DOCSLIB.ORG

Foreign Direct Investment in Sri Lanka: Determinants and Impact

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Foreign Direct Investment in Sri Lanka: Determinants and Impact Foreign Direct Investment in Sri Lanka: Determinants and Impact Konara Mudiyanselage Palitha Senarath Bandara Konara Thesis submitted for the degree of Doctor of Philosophy University of York Management September 2013 1 Abstract Sri Lanka is a relatively small sized island economy possessing significant resource and location advantages and demonstrating impressive human capital indicators, which only few countries are fortunate to have. At the same time, the country is recovering from nearly three decades of civil war, which ended in 2009. However, Sri Lanka has performed poorly in terms of attracting FDI. Research in FDI in the context of Sri Lanka is limited. Only a handful of studies (Wijeweera & Mounter, 2008; Athukorala & Jayasuriya, 2004; Athukorala, 2003; Athukorala, 1995) have looked at FDI in the context of Sri Lanka. To fill the research gap, this thesis attempts to formulate systematic and in-depth studies of FDI in Sri Lanka, investigating the determinants, impact and policy issues. First, efforts are made to provide an analytical piece that set out the environmental context of Sri Lanka before providing details focusing on FDI. This is followed by three empirical chapters on the determinants and impact of FDI in Sri Lanka. With regard to determinants of FDI, special attention is given to civil war, human capital and stock market price level. For the impact, the focus is on the impact of FDI on productivity. Civil war is a major source of political instability and is likely to discourage FDI. Based on the nearly three decades of civil war in Sri Lanka during the period of 1983-2009, the first empirical study demonstrates that presence of war can have a negative effect on incoming FDI. Though this is unsurprising, this study demonstrates different levels of impact of war on FDI in manufacturing and services. The negative effects are much higher in manufacturing than in services. Investigating the impact of war by market- orientation of manufacturing FDI, this study further finds that there is a higher negative impact on FDI in export intensive manufacturing than in market-seeking manufacturing. Human capital is often considered to be a determining factor for FDI. Recent studies also emphasise the importance of stock market in attracting FDI. Given Sri Lanka‘s impressive human capital indicators and recent development of stock market, the second research study explores these two determinants by conducting a panel study based on annual FDI inflows to a sample of countries in Asia. It shows that the relationship between human capital and FDI flows was significantly negative for Sri Lanka while, in 2 general, human capital has been a positive determinant of FDI flows to the rest of the countries in the sample. Further analysis shows that Sri Lanka is constrained to capitalise on its human capital due to linguistic limitations of human capital and qualitative weaknesses in the education system. Although the importance of human capital in attracting FDI is widely recognised in the theoretical consideration, empirical evidence is inconclusive, particularly for developing countries. In this context, findings of this study highlight the importance of recognising country specific limitations in human capital in understanding the relationship between human capital and FDI. This study also revealed a significant negative relationship between host country stock market valuations and FDI in the context of Sri Lanka and other countries with under-developed stock markets. These results indicate that cheap assets hypothesis (and expensive assets hypothesis) is likely to be applicable in the context of countries with under-developed stock markets, and therefore, in the context of Sri Lanka. Based on the firm level data for Sri Lanka, the third empirical study revealed that foreign firms are quite distinctive from local firms. Compared to domestic firms, foreign firms are larger, more productive and more profitable. Foreign firms also tend to hire high proportion of skilled workers, pay higher wages and undertake more in-house training programmes. They are more active in R&D and more innovative. They are more export oriented but rely more on inputs of foreign origin. A cross sectional econometric study estimating direct and indirect effects of FDI on firm level labour productivity indicated a positive own firm effects of FDI and negative spillover effects of foreign firms on local firms and other foreign firms in the same sector. In summary, Sri Lanka‗s economy is characterised by a lower level of industrialisation and is narrowly concentrated in a few sectors with little participation in technical intensive sectors. Foreign firms, through their distinctive characteristics identified in this thesis, are likely to bring in much needed expertise and skills that could help to overcome these structural deficiencies. However, Sri Lanka‘s mediocre performance in attracting FDI, poor performance in attracting FDI into technology intensive sectors, and absence of positive spillovers from foreign firms to local firms may all have resulted in poor performance of local firms in terms of upgrading their firm specific capabilities. The goal of the national FDI policies are twofold. First a country should attract the right type of FDI. Second, the country should devise appropriate policies to extract benefits from it. It 3 appears that Sri Lanka has performed poorly in both of these aspects, and this has in turn, deprived the country the much needed skills and technologies, and decelerated the development of the country. End of the civil war has given renewed hopes for Sri Lanka. Sri Lanka‘s impressive human capital indicators appear as a key strength. However, due to issues with quality of education and linguistic limitations of human capital, the extent to which Sri Lanka can exploit its impressive human capital indicators to lure FDI is rather limited. Weak institutional environment, poorly managed exchange rate policy and poor infrastructure appear to be major issues in terms of boosting future FDI inflows to Sri Lanka. 