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The Complete Reference (LINUX) / PEtersen,Richard
Title : The Complete Reference (LINUX) Material Type: printed text Authors: PEtersen,Richard, Author Publisher: MC.GRAW,HILL Publication Date: 2019 Pagination: 830 Size: textbooks ISBN (or other code): 978-0-07-022294-6 Price: Rs:1918 Languages : English The Complete Reference (LINUX) [printed text] / PEtersen,Richard, Author . - [S.l.] : MC.GRAW,HILL, 2019 . - 830 ; textbooks.
ISBN : 978-0-07-022294-6 : Rs:1918
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Barcode Call number Media type Location Section Status 11318 005.711 PET Books Uniglobe Library Philosophy & Psychology Available The effect of market interest rate volatility on financial profitability of Nepalese Commercial banks / Parash Shrestha
Title : The effect of market interest rate volatility on financial profitability of Nepalese Commercial banks Material Type: printed text Authors: Parash Shrestha, Author Publication Date: 2019 Pagination: 109p. Size: GRP/Thesis Accompanying material: 14/B Languages : English Abstract: The Interest rate is considered to be very phenomenal factor in financial market. Significant integration and liberalization of financial markets worldwide have led to increased volatility in the world economy. Consequently, a numerous practitioners and policy makers have keen interest in the impact of interest rate volatility and bank profitability. Husni and Khrawish (2011) described that to measure the effect of changes in bank’s profitability; it is mandatory to evaluate and asses the overall volatility of interest rate on the economy and to deposit the implications of interest rate on cash flow. In the banking system the impact of interest rate changes on the profitability has been a significant issue. As compared to other institutions banks are more sensitive to the changes in the interest rate. Sologoub (2006) highlighted that high interest rate is indicative of inefficiency in the banking sectors of developing countries, as it is now widely acknowledged that interest rate spreads are an adequate measure of bank intermediation efficiency. The difference between lending and deposit rates, known as the interest rate spread could mean unusually low deposit rates discouraging savings and limiting resources available to finance bank credit (Mustafa & Sayera, 2009).
In the context of Nepal, Pradhan (2015) examined bank specific and macroeconomic determinants of bank profitability of Nepalese commercial banks. The study revealed that return on assets and return on equity are positively related to credit to deposit ratio, market share and gross domestic product, while negatively related to inflation, liquidity and non-performing loan to total assets. Sharma (2008) explained that if the central bank hikes the bank rate, the interest that a bank pays for borrowing money increases. It, in turn, hikes its own lending rates to ensure it continues to make profit. Khatri et al. (2015) showed that return on assets is positively related to capital adequacy ratio, bank size, bank loan, stock market capitalization and gross domestic product growth rate. The study also found that net interest margin has significant positive relationship with capital adequacy ratio, bank loan, and stock market capitalization.
The study is based on the secondary data which are gathered from 18 commercial banks in Nepal for the period of 7 years from 2011/12 to 2017/18. The variables used in this study are dependent variables (ROA, ROE and NIM) and independent variables (Deposit rate, Liquidity rate, Capital adequacy ratio, T-Bills rate, Inflation rate and Gross domestic product rate). The secondary data are collected from official website and annual reports of concern commercial banks, NRB Economic Review, Banking and Financial Statistics, Economic Bulletin Published by Nepal Rastra Bank. The secondary sources of data are used to understand and analyze the volatility of market interest rate and its impact on profitability of selected commercial banks.
The Pearson’s correlation coefficients matrix of the Nepalese commercial banks shows that liquidity ratio has negative relationship with return on assets. However, deposit rate, capital adequacy ratio, inflation rate, GDP rate, and T bills rate have relationship with return on assets. Likewise, the result shows that inflation rate is positively correlated to return on equity. However, deposit rate, liquidity ratio, capital adequacy ratio, GDP rate and T bills rate are negatively correlated to return on equity. Similarly, capital adequacy ratio and GDP rate are positively correlated to net interest margin. However, deposit rate, liquidity ratio, T bills rate and inflation rate are negatively correlated to net interest margin.
