Chang Yee Kwan Lee Kuan Yew School of Public Policy, National University of Singapore   Oei Tiong Ham Building 469C Bukit Timah Road Singapore, 259772 Singapore   sppkcy@nus.edu.sg             JEL Areas: H2 : Taxation, Subsidies, and Revenue: General E6 : Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General