4 Table of Contents Abstract ............................................................................................................................... 2 Table of Contents ............................................................................................................... 5 List of Tables ...................................................................................................................... 9 List of Figures ................................................................................................................... 11 Acknowledgement ............................................................................................................ 12 Author’s Declaration ....................................................................................................... 13 Chapter 1 : Introduction ................................................................................................. 14 1.1 Introduction .............................................................................................................. 14 1.2 Motivation for the Study .......................................................................................... 16 1.3 Chapter Framework .................................................................................................. 19 Chapter 2 : Literature Review ........................................................................................ 21 2.1. Introduction ............................................................................................................. 21 2.2. Theories and Hypotheseson FDI ............................................................................. 23 2.2.1 Typology of FDI ................................................................................................ 23 2.2.2 Differential Rate of Return Hypothesis ............................................................. 24 2.2.3 Portfolio Hypothesis ......................................................................................... 25 2.2.4 Output and Market Size Hypotheses ................................................................. 26 2.2.5 International Division of Labour ...................................................................... 26 2.2.6 Dunning’s Eclectic Paradigm ........................................................................... 27 2.2.7 Investment Development Path ........................................................................... 29 2.2.8 Concluding Remarks ......................................................................................... 31 2.3. Determinants of FDI ............................................................................................... 34 2.3.1. Introduction ...................................................................................................... 34 2.3.2 Size and Growth of Host Country’s Economy .................................................. 34 2.3.3. Trade Openness ................................................................................................ 36 2.3.4. Political Instability ........................................................................................... 37 2.3.5. Human Capital ................................................................................................. 38 2.3.6. Institutional Environment................................................................................. 40 2.3.7. Domestic Stock Market Development
Load more

Recommended publications
  • Global Employment Trends 2014 – Risk of a Jobless Recovery?
    GLOBAL EMPLOYMENT TRENDS 2014 GLOBAL EMPLOYMENT TRENDS 2014 Global Employment Trends 2014 The annual Global Employment Trends (GET) reports provide the latest Risk of a jobless recovery? global and regional estimates of employment and unemployment, employ- ment by sector, vulnerable employment, labour productivity, informal em- ployment and working poverty, while also analysing country-level issues and trends in the labour market. Based on the most recently available data and taking into account macro- +0.1 economic trends and forecasts, the GET reports seek to shed light on cur- +2.03 +0.04 rent labour market trends and challenges. The reports build on the ILO’s -25.301 Key Indicators of the Labour Market (KILM) and include a consistent set 023 -00.22 of tables with regional and global estimates of labour market indicators. 006.65 0.887983 +1.922523006.62 -0.657987 +1.987523006.82 -006.65 Each report contains a medium-term labour market outlook, assessing likely +0.1 0.887987 +1.987523006.60 0.887987 +2.03 trends and drivers of labour market developments around the world. +1.0075230.887984 +1.987523006.64 0.887985 +0.04 +1.997523006.65 0.887986 +1.984523006.66 -25.301 The Global Employment Trends 2014 report highlights the risks of a job- 0.327987 +1.987523006.59 -0.807987 023 +1.987521006.65 0.-887987 +1.987523006.65 less recovery. Economic activity is starting to recover in most developed and -00.22 0.807987 +1.987523 0.887983 +1.987523006.62 006.65 0.887983 +1.922523006.62 emerging economies. However, labour markets have not yet recovered from -0.883988 +1.987523006.63 -006.65 0.894989 +0.1-0.657987 +1.987523006.82 -006.65 previous weaknesses and global unemployment remains at 6 per cent or al- +0.1 +1.987523006.65 0.887990 +2.03 +2.03 +0.887987 +1.987523006.60 0.887987 most 202 million jobseekers.
