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Riyal balance effects: monetary disturbances in Saudi Arabia since 1980

The Department of Economics
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  • Design
  • Economics


Microsoft Word - ec6-01.doc Lancaster University Management School Working Paper 2000/010 Riyal Balance Effects: Monetary Disturbances in Saudi Arabia since 1980 N Taher, Mohammed Salisu and P N Snowden The Department of Economics Lancaster University Management School Lancaster LA1 4YX UK ©N Taher, Mohammed Salisu and P N Snowden All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission, provided that full acknowledgement is given. The LUMS Working Papers series can be accessed at LUMS home page: 1 India’s Economic Reforms and the Manufacturing Sector Introduction The key elements of India's economic liberalisation programme initiated in 1991 were the abolition of the industrial licensing system, substantial liberalisation of foreign trade and foreign direct investment regimes, removal of ceilings on interest rates and associated reforms in the financial sector. This paper assesses the impact of the reforms on methods of financing investment and productive efficiency of the major industries in India’s manufacturing sector. Section 1 of the paper briefly sketches the scope and scale of the reforms. Section 2 identifies a set of testable hypotheses based on the literature on economic liberalisation. Section 3 discusses the methodology and data utilised in the statistical exercise designed to assess the impact of liberalisation on the manufacturing sector. Section 4 discusses the results of the exercise. Section 5 pulls together the conclusions of the paper. The Reforms The 1991 reforms have been analysed extensively (Joshi and Little 1998, Srinivasan 1996, Forbes 1999). The principal reform measures included; the abolition of licensing procedures for ma

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