Business Administration and Business Economics
Abstract
The study employed co-integration analysis to identify factors that influence company tax revenue collections in Swaziland and further uses ARIMA and VAR to find a forecasting technique that will produce the least forecasting variance for CIT revenue. The results reveal that GDP, Share of Agriculture in GDP and Tax Rate have a positive and statistically significant relationship with company tax revenue while inflation and openness showed a negative and statistically significant relationship. These findings are mostly consistent with theoretical expectations and other studies that were done by other researchers. Combined forecasting was found to produce the least variance for one year ahead forecast of company tax revenue.
References
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Ahlers, D. & Lakonishok, J. (1983). A Study of Economists’ Consensus Forecasts. Management Science, Vol. 29, No. 10, pp. 1113-1125.
Ahmad, E. & Stern, N. (1991). The theory and practice of tax reforms in developing countries. Cambridge University Press.
Ahmed, Q.M. & Mohammed, S.D. (2010). Determinant of tax buoyancy: Empirical evidence from developing countries. European Journal of Social Sciences, Vol. 13, No. 3, pp. 408-414.
Ahsan, S.M. & Wu, S. (2005). Tax structure and reform in China, 1979-2002. Canada: Concordia University.
Alm, J.; Sanchez, I. & Juan, A. (1995). Economic and noneconomic factors in tax compliance. Kyklos, Vol. 48, No. 1, pp. 3-18.
Armstrong, J.S. (2001). Principles of Forecasting: A Handbook for Researchers and Practitioners. MA Kluwer Academic Publishers.
Auerbach, A.J. (1995). Tax Projections and the Budget: Lessons from the 1980. American Economic Review, Vol. 85, No. 2, pp. 165-169.
Ayenew, W. (2016). Determinants of Tax Revenue in Ethiopia (Johansen Co-Integration Approach). Journal International Journal of Business, Economics and Management, Vol. 3, No. 6, pp. 69-84.
Bahl, R.W. (2003). Reaching the hardest to tax: Consequences and possibilities. Paper presented at the Hard to Tax: An international Perspective conference. Andrew Young School of Policy Studies, Georgia State University.
Bilquees, F. (2004). Elasticity and Buoyancy of the Tax System in Pakistan. The Pakistan Development Review, Vol. 43, No. 1, pp. 73–93.
Bird, R.M. (1974). Taxing Agricultural Land in Developing Countries. Cambridge: Harvard University Press.
Botrić, V. & Vizek, M. (2012). Forecasting Fiscal Revenues in a Transition Country: The Case of Croatia. Zagreb International Review of Economics & Business, Vol. 15, No. 1, pp. 23-36.
Box, G.E.P. & Jenkins, G.M. (1976). Time Series Analysis: Forecasting and Control. Revised Edition, Oakland, CA: Holden-Day.
Bretschneider, S.I.; Gorr W.L.; Grizzle, G. & Klay, E. (1989). Political and organizational influences on the accuracy of forecasting state government revenues. International Journal of Forecasting, Vol. 5, No. 3, pp. 307-319.
Brooks, C. (2008). Introductory Econometrics for Finance. Cambridge UK: Cambridge University Press.
Buettner, T. & Kauder, B. (2010). Revenue Forecasting Practices: Differences across Countries and Consequences for Forecasting Performance. Munich: John Wiley & Sons, Ltd.
Chelliah, R.J. (1971). Trends in Taxation in Developing Countries. International Monetary Fund, 18, No. 2, pp. 254-331.
Chelliah, R.J.; Baas, H.J. & Kelly, M.R. (1975). Tax Ratios and Tax Effort in Developing Countries. IMF Staff Papers, Vol. 22, No. 1, pp. 187-205.
Clausing, K.A. (2007). Closer Integration and Corporate Tax Systems. Portland: Reed College.
Clausing, K.A. (2007). Corporate Tax Revenues in OECD Countries. International Tax and Public Finance, Vol. 14, No. 2, pp. 115-133.
Donegan, E. (2015). Using Time Series to Incorporate Exogenous Influencers in Tax Forecasting. Dublin: Trinity College.
Ehrhart, H. (2009). Assessing the relationship between democracy and domestic taxes in developing countries. Clermont-Ferrand, CERDI, University of Auvergne.
Enders, W. (2010). Applied Econometric Time Series. 3rd Edition. New York: John Wiley and Sons.
