, two small city-states where land is scarce, real estate has an important role in the functioning of the whole economy. Transnational property and development companies are important players in Singapore and Hong Kong. They form an important part of the local stock market and have enjoyed considerable growth while providing substantial revenue for governments and wealth for individuals. Because of this important role, the paper redescribes Singapore and Hong Kong as property states, not rent-seeking economies as the term rent is usually used in discussing Asian capitalism. The importance of real estate, an immobile asset, is not only surprising in a global era defined in part by the mobility of capital, but also because in Singapore and Hong Kong land is publicly owned. The paper attempts to explain the anomaly by analysing the land allocation mechanisms in Singapore and Hong Kong. In spite of their similarities, real estate markets in Singapore and Hong Kong exhibit several differences, linked in turn to different policy options for their management. [ABSTRACT FROM AUTHOR]

The spectacular economic success of the Newly Industrialising Countries (NICS) of Asia since the 1960s, has led to the quest to identify other less developed countries which may be just about to become the next NICS of Asia. This paper examines the arguments for and against the view that there is a "second tier" of less developed countries which are about to join the ranks of the Asian NICS. While Malaysia and Thailand are generally thought to be the most likely candidates, this paper argues that one hitherto unrecognised contender. China, is likely to join these countries in achieving NIC status. This paper examines the question of whether there are likely to be more Newly Industrializing Countries (NICS) emerging over time, following in the footsteps of the original four in Asia (Hong Kong, Singapore, South Korea and Taiwan). While some writers suggest that several developing countries are about to achieve NIC status in the near future, others argue that world trading conditions have deteriorated to such an extent as to make this very unlikely. [ABSTRACT FROM AUTHOR]

This paper compares public–private partnerships (PPPs) in education in post-war Singapore and Hong Kong. After the Second World War the Singapore government shied away from PPPs, while the state in Hong Kong collaborated extensively with the non-state sector in education. Singapore was a small city-state flanked by two Muslim nations, and its post-war regime faced challenges from the Malayan Communist Party. These pressures curbed the state’s involvement with missionary and Chinese bodies in education. Hong Kong, however, was a mono-racial society without any anti-Chinese neighbours, and its authorities were seldom challenged by a militant antagonist. Thus, its government was freer to involve non-state agents in education. This study reveals that PPPs are viable only when suitable non-state partners exist and when the state does not believe that such undertakings would expose the school system to an antagonist. It also urges scholars in future to explore the socio-political preconditions for PPPs. [ABSTRACT FROM PUBLISHER]

Although many studies have found that unemployment has a negative effect on housing prices, the explanation put forward for this effect, that is, uncertainty over the ability to repay long-term mortgage loans, has not been empirically tested. This paper attempts to empirically test this explanation using a cross-city analysis. Singapore and Hong Kong have been chosen because they are both compact cities and are similar in many aspects. The exception is that Singapore has an established system of home financing from the Central Provident Fund, thereby enhancing greater certainty over the ability to repay long-term mortgage loans. Macro-economic factors, including unemployment rate, were analysed from 1993Q1 to 2003Q4 for Singapore and from 1985Q1 to 2000Q4 for Hong Kong. The results show that, unlike Hong Kong, Singapore's rate of unemployment has no statistical significant effect on housing prices. This study has confirmed the financial constraints hypothesis in the permanent income hypothesis study. [ABSTRACT FROM AUTHOR]

The objective of this paper is to provide the Hong Kong government with an alternative forecast of container throughput, by studying various interactive relationships between major ports in East and Southeast Asia. As the demand for container handling services is 'derived' from the demand for imports, the resulting market shares for the container handling services gripped by different regions inevitably become a mirror image of the relative competitiveness of their exports. When the markets of the two ports overlap, their market shares will become a function of the prices they charge and how well they meet the needs of the shippers and shipping lines. A vector error correction model (VECM) with structural identification was set up to capture this kind of trade-interdependency and oligopolistic relationship in the East and Southeast Asian market for container handling services. In the course of so-doing, the upward sloping supply curves and downward sloping demand curve for the container handling services provided by Hong Kong and Singapore are identified from the model. Interestingly, the impulse response functions display what is reminiscent of the trade-interdependency and oligopolistic relationship. The forecast of Hong Kong container throughput generated by the structural VECM is then compared with that obtained by the Hong Kong Port Development Board (PDB). The sensitivity analysis shows that, in all possible cases, the structural VECM produces higher growth paths for the Hong Kong container throughput than the PDB does and, hence, suggests an earlier construction of new terminals. [ABSTRACT FROM AUTHOR]

The economic success of some of the countries within the East Asian region has generated a range of studies which have attempted to identify the sources of that growth. One strand within these analyses has focused on the critical role of schooling in the accumulation of human capital. This paper examines the role which education has played in the rapid development of the four 'Asian Tigers'; namely: Hong Kong, Taiwan, South Korea and Singapore. It is argued that whilst patterns of educational provision displayed some common features there were also significant differences in other areas such as the role of the state, sources of educational funding, the role of technical education and of the school curriculum. [ABSTRACT FROM AUTHOR]