Unlock unlimited access to all our award-winning journalism, subscriber-only podcasts and newsletters Unlock unlimited access to all our award-winning journalism, subscriber-only podcasts and newsletters It is more revealing about its academic culture than its civil service Y OU WOULD not expect an 85-page equation-packed economics treatise to stir public feeling. Yet in Singapore, a new working paper by four economists, Tomasz Piskorski, Amit Seru, Jian Zhang and Chun Zhao, has. It finds that between 2007 and 2019 civil servants in the squeaky-clean city-state were 60% more likely to buy private flats within a kilometre of planned but unannounced Mass Rapid Transit (MRT) metro stations, compared with a control group.
Those who subsequently sold got S$80,000 ($62,000) or so more than owners of similar flats in other parts of town for every year they held on to their purchases. The paper’s publication within a week of Singapore’s generously remunerated ministers being awarded a pay rise of up to 9% added to the furore. Governments want to hold America’s shares more than its debts When countries switch towards riskier assets, the global economy feels the consequences Should new parents favour financial capital, human capital or something else?
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