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Papers by Shanti Arnal
To explain the economic growth of America and Europe from the middle of the nineteenth century th... more To explain the economic growth of America and Europe from the middle of the nineteenth century through the twentieth century, growth economists added another factor in the production function, namely, technology. There are two main theories of economic growth incorporating the effects of technical knowledge - the exogenous growth theory and the endogenous growth theory. The essential difference between these two models arises from the way each explains the nature of Technology and consequently the varying effect it has on economic growth.
Under flexible exchange rates and perfect capital mobility, a change in macroeconomic policy gets... more Under flexible exchange rates and perfect capital mobility, a change in macroeconomic policy gets transmitted through shifts in the IS curve as the money supply represented by the LM curve is exogenously given and controlled by the Central Bank.
A monetary policy change is a deliberate action of the Central Bank to alter money supply either directly by buying bonds or by altering interest rates.
A fiscal policy shock, on the contrary, originates in the goods market. The IS curve shifts. But without a corresponding change in money supply, shift in income cannot be sustained.
Most evidence suggests that a policy of financial liberalization brings with it both benefits and... more Most evidence suggests that a policy of financial liberalization brings with it both benefits and costs to developing economies. It has been found that middle income countries have experienced rapid economic growth after liberalizing while in low income countries a similar effect has not been noticed. Many East Asian countries that have adopted financial liberalization have experienced a high economic growth period followed by a severe financial crisis. Many Latin American countries that have liberalized have had to contend with high inflation and currency collapses. In balance, whether the costs outweigh the benefits or vis-versa, appears to depend on the country undertaking the financial liberalization and the manner in which it is implemented.
This paper explores when an acquisition is more likely to create value based on the opportunity c... more This paper explores when an acquisition is more likely to create value based on the opportunity cost of the investment and the resource effects of the acquisition. For this purpose, we will look at two acquisitions in the automobile industry, one that created value and the other that brought grief to the acquirers. The acquisition relates to one company, Jaguar-Land Rover – recently acquired by Tata Motors and earlier by Ford Motors.
To explain the economic growth of America and Europe from the middle of the nineteenth century th... more To explain the economic growth of America and Europe from the middle of the nineteenth century through the twentieth century, growth economists added another factor in the production function, namely, technology. There are two main theories of economic growth incorporating the effects of technical knowledge - the exogenous growth theory and the endogenous growth theory. The essential difference between these two models arises from the way each explains the nature of Technology and consequently the varying effect it has on economic growth.
Under flexible exchange rates and perfect capital mobility, a change in macroeconomic policy gets... more Under flexible exchange rates and perfect capital mobility, a change in macroeconomic policy gets transmitted through shifts in the IS curve as the money supply represented by the LM curve is exogenously given and controlled by the Central Bank.
A monetary policy change is a deliberate action of the Central Bank to alter money supply either directly by buying bonds or by altering interest rates.
A fiscal policy shock, on the contrary, originates in the goods market. The IS curve shifts. But without a corresponding change in money supply, shift in income cannot be sustained.
Most evidence suggests that a policy of financial liberalization brings with it both benefits and... more Most evidence suggests that a policy of financial liberalization brings with it both benefits and costs to developing economies. It has been found that middle income countries have experienced rapid economic growth after liberalizing while in low income countries a similar effect has not been noticed. Many East Asian countries that have adopted financial liberalization have experienced a high economic growth period followed by a severe financial crisis. Many Latin American countries that have liberalized have had to contend with high inflation and currency collapses. In balance, whether the costs outweigh the benefits or vis-versa, appears to depend on the country undertaking the financial liberalization and the manner in which it is implemented.
This paper explores when an acquisition is more likely to create value based on the opportunity c... more This paper explores when an acquisition is more likely to create value based on the opportunity cost of the investment and the resource effects of the acquisition. For this purpose, we will look at two acquisitions in the automobile industry, one that created value and the other that brought grief to the acquirers. The acquisition relates to one company, Jaguar-Land Rover – recently acquired by Tata Motors and earlier by Ford Motors.