The regression result shows that only the beta coefficient for liquidity ratio is negative and significant with return on asset. It indicates that liquidity ratio has negative impact on return on equity. Similarly, the deposit rate, capital adequacy ratio, GDP rate, T bills rate and inflation rate are positive with return on asset. It indicates that deposit rate, capital adequacy ratio, GDP rate, T bills rate and inflation rate have positive impact on return on asset. Likewise, the beta coefficient for inflation rate is positive and significant at one percent level with return on equity, which indicates that inflation rate has positive impact on return on equity. However, the beta coefficient for deposit rate, capital adequacy ratio, GDP rate, T bills rate and liquidity ratio are negative with return on equity, which indicates that deposit rate, capital adequacy ratio, GDP rate, T bills rate and liquidity ratio have negative impact on return on equity. Likewise, the beta coefficient for capital adequacy ratio and GDP rate are positive with net interest margin, which indicates that capital adequacy ratio and GDP rate have positive impact on net interest margin. However, the beta coefficient for deposit rate, liquidity ratio, T bills rate and inflation rate are negative with return on equity, which indicates that deposit rate, liquidity ratio, T bills rate and inflation rate have negative impact on net interest margin.
Finally, the study concludes liquidity ratio and deposit rate have negative impact on the Performance of Nepalese commercial banks indicating that higher the deposit rate and liquidity ratio, lower would be the return on assets, return on equity and net interest margin. The study also concludes that increase in capital adequacy ratio, GDP and inflation rate leads to increase in bank performance in terms of return on assets and return on equity. It can also be concluded that performance in terms of return on assets and return on equity has decreased in majority of Nepalese commercial banks.
The effect of market interest rate volatility on financial profitability of Nepalese Commercial banks [printed text] / Parash Shrestha, Author . - 2019 . - 109p. ; GRP/Thesis + 14/B.
Languages : English
Abstract: The Interest rate is considered to be very phenomenal factor in financial market. Significant integration and liberalization of financial markets worldwide have led to increased volatility in the world economy. Consequently, a numerous practitioners and policy makers have keen interest in the impact of interest rate volatility and bank profitability. Husni and Khrawish (2011) described that to measure the effect of changes in bank’s profitability; it is mandatory to evaluate and asses the overall volatility of interest rate on the economy and to deposit the implications of interest rate on cash flow. In the banking system the impact of interest rate changes on the profitability has been a significant issue. As compared to other institutions banks are more sensitive to the changes in the interest rate. Sologoub (2006) highlighted that high interest rate is indicative of inefficiency in the banking sectors of developing countries, as it is now widely acknowledged that interest rate spreads are an adequate measure of bank intermediation efficiency. The difference between lending and deposit rates, known as the interest rate spread could mean unusually low deposit rates discouraging savings and limiting resources available to finance bank credit (Mustafa & Sayera, 2009).
In the context of Nepal, Pradhan (2015) examined bank specific and macroeconomic determinants of bank profitability of Nepalese commercial banks. The study revealed that return on assets and return on equity are positively related to credit to deposit ratio, market share and gross domestic product, while negatively related to inflation, liquidity and non-performing loan to total assets. Sharma (2008) explained that if the central bank hikes the bank rate, the interest that a bank pays for borrowing money increases. It, in turn, hikes its own lending rates to ensure it continues to make profit. Khatri et al. (2015) showed that return on assets is positively related to capital adequacy ratio, bank size, bank loan, stock market capitalization and gross domestic product growth rate. The study also found that net interest margin has significant positive relationship with capital adequacy ratio, bank loan, and stock market capitalization.
The study is based on the secondary data which are gathered from 18 commercial banks in Nepal for the period of 7 years from 2011/12 to 2017/18. The variables used in this study are dependent variables (ROA, ROE and NIM) and independent variables (Deposit rate, Liquidity rate, Capital adequacy ratio, T-Bills rate, Inflation rate and Gross domestic product rate). The secondary data are collected from official website and annual reports of concern commercial banks, NRB Economic Review, Banking and Financial Statistics, Economic Bulletin Published by Nepal Rastra Bank. The secondary sources of data are used to understand and analyze the volatility of market interest rate and its impact on profitability of selected commercial banks.
