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Welcome to the IUP Journal of Public Finance


February'12

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The IUP Journal of Public Finance is a quarterly economics journal focusing on public goods and public sector decision making, public sector revenue and expenditure, fiscal policy and economic stabilization, tax shifting and incidence and tax reforms.

  • Public Goods and Public Sector Decision Making
  • Public Sector Revenue and Expenditure
  • Fiscal Policy and Economic Stabilization
  • Tax Shifting and Incidence
  • Tax Reforms
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The Causal Relationship Between Government Spending and Revenue in an Oil-Dependent Economy: The Case of Nigeria
An Analysis of Pattern and Determinants of Public Expenditure on Health in Andhra Pradesh, India
Automatic Stabilizers in Israel: The Tax Burden
Central Government Revenue and Expenditure Relationship
in Indian Economy: An Alternative Approach Based on Beveridge-Nelson Decomposition
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Contents
(February 2012)

The Causal Relationship Between Government Spending and Revenue in an Oil-Dependent Economy: The Case of Nigeria

-- Omo Aregbeyen and Taofik Mohammed Ibrahim

This paper applies the technique of Granger causality to determine the relationship between total government expenditure and revenue in Nigeria for the period 1970-2006. The findings of the study generally support the existence of bidirectional causality between government spending and tax revenue, suggesting that the fiscal synchronization hypothesis is confirmed for Nigeria.

An Analysis of Pattern and Determinants of Public Expenditure on Health in Andhra Pradesh, India

-- T Subba Lakshmi, Prasant Kumar Panda and Himanshu Sekhar Rout

The paper seeks to analyze the pattern and determinants of public expenditure on health in Andhra Pradesh, India, considering a dataset for the period 1985-2005. Simple ratios, percentage methods and multiple regression technique are adopted in the study. It is found that the health expenditure in absolute terms increased remarkably during the study period in Andhra Pradesh, but as a ratio of total government expenditure and social service expenditure in the state, it showed a decreasing trend. The share of capital expenditure is found to be low. The determinant analysis suggests that the increase in health expenditure has been determined by factors like per capita income, literacy rate and population rather than fiscal deficit and infant mortality rate. The percentage GDP spending on health in the state is around 1, which is low and can be increased by following a suitable mechanism in increasing resource efficiency. This would also help to increase capital investments in health sector in terms of opening up additional hospitals in the backlog areas.

Automatic Stabilizers in Israel: The Tax Burden

-- Yaron Zelekha

When forces act on an economy, either to increase its activity or to cause a retreat, it activates a series of automatic self-stabilizers for the purpose of returning it to its original level of activity. This study examines the effects of one of the most important stabilizers, the tax-burden stabilizer. The paper makes two important contributions to the research of the tax-burden stabilizer. First, it adds to the very limited literature an empirical evidence for the strengths of the tax-burden stabilizer in the short term relative to the long term and its ability to neutralize economic policy aiming to revive an economy. Second, it presents empirical evidence that an economic policy which takes into account the magnitude of the tax-burden stabilizer can neutralize most of its effects.

Central Government Revenue and Expenditure Relationship in Indian Economy: An Alternative Approach Based on Beveridge-Nelson Decomposition

-- Suman Sikdar and C K Mukhopadhyay

This paper examines the Granger causal relation between government revenue and expenditure over the period 1971-2010. The study emphasizes on the idea that the relationship can truly be captured when the relation between anticipated parts and that between unanticipated parts of the variable are studied separately. In-sample one-step ahead ARIMA(3, 1, 1) forecasts for expenditure and ARIMA(2, 1, 0) forecasts for revenue constitute the anticipated parts for expenditure and revenue ( and ) respectively. The respective forecast errors constitute the unanticipated parts of the variables. and , both I(1) variables, are found to be cointegrated. VAR(2, 3) model for these variables testifies to the unidirectional Granger causality from expenditure to revenue. Variance decomposition analysis based on this VAR(2, 3) model supports this finding. White noise unanticipated parts in the VAR(2, 1) model further testify to unidirectional causality from expenditure to revenue. This finding draws large support from the variance decomposition analysis for and . The findings negate the ‘hypothesis of independence’ given forth by the study with observed series on xt and Rt.

 

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Automated Teller Machines (ATMs): The Changing Face of Banking in India

Bank Management
Information and communication technology has changed the way in which banks provide services to its customers. These days the customers are able to perform their routine banking transactions without even entering the bank premises. ATM is one such development in recent years, which provides remote banking services all over the world, including India. This paper analyzes the development of this self-service banking in India based on the secondary data.

The Information and Communication Technology (ICT) is playing a very important role in the progress and advancement in almost all walks of life. The deregulated environment has provided an opportunity to restructure the means and methods of delivery of services in many areas, including the banking sector. The ICT has been a focused issue in the past two decades in Indian banking. In fact, ICTs are enabling the banks to change the way in which they are functioning. Improved customer service has become very important for the very survival and growth of banking sector in the reforms era. The technological advancements, deregulations, and intense competition due to the entry of private sector and foreign banks have altered the face of banking from one of mere intermediation to one of provider of quick, efficient and customer-friendly services. With the introduction and adoption of ICT in the banking sector, the customers are fast moving away from the traditional branch banking system to the convenient and comfort of virtual banking. The most important virtual banking services are phone banking, mobile banking, Internet banking and ATM banking. These electronic channels have enhanced the delivery of banking services accurately and efficiently to the customers. The ATMs are an important part of a bank’s alternative channel to reach the customers, to showcase products and services and to create brand awareness. This is reflected in the increase in the number of ATMs all over the world. ATM is one of the most widely used remote banking services all over the world, including India. This paper analyzes the growth of ATMs of different bank groups in India.
International Scenario

If ATMs are largely available over geographically dispersed areas, the benefit from using an ATM will increase as customers will be able to access their bank accounts from any geographic location. This would imply that the value of an ATM network increases with the number of available ATM locations, and the value of a bank network to a customer will be determined in part by the final network size of the banking system. The statistical information on the growth of branches and ATM network in select countries.

Indian Scenario

The financial services industry in India has witnessed a phenomenal growth, diversification and specialization since the initiation of financial sector reforms in 1991. Greater customer orientation is the only way to retain customer loyalty and withstand competition in the liberalized world. In a market-driven strategy of development, customer preference is of paramount importance in any economy. Gone are the days when customers used to come to the doorsteps of banks. Now the banks are required to chase the customers; only those banks which are customercentric and extremely focused on the needs of their clients can succeed in their business today.

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