    [Show full text]
  • Remittance Economy Migration-Underdevelopment in Sri Lanka
    REMITTANCE ECONOMY MIGRATION-UNDERDEVELOPMENT IN SRI LANKA Matt Withers A thesis submitted in fulfilment of requirements for the degree of Doctor of Philosophy. Faculty of Arts and Social Sciences Department of Political Economy The University of Sydney 2017 “Ceylon ate the fruit before growing the tree” - Joan Robinson (Wilson 1977) (Parren as 2005) (Eelens and Speckmann 1992) (Aneez 2016b) (International Monetary Fund (IMF) 1993; International Monetary Fund (IMF) 2009) (Central Bank of Sri Lanka (CBSL) 2004) (United Nations Population Division 2009) Acknowledgements Thanks are due to a great number of people who have offered support and lent guidance throughout the course of my research. I would like to extend my appreciation foremost to my wonderful supervisors, Elizabeth Hill and Stuart Rosewarne, whose encouragement and criticism have been (in equal measure) invaluable in shaping this thesis. I must similarly offer heartfelt thanks to my academic mentors, Nicola Piper and Janaka Biyanwila, both of whom have unfailingly offered their time, interest and wisdom as my work has progressed. Gratitude is also reserved for my colleagues Magdalena Cubas and Rosie Hancock, who have readily guided me through the more challenging stages of thesis writing with insights and lessons from their own research. A special mention must be made for the Centre for Poverty Analysis in Colombo, without whose assistance my research would simply not have been possible. I would like to thank Priyanthi Fernando for her willingness to accommodate me, Mohamed Munas for helping to make fieldwork arrangements, and to Vagisha Gunasekara for her friendship and willingness to answer my incessant questions about Sri Lanka.
    [Show full text]
  • Annual Performance Report 2013
    ANNUAL PERFORMANCE REPORT 2013 MINISTRY OF EXTERNAL AFFAIRS SRI LANKA Contents Page No. Mission Statement I Mahinda Chinthana – Vision for the Future II Preface III - V Progress Reports of Divisions South Asia and SAARC Division 1-13 East Asia and Pacific Division 14-23 Middle East Division 24-28 Africa Division 29-35 West Division 36-41 United Nations, Multilateral Affairs, Human Rights and Conferences Division 42-47 Economic Affairs Division 48-52 Protocol Division 53-59 Consular Affairs Division 60-65 Public Communications Division 66-71 Legal Division 72-75 Overseas Administration Division 76-78 General Administration Division 79-80 Finance Division 81-84 Network of Diplomatic Missions Abroad 85 Organization Chart of the Ministry 86 Mission “The promotion, projection and protection internationally of Sri Lanka’s national interests, in accordance with the foreign policy of the Government and to advise the Government on managing international developments in keeping with the best interests of Sri Lanka” Subjects and Functions of the Ministry of External Affairs “Implementation of political plans and programmers in respect of external affairs; representation of Sri Lanka abroad; international agreements and treaties; foreign government and international organization representation in Sri Lanka; external publicity; diplomatic immunities and privileges and consular functions” I “I will continue Sri Lanka’s non-aligned foreign policy. During the last four years we witnessed the benefits of maintaining friendly relationship with India, Japan, China, Pakistan and other Asian countries. I am committed to continue these friendly relations in the political, economic, defence, trade and cultural arena. I will ensure that Sri Lanka abides by the global treaties and agreements on the environment and climate change and will strengthen Sri Lanka’s ties with the UN Agencies.
    [Show full text]
  • Public Spending on Education, Health Care and Economic Growth in Selected Countries of Asia and the Pacific
    Asia-Pacific Development Journal Vol. 19, No. 2, December 2012 PUBLIC SPENDING ON EDUCATION, HEALTH CARE AND ECONOMIC GROWTH IN SELECTED COUNTRIES OF ASIA AND THE PACIFIC Biswajit Maitra and C.K. Mukhopadhyay* In this paper the role of public spending on the education and health sectors is examined with regard to promoting the gross domestic product (GDP) of 12 countries in Asia and the Pacific over the last three decades. In six of those countries, namely Bangladesh, Kiribati, Malaysia, Maldives, the Philippines and the Republic of Korea, Johansen cointegration tests confirmed the existence of cointegrating relations. In the remaining countries, namely Fiji, Nepal, Singapore, Sri Lanka, Tonga and Vanuatu, cointegrating relations were absent. The causal impact of education and health-care spending on GDP was further examined in the study. Education spending was found to have raised GDP in Bangladesh, Fiji, Kiribati, Maldives, Nepal, Singapore, Sri Lanka, Tonga and Vanuatu. On the other hand, health-care spending contributed to GDP growth in Bangladesh, Nepal, the Philippines, Singapore and Sri Lanka. In the Philippines spending on education had a negative impact on GDP, while in Kiribati, Maldives and Vanuatu, the impact of health-care spending on GDP was found to be negative. In the case of Malaysia and the Republic of Korea, neither education spending nor health-care spending exhibited an appreciable impact on GDP. It was also found that the gestation lag of education spending was longer than that of health-care spending. JEL Classification: I25, I15. Key words: Education spending, endogenous growth theory, health-care spending, gross domestic product.