Engle, R.F. & Granger, C.W.J. (1987). Co-integration and Error-correction: Representation, Estimation and Testing. Econometrica, Vol. 55, No. 2, pp. 251—276.
Feenberg, D.R.; Gentry, W.; Gilroy D. & Rosen H.S. (1988). Testing the Rationality of State Revenue Forecasts. NBER Working Papers 2628, National Bureau of Economic Research.
Fullerton, T.M. (1989). A composite approach to forecasting state government revenues: Case study of the Idaho sales tax. International Journal of Forecasting, Vol. 5, No. 3, pp. 373-380.
Gounder, N.; Narayan, P.K. & Prasad, A. (2007). An Empirical Investigation of the Relationship between Government Revenue and Expenditure: The Case of the Fiji Islands. International Journal of Social Economics, Vol. 34, No. 3, pp. 147-158.
Granger, C.W.J. (1969). Investigating Causal Relations by Econometric Models and Cross-spectral Methods. Econometrica, Vol. 37, No. 3, pp. 424-438.
Grizzle, G.A. & Klay, W.E. (1994). Forecasting State Sales Tax Revenues: Comparing the Accuracy of Different Methods. State and Local Government Review, Vol. 26, No. 3, pp. 142-152.
Gujarati, D.N. (2006). Essentials of Econometrics. 3rd Edition. McGraw-Hill.
Gupta, S.A. (2007). Tax Revenue Efforts in Developing Countries. IMF Working Papers, pp. 1-39.
Hendry, D.F. & Clements, M.P. (2001). Economic Forecasting: Some Lessons from Recent Research, European Central Bank. Working paper, No. 82.
IMF (2007). The Kingdom of Swaziland: 2006 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director, Country Report No. 07/132.
Jensen E.M. (2006). The apportionment of Direct Taxes: Are Consumption Taxes Constitutional. Faculty Publications, Paper 398.
Karogos, K. (2013). Determinants of Tax Revenue: Does Sectoral Composition Matter. Journal of Finance Accounting and Management, Vol. 4, No. 2, pp. 50-63.
Kassim, L. (2016). The Revenue Implication of Trade Liberalisation in Sub-Saharan Africa: Some New Evidence. Kent: University of Kent.
Kemal, M.A. (2007). A Fresh Assessment of the Underground Economy and Tax Evasion in Pakistan: Causes, Consequences, and Linkages with the Formal Economy. Islamabad: Pakistan Institute of Development Economics.
Lawrence, K.; Anandarajan, A. & Kleinman, G. (1998). Forecasting State Tax Revenues: A new approach. The Review of Economics and Statistics, Vol. 52, No. 4, pp. 427-433.
Leal, T.; Perez, J.J.; Tujula, M. & Vidal, J. (2007). Fiscal Forecasting, Lessons from Literature and Challenges, European Central Bank. Working Paper Series Number, 843.
Leuthold, J. (1991). Tax Shares in Developing Economies: A Panel Study. Journal of Development Economics, Vol. 35, No. 1, pp. 173-85.
Litterman, R.B. & Supel, T.M. (1983). Using Vector Autoregression to Measure the Uncertainty in Minnesota’s Revenue Forecasts. Federal Reserve Bank of Minneapolis Quarterly Review, Vol. 7, No. 2, pp. 10-22.
Lotz, J.R. & Morss, E.R. (1967). Measuring Tax Efforts in Developing Countries. International Monetary Fund, Vol. 14, No. 3, pp. 478-99.
Lutfunnahar, B. (2007). A Panel Study on Tax Effort and Tax Buoyancy with Special Reference to Bangladesh. Working Paper 715: Policy Analysis Unit (PAU) Research Department Bangladesh Bank.
Lutkepohl, H. (1991). Introduction to Multiple Time Series Analysis. Berlin: Springer-Verlag.
Mahdavi, S. (2008). The Level and Composition of Tax Revenue in Developing Countries: Evidence from Unbalanced Panel Data. International Review of Economics and Finance, Vol. 17, No. 4, pp. 607-617.
Makananisa, M.P. (2015). Forecasting Annual Tax Revenue of the South African Taxes Using Time Series Holt-Winters and ARIMA/SARIMA Models. South Africa: University of South Africa.
Makridakis, S. & Winkler, R.L. (1983). Averages of forecasts: Some empirical results. Management Science, Vol. 29, No. 9, pp. 987-996.
