AN EMPIRICAL RELATIONSHIP AMONG TAX REVENUE, NON-TAX REVENUE, GRANTS, EXPENDITURES AND ECONOMIC GROWTH IN SRI LANKA : An analysis of Co-integration and Causality
Journal Title: Advance Research Journal of Multidisciplinary Discoveries - Year 2017, Vol 17, Issue 9
Abstract
This research article analyzed the objective of statistically finding the empirical relationship among tax revenue, non-tax revenue, grants, expenditures and economic growth in Sri Lankan context. The annual time series data used in this study were gathered from Annual Report of Central Bank of Sri Lanka for the time period of 1950 to 2014. Stability test, residual test for testing the best regression model, Johansen co-integration technique to test the long run relationship, Augmented Dickey Fuller (ADF) for unit root test, and Granger causality test for causal relationships between all the variables were the econometric technical process being used to achieve the objective of this study. It was found that ere was a direct association ship between the dependent and some of the independent variables. The R-squared of the regression model was higher than 0.9. Most of the variables were stationary at the level form I(0). It was found that there were the different types of causal relationships between all the variables. The long run relationship between all variables was identified through co-integration test.
Authors and Affiliations
S. Nisthar, AAM. Nufile
Keywords
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