    [Show full text]
  • Srilanka (Tea Sector)
    A GLOBAL/COUNTRY STUDY AND REPORT ON SRILANKA (TEA SECTOR) Submitted to: GUJARAT TECHNOLOGICAL UNIVERSITY IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF THE AWARD FOR THE DEGREE OF Masters of Business Administration UNDER THE GUIDANCE OF Ms. Shyma Gokul Assistant Professor Submitted by: Shri H.D. Gardi MBA College, Nyara, Rajkot. College Code: 780 Affiliated to Gujarat Technological University Ahmedabad May, 2012 [1] Chapter-I Introduction [2] Country Selection Sri Lanka is a neighbor country of India. Sri Lankan culture is match with Indian culture. Because of major population of Sri Lanka are Indian people. The environment of Sri Lanka is match with Indian environment. The official name of Sri Lanka is a Democratic Socialist Republic of Sri Lanka. GEOGRAPHY OF SRI LANKA [3] Area 65,610 sq. km. (25,332 sq. me.). Population 21.30 million of the Sri Lanka. Annual population growth rate 0.9% of the Sri Lanka. Cities: Capital- Colombo population 1.30 million, Sri Jaywardenepur Kotte is the officially designed capital and is the site of the parliament. Other major cities are Kandy with 1,50,000 population, Galle with 1,10,000, and Jaffna with 1,00,000. Terrain is a coastal plains in the northern side of the Sri Lanka. Hills and Mountains in southern & central Sri Lanka. It is high at 2,133 meters (7,000 ft.) Climate of Sri Lanka: Tropical, Rainy seasons light in northeast, fall and winter, with average rain fall of 50 inch. Heavy rains fall in south-west Sri Lanka i.e. average 200 inch. Religion wise division of people in Sri Lanka: Sinhalese 74% of the total population.
    [Show full text]
  • Organizational Culture, Decision of Funding and Financial Performance: an Evidence from Small and Medium Enterprises
    European Journal of Business and Management www.iiste.org ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol.7, No.32, 2015 Organizational Culture, Decision of Funding and Financial Performance: An Evidence from Small and Medium Enterprises 1 2 2 2 Ni Luh Anik Puspa Ningsih * Ni Luh Putu Wiagustini Luh Gede Sri Artini Henny Rahyuda 1. Doctoral Program of Management, Faculty of Economics and Business, Udayana University, Indonesia 2. Department of Management, Faculty of Economic and Business, Faculty of Economics and Business, Udayana University, Indonesia Abstract This study aims to examine the influence of organizational culture on Funding Decision and Company Financial Performance and the effect of Funding Decisions on Company Financial Performance. This research is conducted at the Small and Medium Enterprises (SME) in Bali province, including Wood Crafting and Woodworking Industry and Textile Industry and Textile Products. The study population consists of 173 business units. The sampling technique uses a random stratified proportional random sampling and obtains 121 business units. This study uses a quantitative method that is enriched with a qualitative approach, especially on Organizational Culture from the concept of local knowledge in Bali, which is Catur Purusa Artha. The study finds out that organizational culture form by local wisdom in Bali, which is “Catur Purusa Artha”, affects the owner or management of SMEs in the province of Bali in determining Decisions Funding and Financial Performance. This study confirm Resource Based View (RBV) Theory, where the organizational culture excavated from local wisdom (Catur Purusa Artha). Keywords: Organizational Culture, Decision of Funding, Financial Performance 1. Introduction In an effort to improve financial performance, Small and Medium Enterprises (SME) may face difficulties to meet the credit requirements.