Musgrave, R.A. (1969). Fiscal Systems. New Haven and London: Yale University Press.
Nandi, B.K.; Chaudhury, M. & Hasan, G.Q. (2014). EWUCRT, Working Paper, No 9. East West University, Dhaka, Bangladesh.
Nazmi, N. & Leuthold, J.H. (1988). Forecasting Economic Time Series that Require a Power Transformation: Case of State Tax Receipts. Journal of Forecasting, Vol. 7, No. pp. 173-184.
Olatayo, T.O. & Taiwo, A.I. (2012). Measuring the Structural Relationship of Some Micro-Economic Time Series Data (A Vector Autoregressive Approach). African Journal of Pure and Applied (ASPS). Vol. 2, No. 1, pp. 63-69.
Pike, T. & Savage, D. (1998). Forecasting the Public Finances in the Treasury. Journal of Fiscal Studies, Vol. 7, No. 3, pp. 173-184.
Plesko, George A. (1988). The Accuracy of Government Forecasts and Budget Projections. National Tax Journal, Vol. 41, No. 4, pp. 483-501.
Ramanathan, R. (2002). Introductory Econometrics with Applications. 5th Edition. Singapore: Thomson Asia Pte Ltd.
Sentance, A.; Hall, S. & O’Sullivan, J. (1998). Modelling and Forecasting UK Public Finances. Journal of Fiscal Studies, Vol. 19, No. 1, pp. 63-81.
Spivey, W.A. & Wrobleski, W.J. (1979). Surveying Recent Econometric Forecasting Performance. University of Michigan, American Enterprise Institute for Public Policy Research.
SRA (2014). Swaziland Revenue Authority Annual report 2014. Mbabane: Swaziland Revenue Authority.
SRA (2015). Swaziland Revenue Authority Annual report 2015. Mbabane: Swaziland Revenue Authority.
Stotsky, J. & WoldeMariam, A. (1997). Tax Effort in Sub-Saharan Africa. Working Paper, 97/107. Washington, DC: International Monetary Fund.
Tait, A.; Wilfrid, A.; Gratz, L.M. & Eichengreen, B.J. (1979). International Comparisons of Taxation for Selected Developing Countries, 1972–1976. International Monetary Fund Staff Papers, Vol. 26, No. 1, pp. 123–56.
Tanzi, V. & Blejer, M. (1989). Public Debt and Fiscal Policy in Developing Countries. Hong Kong: MacMillan Press.
Tanzi, V. (1987). Quantitative Characteristics of Tax Systems of Developing Countries. New York: Oxford University Press.
Tanzi, V. (1989). The Impact of Macroeconomic Policies on the Level of Taxation and the Fiscal Balance in Developing Countries. IMF Staff Papers, Vol. 36, No. 3, pp. 633 – 656.
Tanzi, V. (1992). Structural Factors and Tax Revenue in Developing Countries: A Decade of Evidence in Open Economies. New York: Oxford University Press.
Teera, J.M. (2002). Determinants of Tax Revenue Share in Uganda. Unpublished. Uganda Bureau of Statistics, Statistical Abstract (various issues).
Theil, H. (1966). Applied Economic Forecasting. Chicago: Rand McNally.
Tsaurai, K. (2018a). Is the interaction between human capital and financial development one of the determinants of FDI in emerging markets? International Journal of Education Economics and Development, Vol. 9, No. 1, pp. 24-37.
Tsaurai, K. (2018b). What are the determinants of stock market development in emerging markets? Academy of Accounting and Financial Studies Journal, Vol. 22, No. 2, pp. 1-11.
Tsaurai, K. (2018c). Does trade openness and foreign direct investment complement or substitute each other in poverty alleviation? Euro Economica, Vol. 37, No. 1, pp. 223-236.
Valerija, B. & Maruška, V. (2012). Forecasting Fiscal Revenues in a Transition Country: The Case of Croatia.
Wawire, N.H. (2006). Determinants of Tax Revenue in Kenya. Nairobi: Kenyatta University.
Willman, A.; Kortelainen, M.; Männistö, H.L. & Tujula, M. (2000). The BOF5 macroeconomic model of Finland, structure and dynamic micro foundations. Economic Modelling, Vol. 17, No. 2, pp. 275-303.
Woschnagg, E. (2004). Evaluating Forecast Accuracy. Vienna: University of Vienna.
Zee, H. (2006). A note on global taxes and aid for development. Journal of Economic Studies, Vol. 33, No. 1, pp. 5-11.
