Trade,the Staple Theory of Growth,and Fluctuations in Colonial Singapore, 1900–39

Our paper enquires into the nexus between trade, growth, and fluctuations in the British colony of Singapore during the early twentieth century. Hitherto, little quantitative economic history has been written on this great entrepôt of Southeast Asia due to a lack of data. We overcome this limitation by utilising the gross domestic product series recently constructed for the pre‐war period by Sugimoto. This comprehensive data set enables us to explore the relevance and applicability of the staple theory of export‐led growth to colonial Singapore through cliometric analyses. The results suggest that foreign trade had acted both as an engine of growth and a source of economic instability.     

花园狮城[新加坡]

新加坡共和国(The Republic of Singapore),面积704平方公里,公民和永久居民360.8万,常住人口448万,华人占75.2%,马来人13.6%,印度人8.8%,其他种族2.4%。马来语为国语,英语、华语、马来语、泰米尔语为官方语言,英语为行政用语。主要宗教为佛教、道教、伊斯兰教、基督教和印度教。首都新加坡,国家元首总统纳丹(S.R.Nathan),1999年9月1日就任,2005年8月17日连任,任期六年。     

Growth and Productivity in Singapore Manufacturing Industries: 1975–1998

Consistently defined price and volume relatives are constructed for 18 manufacturing industries under the two-digit industry classifications officially adopted in 1996. Industry-specific output and materials price deflators for the period 1974–1998 are also constructed. Where the comparison is possible, we arrive at a markedly different conclusion from those in Tsao (1982, 1985 ) and Young (1994 ), and narrow the cause to a difference in the choice of output measure. The updated accounts show that the conventional index number measure of total factor productivity growth (TFPG) for Singapore manufacturing is 2.7% per annum for the period 1975–1998, and exhibits a cyclical pattern over time.     

International bimetallism and silver absorption in Singapore, 1840–73

This study reveals the mechanism underlying the silver trade in Singapore during the third quarter of the nineteenth century by analysing banking business and bullion arbitrage. After 1849, the California Gold Rush induced gold depreciation and silver appreciation in Singapore's bullion market, and arbitrage profits for silver imports from Britain emerged. At the same time, the expansion of banking business by eastern exchange banks enhanced the connectivity of Singapore's exchange market with London, and enabled bullion arbitrage between the two distant cities. As a result, there was an influx of silver from Britain. In addition, Dutch silver, which was exported to Java by the Netherlands after 1854, flowed into Singapore due to the unfavourable exchange policy of the Dutch government.     

新加坡馆：聆听“城市交响曲”

新加坡馆景观设计的两大元素是水与花园,代表着新加坡在可持续发展的过程中妥善地处理了这两大环境元素,并取得了平衡.展馆还有效整合了多种设计元素--音乐喷泉、视听效果互动以及屋顶花园的特色花卉景观,形成一曲完美的协奏.展馆整体结构由四大支柱撑起.4根形状各异的立柱沿着平滑的曲线从楼顶悬挂下来,贯穿上下,相互映衬,张力之间形成一种平衡.     

Exchange rates,stock prices,and money markets: evidence from Singapore

This paper uses a monetary approach to analyze the asymmetric asset-price movements (exchange rates and stock prices) in Singapore, a small open economy with managed exchange rate targeting. The Singapore dollar exchange rates vis-à-vis the developed countries’ currencies are negatively related to stock prices whereas the relationship between the Singapore dollar-Malaysian ringgit exchange rate and stock prices is positive instead. The pattern of asymmetry is explained by the relative exchange-rate elasticity of real money demand and real money supply and evidenced by the distributed-lag regression and VAR analysis. Furthermore, the distributed-lag regression of monthly data suggests that fiscal revenues as well as fiscal expenditures exert positive influences on stock prices.