Unit Root Tests Research Articles

Tourism and Economic Growth: Assessing the Role of Tourism Industry in Nepal

Nepal holds significant potential for tourism development. While tourism development can drive economic growth in destination countries, there is ongoing debate about whether tourism directly causes economic growth. This study aims to analyze the trends in inbound tourist arrivals and tourism receipts in Nepal and assess tourism's impact on Nepal’s economic growth. The study utilizes secondary data spanning from 1975 to 2021, with variables rebased to a common base year of 2010/11. The independent variables include government consumption, gross fixed capital formation, tourism receipts, and trade volume, while the dependent variable is gross domestic product (GDP). A unit root test using the Augmented Dickey-Fuller (ADF) test was conducted to check for stationarity. The Autoregressive Distributed Lag (ARDL) model was employed to examine the impact of the independent variables on the dependent variable. The findings indicate that inbound tourist arrivals in Nepal are rising, and foreign exchange earnings from tourism are also increasing. Most tourists come from India, China, the UK, the USA, and Sri Lanka. The estimated long-run coefficients for government consumption, gross fixed capital formation, and trade volume are positive and statistically significant, indicating a positive relationship with economic growth. However, the study found no long-term relationship between tourism receipts and economic growth.

Indirect tax and the economy: Evidence from Nigeria (2000 to 2019)

The study examined the impact of indirect tax on the Nigerian economy. In line with these objectives, three research questions and three hypotheses were formulated. The study adopted the ex post facto research design. The Data for the study were collected from Central Bank of Nigeria Bulletin and Organisation for Economic Co-operation and Development (OECD) statistics for the period of 2000–2019. The study adopted the ordinary Least – Square Regression Analysis to analyse the data. Descriptive Statistics were used to describe the characteristics of the Variables, augmented Dickey – Fuller unit root test was used for the stationary test of the data. Johansen co-integration test was used for the long-run relationship of the variables. Ordinary Least Square (OLS) was used to test the hypotheses at a 5% level of significance. Our findings revealed that Value Added Tax (VAT) has an insignificant positive impact on GDP in the Country. Import Duty IMD has a significant positive impact on GDP in Nigeria while the Export Duty (EXD) has an insignificant impact on the GDP. The study recommended that the Nigeria government can grow its economy through VAT if the revenue from the tax is not invaded, avoided and is properly administered. Secondly the government should concentrate on growing strategically with the import tax productivity since it shows a positive significant impact on GDP, Similarly the government of Nigeria should equally put in concerted efforts to improve Export Duty Tax revenue. Keywords: Economy, Export Duty, Import Duty, Nigeria, Value Added Tax.

Towards a green economy: Investigating the impact of sustainable finance, green technologies, and environmental policies on environmental degradation.

Environmental degradation is a problem, and the consequences, in terms of emission of pollutants into different ecosystems, human health, and sustainable development are disastrous. This study explains the complex interactions that exist among sustainable finance, green technology innovation, green energy adoption, the climate change financial policy, green growth index, government spending, and financial globalization across the globe. This research applies to an extensive dataset that ranges to 23 years in 50 countries by enforcing robust dynamic econometric methods such as unit root tests, cointegration analysis, and generalized method of moments (GMM) estimations for the analysis of these complicated issues. The results show that Sustainable finance (SF) has a negative coefficient of -0.033, suggesting that increased sustainable financial practices contribute to reducing environmental degradation. Similarly, technology innovation (TI) and green energy (GE) both show significant negative impacts on environmental degradation, with coefficients of -0.132 and -0.075, respectively. The green growth index (GGI) has the most substantial negative effect, with a coefficient of -0.686, highlighting its critical role in mitigating environmental degradation. Lastly, the climate-related financial policy index (CRFPI) exhibits a positive coefficient of 0.029, indicating that advancements in financial policies targeting climate issues slightly offset environmental degradation. These results collectively emphasize the importance of financial, technological, and policy interventions in reducing environmental degradation. It also becomes clear that government spending and financial globalization both influence the efficacy of the government actions in reducing environmental pollution, while government efforts are affected by the second factor negatively. Those perceptions reveal why green finance that is advanced technologically along with renewable energy initiatives and governmental policy backing are the need of the hour in view of these very environmental challenges.