Agbeyegbe, T.; Stotsky, J.G. & WoldeMariam, A. (2004). Trade Liberalization, Exchange Rate Changes, and Tax Revenue in Sub-Saharan Africa. Washington: International Monetary Fund.
Ahlers, D. & Lakonishok, J. (1983). A Study of Economists’ Consensus Forecasts. Management Science, Vol. 29, No. 10, pp. 1113-1125.
Ahmad, E. & Stern, N. (1991). The theory and practice of tax reforms in developing countries. Cambridge University Press.
Ahmed, Q.M. & Mohammed, S.D. (2010). Determinant of tax buoyancy: Empirical evidence from developing countries. European Journal of Social Sciences, Vol. 13, No. 3, pp. 408-414.
Ahsan, S.M. & Wu, S. (2005). Tax structure and reform in China, 1979-2002. Canada: Concordia University.
Alm, J.; Sanchez, I. & Juan, A. (1995). Economic and noneconomic factors in tax compliance. Kyklos, Vol. 48, No. 1, pp. 3-18.
Armstrong, J.S. (2001). Principles of Forecasting: A Handbook for Researchers and Practitioners. MA Kluwer Academic Publishers.
Auerbach, A.J. (1995). Tax Projections and the Budget: Lessons from the 1980. American Economic Review, Vol. 85, No. 2, pp. 165-169.
Ayenew, W. (2016). Determinants of Tax Revenue in Ethiopia (Johansen Co-Integration Approach). Journal International Journal of Business, Economics and Management, Vol. 3, No. 6, pp. 69-84.
Bahl, R.W. (2003). Reaching the hardest to tax: Consequences and possibilities. Paper presented at the Hard to Tax: An international Perspective conference. Andrew Young School of Policy Studies, Georgia State University.
Bilquees, F. (2004). Elasticity and Buoyancy of the Tax System in Pakistan. The Pakistan Development Review, Vol. 43, No. 1, pp. 73–93.
Bird, R.M. (1974). Taxing Agricultural Land in Developing Countries. Cambridge: Harvard University Press.
Botrić, V. & Vizek, M. (2012). Forecasting Fiscal Revenues in a Transition Country: The Case of Croatia. Zagreb International Review of Economics & Business, Vol. 15, No. 1, pp. 23-36.
Box, G.E.P. & Jenkins, G.M. (1976). Time Series Analysis: Forecasting and Control. Revised Edition, Oakland, CA: Holden-Day.
Bretschneider, S.I.; Gorr W.L.; Grizzle, G. & Klay, E. (1989). Political and organizational influences on the accuracy of forecasting state government revenues. International Journal of Forecasting, Vol. 5, No. 3, pp. 307-319.
Brooks, C. (2008). Introductory Econometrics for Finance. Cambridge UK: Cambridge University Press.
Buettner, T. & Kauder, B. (2010). Revenue Forecasting Practices: Differences across Countries and Consequences for Forecasting Performance. Munich: John Wiley & Sons, Ltd.
Chelliah, R.J. (1971). Trends in Taxation in Developing Countries. International Monetary Fund, 18, No. 2, pp. 254-331.
Chelliah, R.J.; Baas, H.J. & Kelly, M.R. (1975). Tax Ratios and Tax Effort in Developing Countries. IMF Staff Papers, Vol. 22, No. 1, pp. 187-205.
Clausing, K.A. (2007). Closer Integration and Corporate Tax Systems. Portland: Reed College.
Clausing, K.A. (2007). Corporate Tax Revenues in OECD Countries. International Tax and Public Finance, Vol. 14, No. 2, pp. 115-133.
Donegan, E. (2015). Using Time Series to Incorporate Exogenous Influencers in Tax Forecasting. Dublin: Trinity College.
Ehrhart, H. (2009). Assessing the relationship between democracy and domestic taxes in developing countries. Clermont-Ferrand, CERDI, University of Auvergne.
Enders, W. (2010). Applied Econometric Time Series. 3rd Edition. New York: John Wiley and Sons.
Engle, R.F. & Granger, C.W.J. (1987). Co-integration and Error-correction: Representation, Estimation and Testing. Econometrica, Vol. 55, No. 2, pp. 251—276.
Feenberg, D.R.; Gentry, W.; Gilroy D. & Rosen H.S. (1988). Testing the Rationality of State Revenue Forecasts. NBER Working Papers 2628, National Bureau of Economic Research.
