Economic growth of Colony of Singapore and Empirical Investigation on Business Cycle

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Firstly, I conducted the construction of estimated GDP and its components of the Colony of Singapore during the period 1880-1900. As one of major components of GDP, estimates of private final consumption expenditure was attempted. Secondly, based on derived estimated figure, staple theory of Singapore was empirically tested based on these derived estimates. The results suggest that foreign trade had acted both as an engine of growth and a source of economic instability.