2,342
Views
7
CrossRef citations to date
0
Altmetric
Articles

Investigation of the time-dependent dynamics between government revenue and expenditure in China: a wavelet approach

References

  • Afonso, A., and C. Rault. 2009. Budgetary and external imbalances relationship: A panel data diagnostic. CESifo Working Paper No. 2559, CESifo Group Munich.
  • Akaike, H. 1971. “Autoregressive Model Fitting for Control.” Annals of the Institute of Statistical Mathematics 23(1): 163–180. doi:10.1007/BF02479221.
  • Almasri, A., and G. Shukur. 2003. “An Illustration of the Causality Relation between Government Spending and Revenue Using Wavelet Analysis on Finnish Data.” Journal of Applied Statistics 30(5): 571–584. doi:10.1080/0266476032000053682.
  • Athanasenas, A., C. Katrakilidis, and E. Trachanas. 2014. “Government Spending and Revenues in the Greek Economy: Evidence from Nonlinear Cointegration.” Empirica 41(2): 365–376. doi:10.1007/s10663-013-9221-3.
  • Baghestani, H., and R. McNown. 1994. “Do Revenues or Expenditures Respond to Budgetary Disequilibria?” Southern Economic Journal 60: 311–322. doi:10.2307/1059979.
  • Barro, R. J. 1979. “On the Determination of the Public Debt.” Journal of Political Economy 81: 940–971. doi:10.1086/260807.
  • Benhmad, F. 2012. “Modeling Nonlinear Granger Causality between the Oil Price and U.S. dollar: A Wavelet Based Approach.” Economic Modelling 29(4): 1505–1514. doi:10.1016/j.econmod.2012.01.003.
  • Brady, G. L., and C. Magazzino. 2019. “Government Expenditures and Revenues in Italy in a Long-Run Perspective.” Journal of Quantitative Economics 17(2): 361. 10.1007/s40953-019-00157-z. doi:10.1007/s40953-019-00157-z.
  • Chang, T., and Y. H. Ho. 2002. “A Note on Testing Tax-and-Spend, Spend-and-Tax or Fiscal Synchronization: The Case of China.” Journal of Economic Development 27: 151–160.
  • Clemente, J., A. Montañés, and M. Reyes. 1998. “Testing for a Unit Root in Variables with a Double Change in the Mean.” Economics Letters 59(2): 175–182. doi:10.1016/S0165-1765(98)00052-4.
  • Crowley, P. 2007. “A Guide to Wavelets for Economists.” Journal of Economic Surveys 21(2): 207–264. doi:10.1111/j.1467-6419.2006.00502.x.
  • Dalena, M., and C. Magazzino. 2012. “Public Expenditure and Revenue in Italy, 1862-1993.” Economic Notes 41(3): 145–172. doi:10.1111/j.1468-0300.2012.00243.x.
  • Elliott, G., T. J. Rothenberg, and J. H. Stock. 1996. “Efficient Tests for an Autoregressive Unit Root.” Econometrica 64(4): 813–836. doi:10.2307/2171846.
  • Deng, S., and J. Peng. 2011. “Reforming the Budgeting Process in China.” OECD Journal on Budgeting 11(1): 75–89. doi:10.1787/budget-11-5kggc0zqj8f0.
  • Edgerton, D., and G. Shukur. 1999. “Testing Autocorrelation in a System Wise Perspective.” Econometric Reviews 18(4): 343–386. doi:10.1080/07474939908800351.
  • Friedman, M. 1978. “The Limitations of Tax Limitation.” Policy Review, Summer, 7–14.
  • Glynn, J., N. Perera, and R. Verma. 2007. “Unit Root Tests and Structural Breaks: A Survey with Applications.” Journal of Quantitative Methods for Economics and Business Administration 3: 63–79.
  • Gregory, A. W., and B. E. Hansen. 2009. “Tests for Cointegration in Models with Regime and Trend Shifts.” Oxford Bulletin of Economics and Statistics 58(3): 555–560. doi:10.1111/j.1468-0084.1996.mp58003008.x.
  • Hacker, R. S., H. K. Karlsson, and K. Månsson. 2012. “The Relationship between Exchange Rates and Interest Rate Differentials: A Wavelet Approach.” The World Economy 35: 1162–1185. doi:10.1111/j.1467-9701.2012.01466.x.
  • Hacker, R. S., H. K. Karlsson, and K. Månsson. 2014. “An Investigation of the Causal Relations between Exchange Rates and Interest Rate Differentials Using Wavelet.” International Review of Economics & Finance 29: 321–329. doi:10.1016/j.iref.2013.06.004.
  • Hannan, E. J., and B. G. Quinn. 1979. “The Determination of the Order of an Autoregressive.” Journal of the Royal Statistical Society: Series B (Methodological) 41: 190–195. doi:10.1111/j.2517-6161.1979.tb01072.x.
  • Harris, R., and R. Sollis. 2003. Applied Time Series Modelling and Forecasting. West Sussex: John Wiley & Sons Ltd.
  • Ho, Y.-H., and C.-J. Huang. 2009. “Tax-Spend, Spend-Tax, or Synchronization: A Panel Analysis of the Chinese Provincial Real Data.” Journal of Economics and Management 5: 257–272.