    [Show full text]
  • Macroeconomic and Financial Sector Comparison with SAARC and ASEAN Countries India Constitutes a Share of 81.6 Percent of the Total GDP of the SAARC Countries
    Macroeconomic and Financial Sector Comparison with SAARC and 10 ASEAN Countries Two distinct regional associations, SAARC and ASEAN, comprise over seventeen different economies of Asia. These economies differ from each other in terms of their age, size and economic performance. However, some comparisons can be drawn between these intra-regional economies on the basis of economic and financial performance for a uniform period of observation, spanning from 1990 to 2003.1 This chapter discusses the financial sector indicators of the SAARC and ASEAN countries under the framework of macroeconomic performance, with the objective of assessing the level of Pakistan’s performance in comparison with these countries. 10.1 SAARC Countries 10.1.1 A Brief Background The South-Asian Association for Regional Cooperation (SAARC) was established on December 8 1985, when its Charter was formally adopted by the Governments of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. The SAARC region comprises of a population of about 1.43 billion, a total area of 4.1 million square kilometers, and a combined gross domestic product of US$ 4,066 billion.2 Some of the main objectives of the association as defined in the charter are: a) to accelerate economic growth, social progress and cultural development in the region and to provide all individuals the opportunity to live in dignity and to realize their full potential, and b) to promote active collaboration and mutual assistance in the economic, social, cultural, technical and scientific fields.
    [Show full text]
  • (Since 1917), and Later Still Battenberg
    THE 23RD COMMONWEALTH TOURNÉE WILL TAKE PLACE IN COLOMBO, SRI LANKA ON 15-17 NOVEMBER 2013 by Dr George Venturini * Cast of characters: Elizabeth Alexandra Mary Hanover-Saxe-Coburg-Gotha, later Windsor (since 1917), and later still Battenberg (since 1947) in the part of Elizabeth the Second, by the Grace of God Queen of the United Kingdom and Her other Realms and Territories, Head of the Commonwealth. In that capacity she officiated in Perth, Western Australia on 28 and 29 October 2011 for the 22nd Tournée. Elizabeth II is also Queen of Australia, of former Dominions such as Canada, New Zealand, as well as villes du plaisir et de débauche for the privileged such as Antigua and Barbuda, the Bahamas, Barbados, Belize, Grenada, Jamaica, and fortunate places such as Papua New Guinea, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, the Solomon Islands, and Tuvalu, in each of which she is represented by a Governor-General. Elizabeth II holds a variety of other positions, among them Supreme Governor of the Church of England, Duke of Normandy, Lord of Mann, and Paramount Chief of Fiji. Her Majesty is also styled Duke of Lancaster, Commander-in-Chief of the armed forces of many of her realms, Lord Admiral of the United Kingdom, Defender of the Faith in various realms for differing reasons. Neither Elizabeth II nor her husband (and second cousin once removed as well as third cousin - and that may go a long way in explaining Prince Charles and much of the other progeny), Philip Schleswig-Holstein-Sonderburg-Glücksburg known as Prince Philip, Duke of Edinburgh, will take part in the Tournée, as they had done in Australia in 2011 at the declared cost - according to the Australian government - of AU$ 58 million.
    [Show full text]
  • Performance of the Sri Lankan Value-Added Tea Producers: An
    Copyright is owned by the Author of the thesis. Permission is given for a copy to be downloaded by an individual for the purpose of research and private study only. The thesis may not be reproduced elsewhere without the permission of the Author. Performance of the Sri Lankan Value-Added Tea Producers: An Integration of Resource and Strategy Perspectives A thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy III Agribusiness at Massey University, Palmerston North, New Zealand. Anoma Ariyawardana 2001 Abstract This research examined the status of sources of competitive advantage and their influence on the performance of value-added tea producers in Sri Lanka using the strategy and resource perspectives of the competitive advantage paradigm. It aimed to extend the literature on competitive advantage by examining whether these perspectives influence firmperf ormance within an agribusiness sector of a developing country. Both strategy and resource perspectives and the relationship between them were considered in the analytical framework. Primary data came from 40 of the 47 value­ added tea producing firms registered at the Ceylon Chamber of Commerce in 1999. Initial assessment of firm characteristics revealed high heterogeneity among the firms in experience, involvement with businesses other than tea, market focus, managerial talent, involvement in the overall tea industry and branding. Multi-method, multivariate statistical techniques were performed based on the value­ added tea industry segment-specific sources of competitive advantage. Core resources based on the dimensions scale, skill, brand equity, managerial talent, experience effects and backward integration, and core strategies based on the dimensions production, marketing, promotion, product development, quality and competitive strategies were selected.
