We use a quinquennial data set covering 87 countries between 1975 and 2005 to investigate empirically the relationship between fertility and the real effective exchange rate. Theoretically a country experiencing a decline in its fertility rate can be expected to experience a real depreciation. We test and confirm this hypothesis, controlling for a number of other potential determinants. We find a statistically significant and robust link between fertility and the exchange rate. Our point-estimate is that a decline in the fertility rate of one child per woman is associated with a depreciation of approximately 15% in the real effective exchange rate.

We use a quinquennial data set covering 87 countries between 1975 and 2005 to investigate the relationship between fertility and the real effective exchange rate. Theoretically a country experiencing a decline in its fertility rate can be expected to have higher savings, lower investment, a current account surplus, and accordingly a real depreciation. We test and confirm this hypothesis, controlling for a host of potential determinants such as PPP deviations and the Balassa-Samuelson effect. We find a statistically significant and robust link between fertility and the exchange rate. Our point-estimate is that a decline in the fertility rate of one child per woman is associated with a depreciation of approximately .15% in the real effective exchange rate.

This paper examines the key characteristics of Singapore's exchange rate-centered monetary policy; in particular, its managed float regime which incorporates key features of the basket, band and crawl system popularized by Williamson (1998, 1999). We assess how the flexibility accorded by this framework has been advantageous in facilitating adjustment to various shocks to the economy. A characterization of the countercyclical nature of Singapore's exchange rate policy is also offered, with reference to recent work on the monetary policy reaction function and estimates of Singapore's behavioral equilibrium exchange rate. We also review previous econometric analysis which provides evidence that Singapore's managed float system may have helped to mitigate the spillover effects of such increased volatility into the real economy. The track record of Singapore's managed float regime over the past two decades suggests that intermediate regimes are a viable alternative to the so-called "corner solutions", especially when supported by consistent macroeconomic and microeconomic policies as well as strong institutions.

Material balance analysis, a primary engineering technique, is an indispensable tool used for understanding the production performance and field management of mature gas reservoirs. Compilation and analysis of pressure-production data together with acomprehensive geological understanding including in-place hydrocarbon volumes and inter-block communication are prerequisites for material balance analysis. Deviation of observed P/Z data away from a straight idealised line necessitates further study, as it often indicates erroneous estimates of participating in-place volumes, aquifer support or reserves. Lack of pressure measurements, questionable stratigraphic correlations and uncertainty surrounding aquifer propertiesor reservoir connectivity highlight the requirement for further evaluation. The objective of study is to develop a multi-tank material balance modelfor a mature, heterogeneous and compartmentalised carbonate gas field. Ultimately, the model must besufficiently robust to elucidate the field's production mechanism and optimise future field-development opportunities. In this field, the pressure production behavior can be divided into two trends, an early rapid declining pressure trend, followed by a stabilised gradual pressure decline. Owing to higher drawdown in the field's early production life and insufficient recharging, the quick pressure decline underestimates the initial in-place gas volume. This volume is not adequate to support the sustained gas production rates observed in later years. This observation required further detailed analysis regarding the nature of zonal communication across adjacent reservoir intervals to better understand the production behavior of development wells during the design of the material balance model. This paper discusses a study in which material balance analysis is coupled with multi-field network models. Implementation of this workflow can be usedto drive subsurface developmentsin a relatively short period.