The Pearson’s correlation coefficients matrix of the Nepalese commercial banks shows that liquidity ratio has negative relationship with return on assets. However, deposit rate, capital adequacy ratio, inflation rate, GDP rate, and T bills rate have relationship with return on assets. Likewise, the result shows that inflation rate is positively correlated to return on equity. However, deposit rate, liquidity ratio, capital adequacy ratio, GDP rate and T bills rate are negatively correlated to return on equity. Similarly, capital adequacy ratio and GDP rate are positively correlated to net interest margin. However, deposit rate, liquidity ratio, T bills rate and inflation rate are negatively correlated to net interest margin.
The regression result shows that only the beta coefficient for liquidity ratio is negative and significant with return on asset. It indicates that liquidity ratio has negative impact on return on equity. Similarly, the deposit rate, capital adequacy ratio, GDP rate, T bills rate and inflation rate are positive with return on asset. It indicates that deposit rate, capital adequacy ratio, GDP rate, T bills rate and inflation rate have positive impact on return on asset. Likewise, the beta coefficient for inflation rate is positive and significant at one percent level with return on equity, which indicates that inflation rate has positive impact on return on equity. However, the beta coefficient for deposit rate, capital adequacy ratio, GDP rate, T bills rate and liquidity ratio are negative with return on equity, which indicates that deposit rate, capital adequacy ratio, GDP rate, T bills rate and liquidity ratio have negative impact on return on equity. Likewise, the beta coefficient for capital adequacy ratio and GDP rate are positive with net interest margin, which indicates that capital adequacy ratio and GDP rate have positive impact on net interest margin. However, the beta coefficient for deposit rate, liquidity ratio, T bills rate and inflation rate are negative with return on equity, which indicates that deposit rate, liquidity ratio, T bills rate and inflation rate have negative impact on net interest margin.
Finally, the study concludes liquidity ratio and deposit rate have negative impact on the Performance of Nepalese commercial banks indicating that higher the deposit rate and liquidity ratio, lower would be the return on assets, return on equity and net interest margin. The study also concludes that increase in capital adequacy ratio, GDP and inflation rate leads to increase in bank performance in terms of return on assets and return on equity. It can also be concluded that performance in terms of return on assets and return on equity has decreased in majority of Nepalese commercial banks.
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Barcode Call number Media type Location Section Status 688/D PAR Thesis/Dissertation Uniglobe Library Philosophy & Psychology Available The five love languages of Teenagers / Chapman,Gary
Title : The five love languages of Teenagers Material Type: printed text Authors: Chapman,Gary, Author Publisher: Thomson Pub Publication Date: 2018 Pagination: 277 Size: text book ISBN (or other code): 978-81-8322-068-2 Price: Rs800 Languages : English The five love languages of Teenagers [printed text] / Chapman,Gary, Author . - [S.l.] : Thomson Pub, 2018 . - 277 ; text book.
ISBN : 978-81-8322-068-2 : Rs800
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Barcode Call number Media type Location Section Status 10974 CHA Books Uniglobe Library Philosophy & Psychology Due for return by 12/18/2023 The Gap and Gain / Sullivan and hardy
Title : The Gap and Gain Material Type: printed text Authors: Sullivan and hardy, Author Publisher: strategic coach Publication Date: 2023 Pagination: 218 Size: fiction ISBN (or other code): 978-93-94613-47-8 Price: 958.40 Languages : English The Gap and Gain [printed text] / Sullivan and hardy, Author . - [S.l.] : strategic coach, 2023 . - 218 ; fiction.
ISBN : 978-93-94613-47-8 : 958.40
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Barcode Call number Media type Location Section Status 11141 SUL Books Uniglobe Library Philosophy & Psychology Available The impact of money supply on economic growth of Nepal / Anjan Wagle
Title : The impact of money supply on economic growth of Nepal Material Type: printed text Authors: Anjan Wagle, Author Publication Date: 2019 Pagination: 122p. Size: GRP/Thesis Accompanying material: 14/B Languages : English Abstract: Money supply refers to the amount of domestic currency that circulates in a national economy during specified period. Money supply can be seen as notes and coins circulating outside the central bank. Such that, an increase in money supply is described as direct monetary transmission mechanism which connotes that when money supply rises, it makes people in an economy to spend more of such money over money demand thereby making demand to exceed supply .The growth of money is generally believed to have a profound influence on economic activities of any nation in the long run. The reason stems from the fact that a rise in money supply makes money more available in the hands of consumers and producers and thus generates consumption and investment as supported by the study of Bello and Saulawa (2013). Money supply is determined by three determinants high powered money, the total deposits to reserve ratio and demand deposits to currency ratio.. The valuation and analysis of the money supply help the economist and policy makers to frame the policy or to alter the existing policy of increasing or reducing the supply of money. The valuation is important as it ultimately affects the business cycle and thereby affects the economy.