  • Hong, T. J. 2009. “Tax-and-Spend or Spend-and-Tax? Empirical Evidence from Malaysia.” Asian Academy of Management Journal of Accounting and Finance 5: 107–115.
  • Jarque, C. M., and A. K. Bera. 1987. “A Test for Normality of Observations and Regression Residuals.” International Statistical Review 55(2): 163–172. doi:10.2307/1403192.
  • Kwiatkowski, D., P. C. B. Phillips, P. Schmidt, and Y. Shin. 1992. “Testing the Null Hypothesis of Stationarity against the Alternative of a Unit Root.” Journal of Econometrics 54(1-3): 159–178. doi:10.1016/0304-4076(92)90104-Y.
  • Lee, J., and M. C. Strazicich. 2003. “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks.” Review of Economics and Statistics 85(4): 1082–1089. doi:10.1162/003465303772815961.
  • Lee, J., and M. C. Strazicich. 2013. “Minimum LM Unit Root Test with One Structural Break.” Economics Bulletin 33: 2483–2492.
  • Li, X. 2001. “Government Revenue, Government Expenditure and Temporal Causality: Evidence from China.” Applied Economics 33(4): 485–497. doi:10.1080/00036840122982.
  • Magazzino, C. 2013. “Revenue and Expenditure Nexus: A Case Study of ECOWAS.” Economics: The Open-Access, Open-Assessment E-Journal 7: 1–27. doi:10.5018/economics-ejournal.ja.2013-13.
  • Magazzino, C. 2014. “The Relationship between Revenue and Expenditure in the ASEAN Countries.” East Asia 31(3): 203–221. doi:10.1007/s12140-014-9211-5.
  • Mallat, S. G. 1989. “A Theory for Multiresolution Signal Decomposition: The Wavelet Representation.” IEEE Transactions on Pattern Analysis and Machine Intelligence 11(7): 674–693. doi:10.1109/34.192463.
  • Narayan, P. K. 2005. “The Government Revenue and Government Expenditure Nexus: Empirical Evidence from Nine Asian Countries.” Journal of Asian Economics 15(6): 1203–1216. doi:10.1016/j.asieco.2004.11.007.
  • Nelson, C. R., and C. I. Plosser. 1982. “Trends and Random Walks in Macroeconomic Time Series.” Journal of Monetary Economics 10(2): 139–162. doi:10.1016/0304-3932(82)90012-5.
  • Nyamongo, M. E., M. M. Sichei, and N. J. Schoeman. 2013. “Government Revenue and Expenditure Nexus in South Africa.” South African Journal of Economic and Management Sciences 10(2): 256–268. doi:10.4102/sajems.v10i2.586.
  • Owoye, O. 1995. “The Causal Relationship between Taxes and Expenditures in the G7 Countries: Cointegration and Error Correction Models.” Applied Economics Letters 2(1): 19–22. doi:10.1080/135048595357744.
  • Park, W. K. 1998. “Granger Causality between Government Revenues and Expenditures in Korea.” Journal of Economic Development 23: 145–155.
  • Peacock, A. T., and J. Wiseman. 1979. “Approaches to the Analysis of Government Expenditure Growth.” Public Finance Quarterly 7(1): 3–23. doi:10.1177/109114217900700101.
  • Percival, D. B., and A. T. Walden. 2000. Wavelet Methods for Time Series Analysis. Cambridge: Cambridge University Press.
  • Perron, P. 1989. “The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis.” Econometrica 57(6): 1361–1401. doi:10.2307/1913712.
  • Ramsey, J. B., and C. Lampart. 1998. “Decomposition of Economic Relationships by Timescale Using Wavelets.” Macroeconomic Dynamics 2: 49–71.
  • Schleicher, C. 2002. An introduction to wavelets for economists, Working Paper 2002–3, Bank of Canada.
  • Schwarz, G. 1978. “Estimating the Dimension of a Model.” The Annals of Statistics 6(2): 461–464. doi:10.1214/aos/1176344136.
  • Toda, H., and T. Yamamoto. 1995. “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes.” Journal of Econometrics 66(1-2): 225–250. doi:10.1016/0304-4076(94)01616-8.
  • Wang, S. 1997. “China’s 1994 Fiscal Reform: An Initial Assessment.” Asian Survey 37(9): 801. doi:10.1525/as.1997.37.9.01p02764.
  • Wildavsky, A. 1988. The New Politics of the Budgetary Process. Glenview, IL: Scott, Foresman.
  • Wolde-Rufael, Y. 2008. “The Revenue-Spending Nexus: The Experience of 13 African Countries.” African Development Review 20(2): 273–283. doi:10.1111/j.1467-8268.2008.00185.x.
  • Zivot, E., and K. Andrews. 1992. “Further Evidence on the Great Crash, the Oil Price Shock, and the Unit Root Hypothesis.” Journal of Business & Economic Statistics 10: 251–270. doi:10.2307/1391541.