Fullerton, T.M. (1989). A composite approach to forecasting state government revenues: Case study of the Idaho sales tax. International Journal of Forecasting, Vol. 5, No. 3, pp. 373-380.
Gounder, N.; Narayan, P.K. & Prasad, A. (2007). An Empirical Investigation of the Relationship between Government Revenue and Expenditure: The Case of the Fiji Islands. International Journal of Social Economics, Vol. 34, No. 3, pp. 147-158.
Granger, C.W.J. (1969). Investigating Causal Relations by Econometric Models and Cross-spectral Methods. Econometrica, Vol. 37, No. 3, pp. 424-438.
Grizzle, G.A. & Klay, W.E. (1994). Forecasting State Sales Tax Revenues: Comparing the Accuracy of Different Methods. State and Local Government Review, Vol. 26, No. 3, pp. 142-152.
Gujarati, D.N. (2006). Essentials of Econometrics. 3rd Edition. McGraw-Hill.
Gupta, S.A. (2007). Tax Revenue Efforts in Developing Countries. IMF Working Papers, pp. 1-39.
Hendry, D.F. & Clements, M.P. (2001). Economic Forecasting: Some Lessons from Recent Research, European Central Bank. Working paper, No. 82.
IMF (2007). The Kingdom of Swaziland: 2006 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director, Country Report No. 07/132.
Jensen E.M. (2006). The apportionment of Direct Taxes: Are Consumption Taxes Constitutional. Faculty Publications, Paper 398.
Karogos, K. (2013). Determinants of Tax Revenue: Does Sectoral Composition Matter. Journal of Finance Accounting and Management, Vol. 4, No. 2, pp. 50-63.
Kassim, L. (2016). The Revenue Implication of Trade Liberalisation in Sub-Saharan Africa: Some New Evidence. Kent: University of Kent.
Kemal, M.A. (2007). A Fresh Assessment of the Underground Economy and Tax Evasion in Pakistan: Causes, Consequences, and Linkages with the Formal Economy. Islamabad: Pakistan Institute of Development Economics.
Lawrence, K.; Anandarajan, A. & Kleinman, G. (1998). Forecasting State Tax Revenues: A new approach. The Review of Economics and Statistics, Vol. 52, No. 4, pp. 427-433.
Leal, T.; Perez, J.J.; Tujula, M. & Vidal, J. (2007). Fiscal Forecasting, Lessons from Literature and Challenges, European Central Bank. Working Paper Series Number, 843.
Leuthold, J. (1991). Tax Shares in Developing Economies: A Panel Study. Journal of Development Economics, Vol. 35, No. 1, pp. 173-85.
Litterman, R.B. & Supel, T.M. (1983). Using Vector Autoregression to Measure the Uncertainty in Minnesota’s Revenue Forecasts. Federal Reserve Bank of Minneapolis Quarterly Review, Vol. 7, No. 2, pp. 10-22.
Lotz, J.R. & Morss, E.R. (1967). Measuring Tax Efforts in Developing Countries. International Monetary Fund, Vol. 14, No. 3, pp. 478-99.
Lutfunnahar, B. (2007). A Panel Study on Tax Effort and Tax Buoyancy with Special Reference to Bangladesh. Working Paper 715: Policy Analysis Unit (PAU) Research Department Bangladesh Bank.
Lutkepohl, H. (1991). Introduction to Multiple Time Series Analysis. Berlin: Springer-Verlag.
Mahdavi, S. (2008). The Level and Composition of Tax Revenue in Developing Countries: Evidence from Unbalanced Panel Data. International Review of Economics and Finance, Vol. 17, No. 4, pp. 607-617.
Makananisa, M.P. (2015). Forecasting Annual Tax Revenue of the South African Taxes Using Time Series Holt-Winters and ARIMA/SARIMA Models. South Africa: University of South Africa.
Makridakis, S. & Winkler, R.L. (1983). Averages of forecasts: Some empirical results. Management Science, Vol. 29, No. 9, pp. 987-996.
Musgrave, R.A. (1969). Fiscal Systems. New Haven and London: Yale University Press.
Nandi, B.K.; Chaudhury, M. & Hasan, G.Q. (2014). EWUCRT, Working Paper, No 9. East West University, Dhaka, Bangladesh.