Economic growth is the increase in goods and services produced by an economy over a period of time. It is an ability of an economy to increase its production capacity through which it becomes more capable of producing additional units of goods and services (Chughtai, Malik & Aftab, 2015). Conteras (2007) economic growth refers to the increase a specific measure such as real national income, gross domestic product, or per capita income. National income or product is commonly expressed in terms of the aggregate value-added output of the domestic economy called a gross domestic product when the GDP of the nation rises; economists refer to it as economic growth.
This study examines the impact of money supply on economic growth of Nepal. Real Gross domestic product and per capita income growth are the dependent variables. The independent variables are broad money supply (M2), remittance, government expenditure, foreign direct investment and foreign aid. The study is based on secondary sources of data. The data have been collected for the period of 1990/91 to 2017/18. The main sources of data are hand book of government finance statistics, Quarterly Economic Bulletin published by Nepal Rastra Bank, World Development Indicators of World Bank and Economic Survey 2017/18 published by Government of Nepal Ministry of Finance. The descriptive, correlation matrix, multiple regression and econometrics models are estimated to test the significance and impact of money supply on economic growth of Nepal.
The econometric model examines the Augmented Dicky-Fuller unit root test, Autoregressive Distributive Lag (ARDL) modeling to the formulation of long-run equilibrium between independent and dependent variables, estimation of long run and short run coefficient using Autoregressive Distributive Lag (ARDL), application of the Granger causality test to determine the direction of causality between the two variables and stability test by applying CUSUM and CUSUMQ test.
The study shows that broad money supply, remittance, government expenditure and foreign direct investment are the major variable of economic growth of Nepal. The regression result shows that broad money supply, remittance, government expenditure and foreign direct investment has positive and significant impact on the economic growth of Nepal. The ARDL bound testing approach to co-integration by Pearson et al (1997) estimates show that there is fairly a long run co-integration relationship between money supply and economic growth variables. Therefore, it is clear indication that long run causality is one way from money supply impact on economic growth. The diagnostic statistics (normality, autocorrelation and functional form misspecification) shows that the used ARDL model seems to be data congruent and free from specification error. Thus, the strong link between macroeconomic variables and economic growth does not appear to be spurious one. The estimates of short run ARDL error correction model depicted that error correction term (ECM) lagged one period is negative and highly significant in all estimated models indicating macroeconomic variables and economic growth variables are co-integrated. Reasonably, large coefficient of ECM term indicates that speed of adjustment to the equilibrium after a shock of previous period is very high. The granger causality revels that there is unidirectional causality between broad money supply as percent of RGDP and economic growth variables i.e. gross domestic product and per capita income growth rate. The broad money supply as a percentage of RGDP in the long run shows a positive and significant relationship with real gross domestic product whereas negative and significant relationship with per capita income growth. Remittance shows a positive and insignificant relationship with gross domestic product and per capita income growth rate, which indicates that in the long run scenario increase in remittance leads to increase in economic growth of Nepal. The study also shows that government expenditure shows a positive relationship with gross domestic product in the long run whereas; in the short run government expenditure shows a negative association with gross domestic product. Foreign direct investment shows a positive insignificant relationship with gross domestic product in long run whereas negative and insignificant in short-run. Finding of the study shows that increase in foreign direct investment leads to increase in gross domestic product in the short run. The error correction model shows that broad money supply has a significant impact on gross domestic product and per capita income growth. The CUSUM test depicts that all coefficient in the error correction model is stable over the period. Therefore, it is concluded that there is long run co-integration relationship between economic growth and selected independent variables.
