This paper revisits the weak relationship between exchange rate depreciation and exports for Singapore, using a bivariate GARCH-M model that simultaneously estimates time-varying risk. The evidence shows that depreciation does not significantly improve exports, but that exchange rate risk significantly impedes exports. In sum, Singaporean policy makers can better promote export growth by stabilizing the exchange rate rather than generating its depreciation.
Fang, WenShwo and Miller, Stephen M., "Exchange rate depreciation and exports: The case of Singapore revisited" (2004). Economics Working Papers. 200445.