Nazmi, N. & Leuthold, J.H. (1988). Forecasting Economic Time Series that Require a Power Transformation: Case of State Tax Receipts. Journal of Forecasting, Vol. 7, No. pp. 173-184.
Olatayo, T.O. & Taiwo, A.I. (2012). Measuring the Structural Relationship of Some Micro-Economic Time Series Data (A Vector Autoregressive Approach). African Journal of Pure and Applied (ASPS). Vol. 2, No. 1, pp. 63-69.
Pike, T. & Savage, D. (1998). Forecasting the Public Finances in the Treasury. Journal of Fiscal Studies, Vol. 7, No. 3, pp. 173-184.
Plesko, George A. (1988). The Accuracy of Government Forecasts and Budget Projections. National Tax Journal, Vol. 41, No. 4, pp. 483-501.
Ramanathan, R. (2002). Introductory Econometrics with Applications. 5th Edition. Singapore: Thomson Asia Pte Ltd.
Sentance, A.; Hall, S. & O’Sullivan, J. (1998). Modelling and Forecasting UK Public Finances. Journal of Fiscal Studies, Vol. 19, No. 1, pp. 63-81.
Spivey, W.A. & Wrobleski, W.J. (1979). Surveying Recent Econometric Forecasting Performance. University of Michigan, American Enterprise Institute for Public Policy Research.
SRA (2014). Swaziland Revenue Authority Annual report 2014. Mbabane: Swaziland Revenue Authority.
SRA (2015). Swaziland Revenue Authority Annual report 2015. Mbabane: Swaziland Revenue Authority.
Stotsky, J. & WoldeMariam, A. (1997). Tax Effort in Sub-Saharan Africa. Working Paper, 97/107. Washington, DC: International Monetary Fund.
Tait, A.; Wilfrid, A.; Gratz, L.M. & Eichengreen, B.J. (1979). International Comparisons of Taxation for Selected Developing Countries, 1972–1976. International Monetary Fund Staff Papers, Vol. 26, No. 1, pp. 123–56.
Tanzi, V. & Blejer, M. (1989). Public Debt and Fiscal Policy in Developing Countries. Hong Kong: MacMillan Press.
Tanzi, V. (1987). Quantitative Characteristics of Tax Systems of Developing Countries. New York: Oxford University Press.
Tanzi, V. (1989). The Impact of Macroeconomic Policies on the Level of Taxation and the Fiscal Balance in Developing Countries. IMF Staff Papers, Vol. 36, No. 3, pp. 633 – 656.
Tanzi, V. (1992). Structural Factors and Tax Revenue in Developing Countries: A Decade of Evidence in Open Economies. New York: Oxford University Press.
Teera, J.M. (2002). Determinants of Tax Revenue Share in Uganda. Unpublished. Uganda Bureau of Statistics, Statistical Abstract (various issues).
Theil, H. (1966). Applied Economic Forecasting. Chicago: Rand McNally.
Tsaurai, K. (2018a). Is the interaction between human capital and financial development one of the determinants of FDI in emerging markets? International Journal of Education Economics and Development, Vol. 9, No. 1, pp. 24-37.
Tsaurai, K. (2018b). What are the determinants of stock market development in emerging markets? Academy of Accounting and Financial Studies Journal, Vol. 22, No. 2, pp. 1-11.
Tsaurai, K. (2018c). Does trade openness and foreign direct investment complement or substitute each other in poverty alleviation? Euro Economica, Vol. 37, No. 1, pp. 223-236.
Valerija, B. & Maruška, V. (2012). Forecasting Fiscal Revenues in a Transition Country: The Case of Croatia.
Wawire, N.H. (2006). Determinants of Tax Revenue in Kenya. Nairobi: Kenyatta University.
Willman, A.; Kortelainen, M.; Männistö, H.L. & Tujula, M. (2000). The BOF5 macroeconomic model of Finland, structure and dynamic micro foundations. Economic Modelling, Vol. 17, No. 2, pp. 275-303.
Woschnagg, E. (2004). Evaluating Forecast Accuracy. Vienna: University of Vienna.
Zee, H. (2006). A note on global taxes and aid for development. Journal of Economic Studies, Vol. 33, No. 1, pp. 5-11.
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2021-07-01
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Collective Authors. (2021). Business Administration and Business Economics: Array. Acta Universitatis Danubius. Œconomica, 15(5). Retrieved from https://dj.univ-danubius.ro/index.php/AUDOE/article/view/1219
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