The impact of money supply on economic growth of Nepal [printed text] / Anjan Wagle, Author . - 2019 . - 122p. ; GRP/Thesis + 14/B.
Languages : English
Abstract: Money supply refers to the amount of domestic currency that circulates in a national economy during specified period. Money supply can be seen as notes and coins circulating outside the central bank. Such that, an increase in money supply is described as direct monetary transmission mechanism which connotes that when money supply rises, it makes people in an economy to spend more of such money over money demand thereby making demand to exceed supply .The growth of money is generally believed to have a profound influence on economic activities of any nation in the long run. The reason stems from the fact that a rise in money supply makes money more available in the hands of consumers and producers and thus generates consumption and investment as supported by the study of Bello and Saulawa (2013). Money supply is determined by three determinants high powered money, the total deposits to reserve ratio and demand deposits to currency ratio.. The valuation and analysis of the money supply help the economist and policy makers to frame the policy or to alter the existing policy of increasing or reducing the supply of money. The valuation is important as it ultimately affects the business cycle and thereby affects the economy.
Economic growth is the increase in goods and services produced by an economy over a period of time. It is an ability of an economy to increase its production capacity through which it becomes more capable of producing additional units of goods and services (Chughtai, Malik & Aftab, 2015). Conteras (2007) economic growth refers to the increase a specific measure such as real national income, gross domestic product, or per capita income. National income or product is commonly expressed in terms of the aggregate value-added output of the domestic economy called a gross domestic product when the GDP of the nation rises; economists refer to it as economic growth.
This study examines the impact of money supply on economic growth of Nepal. Real Gross domestic product and per capita income growth are the dependent variables. The independent variables are broad money supply (M2), remittance, government expenditure, foreign direct investment and foreign aid. The study is based on secondary sources of data. The data have been collected for the period of 1990/91 to 2017/18. The main sources of data are hand book of government finance statistics, Quarterly Economic Bulletin published by Nepal Rastra Bank, World Development Indicators of World Bank and Economic Survey 2017/18 published by Government of Nepal Ministry of Finance. The descriptive, correlation matrix, multiple regression and econometrics models are estimated to test the significance and impact of money supply on economic growth of Nepal.
The econometric model examines the Augmented Dicky-Fuller unit root test, Autoregressive Distributive Lag (ARDL) modeling to the formulation of long-run equilibrium between independent and dependent variables, estimation of long run and short run coefficient using Autoregressive Distributive Lag (ARDL), application of the Granger causality test to determine the direction of causality between the two variables and stability test by applying CUSUM and CUSUMQ test.
The study shows that broad money supply, remittance, government expenditure and foreign direct investment are the major variable of economic growth of Nepal. The regression result shows that broad money supply, remittance, government expenditure and foreign direct investment has positive and significant impact on the economic growth of Nepal. The ARDL bound testing approach to co-integration by Pearson et al (1997) estimates show that there is fairly a long run co-integration relationship between money supply and economic growth variables. Therefore, it is clear indication that long run causality is one way from money supply impact on economic growth. The diagnostic statistics (normality, autocorrelation and functional form misspecification) shows that the used ARDL model seems to be data congruent and free from specification error. Thus, the strong link between macroeconomic variables and economic growth does not appear to be spurious one. The estimates of short run ARDL error correction model depicted that error correction term (ECM) lagged one period is negative and highly significant in all estimated models indicating macroeconomic variables and economic growth variables are co-integrated. Reasonably, large coefficient of ECM term indicates that speed of adjustment to the equilibrium after a shock of previous period is very high. The granger causality revels that there is unidirectional causality between broad money supply as percent of RGDP and economic growth variables i.e. gross domestic product and per capita income growth rate. The broad money supply as a percentage of RGDP in the long run shows a positive and significant relationship with real gross domestic product whereas negative and significant relationship with per capita income growth. Remittance shows a positive and insignificant relationship with gross domestic product and per capita income growth rate, which indicates that in the long run scenario increase in remittance leads to increase in economic growth of Nepal. The study also shows that government expenditure shows a positive relationship with gross domestic product in the long run whereas; in the short run government expenditure shows a negative association with gross domestic product. Foreign direct investment shows a positive insignificant relationship with gross domestic product in long run whereas negative and insignificant in short-run. Finding of the study shows that increase in foreign direct investment leads to increase in gross domestic product in the short run. The error correction model shows that broad money supply has a significant impact on gross domestic product and per capita income growth. The CUSUM test depicts that all coefficient in the error correction model is stable over the period. Therefore, it is concluded that there is long run co-integration relationship between economic growth and selected independent variables.