    [Show full text]
  • Globalization, Employment and Gender in the Open Economy of Sri Lanka
    Employment Sector Employment Working Paper No. 138 2013 Globalization, employment and gender in the open economy of Sri Lanka Naoko Otobe Employment Policy Department Country Employment Policy Unit Copyright © International Labour Organization 2013 First published 2013 Publications of the International Labour Office enjoy copyright under Protocol 2 of the Universal Copyright Convention. Nevertheless, short excerpts from them may be reproduced without authorization, on condition that the source is indicated. For rights of reproduction or translation, application should be made to ILO Publications (Rights and Permissions), International Labour Office, CH-1211 Geneva 22, Switzerland, or by email: [email protected]. The International Labour Office welcomes such applications. Libraries, institutions and other users registered with reproduction rights organizations may make copies in accordance with the licences issued to them for this purpose. Visit http://www.ifrro.org to find the reproduction rights organization in your country. ISSN 1999-2939 (print); ISSN 1999-2947 (web pdf) International Labour Office; Employment Sector. Otobe, Naoko Globalization, employment and gender in the open economy of Sri Lanka / Naoko Otobe ; International Labour Office, Employment Sector. - Geneva: ILO, 2013 Employment working paper, ISSN 1999-2939, 1999-2947 (web pdf), No. 138 International Labour Office; Employment Sector equal employment opportunity / gender / promotion of employment / employment policy / women workers / men workers / globalization / Sri Lanka 13.02.3 LO Cataloguing in Publication Data The designations employed in ILO publications, which are in conformity with United Nations practice, and the presentation of material therein do not imply the expression of any opinio n whatsoever on the part of the International Labour Office concerning the legal status of any country, area or territory or of its authorities, or concerning the delimitation of its frontiers.
    [Show full text]
  • The Political Economy of Post War Economic Development in Sri Lanka
    International Journal of Business and Social Research Volume 04, Issue12, 2014 The Political Economy of Post War Economic Development in Sri Lanka Prasanna Perera1 ABSTRACT Thirty years of civil war in Sri Lanka has affected economic, political, social, cultural and psychological aspects of the society significantly. This paper presents an overview of postwar development strategies in Sri Lanka and compares it with the prewar economy from a political economic perspective. The paper specifically examines the progress of the overall postwar development in the war affected Northern Province of Sri Lanka. Using mixed methodologies data was gathered on critical aspects related to political economy. According to the current study, no clear progress has been made in the areas of economic growth, FDI growth, household income, and poverty and income inequality in the postwar economy of Sri Lanka when compared with the prewar economy. Government fiscal policy targets the postwar reconstruction works while monetary policy enjoys the amalgamation of North and East provinces to country’s aggregate supply apart from introducing very few loan schemes. Security phobia of the government of Sri Lanka limits local, national, regional and international none-government organizations especially in the North and East. There is a considerable amount of progress made in the area of infrastructure development and resettlement of displaced persons. However, primary data from the study indicates these strategies lack conflict sensitivity and public trust. This study emphasizes that postwar economic development strategies should address the critical determinants of sustainable recovery, peace and development aiming at protecting human rights, ensuring rule of law, establishing efficient public service system and finally offering constitutional reforms in Sri Lanka.
    [Show full text]
  • World Bank Document
    Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Lf) C~~~~~~~~~~~~r ~~~ ~ r a W 0 R L D B A N K C OM PA RAT I VE MA C RO E C ON OM IC STUD IES Macroeconomic Policies,Crises, andGrowth in SriLanka, 1969-90 Macroeconomic Policies,Crises, andGrowth in SriLanka, 1969-90 P RE M A CHAND RA ATHUK O R A LA S I S I RA J AYA S U R I YA THE WORLD BANK, WASHINGTON,D.C. © 1994 The International Bank for Reconstruction and Development / The World Bank 1818 H Street, N.W., Washington, D.C. 20433 All rights reserved Manufactured in the United States of America First printing August 1994 The World Bank Comparative Macroeconomic Studies series emerges from a research project that reviewed the macroeconomic experiences of eighteen developing countries over a period roughly from 1965 to 1990. So that the studies might be published with relatively little delay, the books have been edited outside the World Bank's Office of the Publisher by the Macroeconomic Research Department. The findings, interpretations, and conclusions expressed in this publication are those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to the members of its Board of Executive Directors or the countries they represent. The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to the Office of the Publisher at the address shown in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee.
    [Show full text]