Date Presented

Spring 3-8-2018

Document Type


Degree Name

Bachelor of Science



First Advisor

Dr. Gerald Prante

Second Advisor

Dr. Michael Schnur

Third Advisor

Dr. Eric Kyper


The country of Singapore has been a growing cashless society for years. Analyzing their money supplies relative to their gross domestic product and their consumer price index can give insight into how the central bank of Singapore are able to maintain control over their monetary policy. Using data from 1974 to the present, I tested the effect of physical cash and other money supplies on the economic and inflationary growth of this country. With this in mind, I expected to see a positive correlation between these money supplies, GDP, and inflation. However, what I found in my regression analysis was the opposite regarding cash. There found to be no significant impact of physical cash on gross domestic product or inflation; therefore, money supply zero, or physical money, does not contribute significant effects on the economic well- being or inflation of the country of Singapore. With the basis of my theories grounded in the quantity theory of money, it is surprising to find that my results for money supply zero defies this theory. As for the other money supplies, these being money supply two and three, there was found to be a significant impact on both gross domestic product and the consumer price index. This followed what I believed to be true in my hypothesis.