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Barcode Call number Media type Location Section Status 626/D ANJ Thesis/Dissertation Uniglobe Library Philosophy & Psychology Available The impact of tax revenue on economic growth of Nepal / Kushal Sharma Bajgain
Title : The impact of tax revenue on economic growth of Nepal Material Type: printed text Authors: Kushal Sharma Bajgain, Author Pagination: 118p. Size: GRP/Thesis Accompanying material: 14/B Languages : English Abstract: Tax is a major player in every society of the world (Azubike, 2009). The tax system is a path for government to use in collecting additional revenue required in discharging its pressing obligations. Similarly, Hyman (1987) defines tax is a compulsory contribution to the government, paid by individuals and corporate entities, which does not bear any relationship to the benefit received (Hyman, 1987). Taxation is an instrument of fiscal policy; governments use taxes to influence an economy’s aggregate demand (Truett and Truett, 1987). A tax system is one of the most effective means of organizing a nation’s internal resources and it lends itself to creating an enabling environment to promote economic growth. Towing this line of argument, Nzotta (2007), also argued that taxes constitute key sources of revenue to the federation account shared by the federal, state and local governments. Hence, a tax policy signifies key resource allocator between the public and private sectors in a country. Anyanwu (1997), stated that taxes are imposed to regulate the production of certain goods and services, protection of infant industries, control business and curb inflation, reduce income inequalities etc.
The study attempts to examine the relationship between tax revenue and economic growth of Nepal where gross domestic product and per capita income growth are the dependent variables. The independent variables are tax revenue, inflation, government expenditures, foreign direct investment and foreign grant. The study is based on secondary data of 28 years collected from economic survey by Nepal Rastra Bank for the period of 1990/91 to 2017/18. The regression model and ARDL models are estimated to test the significance and impact of variables on economic growth of Nepal.
The descriptive results show that the gross domestic product ranges from a minimum of Rs.120.37 billion to the maximum of Rs.3007.25 billion with an average of 923.46 billion. GDP in rupees is highest in the year 2018 (Rs.3007.5 billion) and lowest during the year 1991 (Rs.120.37 billion) similarly, the analysis of the structure shows that the per capita growth rate ranges from a minimum of -1.42 percent to the maximum of 6.5 percent and an average of 2.76. PCI is highest for the year 2017 (6.50 percent) and lowest for the year 2002 (-1.42 percent). The average tax revenue as a percent of GDP is 11.36 percent. The tax revenue ranges from a minimum of 6.61 percent of GDP to the maximum of 20.23 percent of GDP. The tax revenue as a percent of GDP is highest for the year 2017/18 and lowest for the year 1989/90. The figure also reveals that tax revenue is steadily increasing over the years. The analysis of the pattern of inflation rate ranges from minimum of 1.43 percent to the maximum of 21.10 percent while the average is 8.18 percent while, the foreign assistance as a percent of GDP ranges from a maximum of 5.31 percent of GDP to the minimum of 1.17 percent of GDP and the average is 2.84 percent. In addition, the descriptive statistics revealed that government expenditure as a percent of GDP has an average value of 20.31 percent of GDP and the maximum of 35.45 percent while the minimum of 16.66 percent of GDP. The figure of government expenditure also reveals the government expenditure steadily increasing over the years. The analysis of the pattern of foreign direct investment ranges from the minimum value of -0.1 percent to a maximum of 0.56 percent of GDP while the average is 0.21 percent of GDP. The correlation analysis reveals that gross domestic product is positively related to tax revenue and similarly tax has a positive relationship with per capita income growth rate. Similarly, gross domestic product has positive relationship with inflation, government expenditure as a percent of GDP and foreign direct investment as a percent of GDP. In addition, the correlation analysis shows that inflation and foreign assistance as percent of GDP has a negative relationship with per capita growth while, tax revenue as percent of GDP, government expenditure as a percent of GDP and foreign direct investment as percent of GDP shows a positive relationship with per capita income growth rate. Regression table shows that beta coefficient is positive and significant at 1 percent level of significance for tax revenue as a percent of GDP. It indicates that increase in tax revenue leads to increase in gross domestic product. The regression table of per capita income growth rate shows that the beta coefficient of tax revenue is positive however coefficient is not significant. The finding shows that increase in tax revenue leads to increase in per capita growth rate. In addition, the regression results show that government expenditure as a percent of GDP and foreign direct investment as percent of GDP show a positive and significant relationship with the economic growth variables i.e. gross domestic product and per capita income growth rate whereas foreign assistance shows a negative significant relationship with gross domestic product.
The test of stationary using constant reveals that GDP, TAX, GEX, and FDI are integrated of order one i.e. I (1) while PCI, INF and FA are integrated of order zero i.e. I (0). However, using constant and trend, results show that GDP, TAX, INF, GEX and FDI are integrated of order one i.e. I (1) while PCI and FA are integrated of order zero i.e. I (0). While, the ARDL bound test analysis depicts that there is the existence of co-integration relationship between economic growth variables and independent variables. The ARDL approach of co-integration shows that there is a negative relationship between tax revenue as a percent of GDP and gross domestic product for long run and short run. The ARDL model further postulates that there is positive relationship between tax revenue as percent of GDP and per capita income growth for long run and short run. In the long run inflation has a significant negative impact on per capita income growth i.e. increase in rate of inflation leads to decrease in per capita income growth. The ARDL error correction model shows that inflation, government expenditure as a percent of GDP and foreign direct investment as a percent of GDP has significant impact on gross domestic product. While, the short run dynamics shows that inflation and foreign aid as a percent of GDP have a significant impact on per capita growth rate. The result shows that increase in inflation rate and foreign aid as a percent of GDP causes per capita income growth rate to decrease. The results of the study revealed that there is unidirectional causality from inflation to economic growth variables i.e. gross domestic product and per capita income growth rate. The result further shows that increase in inflation stimulates economic growth. In addition, the granger causality depicts that tax revenue as a percent of GDP has no granger cause with economic growth variables i.e. gross domestic product and per capita income growth rate. The findings of this study show that the entire coefficient of error correction models are stable over time, and the selected model are to be good.
The impact of tax revenue on economic growth of Nepal [printed text] / Kushal Sharma Bajgain, Author . - [s.d.] . - 118p. ; GRP/Thesis + 14/B.
Languages : English
Abstract: Tax is a major player in every society of the world (Azubike, 2009). The tax system is a path for government to use in collecting additional revenue required in discharging its pressing obligations. Similarly, Hyman (1987) defines tax is a compulsory contribution to the government, paid by individuals and corporate entities, which does not bear any relationship to the benefit received (Hyman, 1987). Taxation is an instrument of fiscal policy; governments use taxes to influence an economy’s aggregate demand (Truett and Truett, 1987). A tax system is one of the most effective means of organizing a nation’s internal resources and it lends itself to creating an enabling environment to promote economic growth. Towing this line of argument, Nzotta (2007), also argued that taxes constitute key sources of revenue to the federation account shared by the federal, state and local governments. Hence, a tax policy signifies key resource allocator between the public and private sectors in a country. Anyanwu (1997), stated that taxes are imposed to regulate the production of certain goods and services, protection of infant industries, control business and curb inflation, reduce income inequalities etc.
The study attempts to examine the relationship between tax revenue and economic growth of Nepal where gross domestic product and per capita income growth are the dependent variables. The independent variables are tax revenue, inflation, government expenditures, foreign direct investment and foreign grant. The study is based on secondary data of 28 years collected from economic survey by Nepal Rastra Bank for the period of 1990/91 to 2017/18. The regression model and ARDL models are estimated to test the significance and impact of variables on economic growth of Nepal.
The descriptive results show that the gross domestic product ranges from a minimum of Rs.120.37 billion to the maximum of Rs.3007.25 billion with an average of 923.46 billion. GDP in rupees is highest in the year 2018 (Rs.3007.5 billion) and lowest during the year 1991 (Rs.120.37 billion) similarly, the analysis of the structure shows that the per capita growth rate ranges from a minimum of -1.42 percent to the maximum of 6.5 percent and an average of 2.76. PCI is highest for the year 2017 (6.50 percent) and lowest for the year 2002 (-1.42 percent). The average tax revenue as a percent of GDP is 11.36 percent. The tax revenue ranges from a minimum of 6.61 percent of GDP to the maximum of 20.23 percent of GDP. The tax revenue as a percent of GDP is highest for the year 2017/18 and lowest for the year 1989/90. The figure also reveals that tax revenue is steadily increasing over the years. The analysis of the pattern of inflation rate ranges from minimum of 1.43 percent to the maximum of 21.10 percent while the average is 8.18 percent while, the foreign assistance as a percent of GDP ranges from a maximum of 5.31 percent of GDP to the minimum of 1.17 percent of GDP and the average is 2.84 percent. In addition, the descriptive statistics revealed that government expenditure as a percent of GDP has an average value of 20.31 percent of GDP and the maximum of 35.45 percent while the minimum of 16.66 percent of GDP. The figure of government expenditure also reveals the government expenditure steadily increasing over the years. The analysis of the pattern of foreign direct investment ranges from the minimum value of -0.1 percent to a maximum of 0.56 percent of GDP while the average is 0.21 percent of GDP. The correlation analysis reveals that gross domestic product is positively related to tax revenue and similarly tax has a positive relationship with per capita income growth rate. Similarly, gross domestic product has positive relationship with inflation, government expenditure as a percent of GDP and foreign direct investment as a percent of GDP. In addition, the correlation analysis shows that inflation and foreign assistance as percent of GDP has a negative relationship with per capita growth while, tax revenue as percent of GDP, government expenditure as a percent of GDP and foreign direct investment as percent of GDP shows a positive relationship with per capita income growth rate. Regression table shows that beta coefficient is positive and significant at 1 percent level of significance for tax revenue as a percent of GDP. It indicates that increase in tax revenue leads to increase in gross domestic product. The regression table of per capita income growth rate shows that the beta coefficient of tax revenue is positive however coefficient is not significant. The finding shows that increase in tax revenue leads to increase in per capita growth rate. In addition, the regression results show that government expenditure as a percent of GDP and foreign direct investment as percent of GDP show a positive and significant relationship with the economic growth variables i.e. gross domestic product and per capita income growth rate whereas foreign assistance shows a negative significant relationship with gross domestic product.
The test of stationary using constant reveals that GDP, TAX, GEX, and FDI are integrated of order one i.e. I (1) while PCI, INF and FA are integrated of order zero i.e. I (0). However, using constant and trend, results show that GDP, TAX, INF, GEX and FDI are integrated of order one i.e. I (1) while PCI and FA are integrated of order zero i.e. I (0). While, the ARDL bound test analysis depicts that there is the existence of co-integration relationship between economic growth variables and independent variables. The ARDL approach of co-integration shows that there is a negative relationship between tax revenue as a percent of GDP and gross domestic product for long run and short run. The ARDL model further postulates that there is positive relationship between tax revenue as percent of GDP and per capita income growth for long run and short run. In the long run inflation has a significant negative impact on per capita income growth i.e. increase in rate of inflation leads to decrease in per capita income growth. The ARDL error correction model shows that inflation, government expenditure as a percent of GDP and foreign direct investment as a percent of GDP has significant impact on gross domestic product. While, the short run dynamics shows that inflation and foreign aid as a percent of GDP have a significant impact on per capita growth rate. The result shows that increase in inflation rate and foreign aid as a percent of GDP causes per capita income growth rate to decrease. The results of the study revealed that there is unidirectional causality from inflation to economic growth variables i.e. gross domestic product and per capita income growth rate. The result further shows that increase in inflation stimulates economic growth. In addition, the granger causality depicts that tax revenue as a percent of GDP has no granger cause with economic growth variables i.e. gross domestic product and per capita income growth rate. The findings of this study show that the entire coefficient of error correction models are stable over time, and the selected model are to be good.
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