From pollution to sustainable environment: unlocking the role of energy intensity and renewable energy in highly pollutant nations

Abstract Environmental degradation is among one of the most critical issues of recent times. To address this critical challenge in highly pollutant nations, this research inquires about the role of Energy Intensity (EI) along with Renewable Energy Consumption (REC) and non-REC as controlling indicators in the carbon emissions’ model. The research is significant because it provides potential information to energy policymakers for mitigating the adverse effects of environmental degradation. The Cross-Sectional Dependent (CSD) test is utilized to authenticate the CSD in the variables and the Slope Heterogeneity (SH) test is applied to verify the heterogeneous relationships across the polluted economies. Moreover, CSD-based unit root tests are applied to confirm the stationarity of the series. The CSD-based cointegration test is applied, which cares for both CSD and SH in analysis. Lastly, CSD-based regressions are applied to find the long and short relationships. A period of 1990–2021 is utilized for data analyses as per data availability of all analyzed countries. The results demonstrate significantly increasing effects of EI on emissions leading to mitigated environmental quality. A 1% increase in EI increases emissions by 0.6227%. However, renewable energy significantly mitigates carbon emissions while non-REC is found to significantly escalate carbon emissions. A 1% increase in REC mitigates emissions by 0.2458% and a 1% increase in non-REC raises emissions by 0.65%. This research further confirms the evidence of the Environmental Kuznets Curve (EKC) with an income elasticity of 13.1393 and income square elasticity of -0.6209. The results of EI, REC, and non-REC are similar in all estimations while the validity of the EKC is witnessed in two out of three models. The causal relation suggests feedback between emissions and economic progress, EI, REC, and non-REC, which highlights the interdependence of the energy sector and environmental outcomes. This research suggests that governments of the investigated polluted economies should impose taxes on non-renewable energy consumption. The revenues from these taxes should be utilized to subsidize renewable energy consumption. Both initiatives would help reduce energy intensity in these polluted economies to condense the environmental consequences of the energy sector.

A COINTEGRATION RELATIONSHIP BETWEEN CRYPTOCURRENCIES AND FINANCIAL INSTRUMENTS UNDER STRUCTURAL BREAKS

A COINTEGRATION RELATIONSHIP BETWEEN CRYPTOCURRENCIES AND FINANCIAL INSTRUMENTS UNDER STRUCTURAL BREAKS

PRIVATE CAPITAL FORMATION, PUBLIC SECTOR CAPITAL FORMATION AND ECONOMIC GROWTH IN SOUTH AFRICA

This study examines the relationship between private capital formation, public sector capital formation and economic growth in South Africa. Annual data is used and sourced from WDI to evaluate the study, which spans from 1986-2021. The ARDL approach is employed to analyze the data. The unit root tests indicate that the data are stationary and the bounds test signify that the variables are cointegrated at the long-run. Furthermore, the findings revealed A rise in private capital formation will result in a notable increase in economic growth, as indicated by the coefficients of all the variables in the ARDL long-run result. Private capital formation positively and significantly influenced the nation’s economic expansion. The study recommends increasing private sector capital formation for resilience and offering incentives that encourage adaptation investments, the government should concentrate on creating an environment that allows the private sector to flourish.

Threshold Effects of Economic-Policy Uncertainty on Food Security in Nigeria

The study investigated the threshold effects of economic-policy uncertainty on food security in Nigeria, covering the period from 1970 to 2021. Summary statistics and unit root tests were employed for preliminary analysis, while the threshold regression model was used to realize the key objective of the study. The results revealed that adult population (ADULTPOP), environmental degradation (ENVT), exchange rate uncertainty (EXRU), financial deepening (FINDEEP), food security (FS), government expenditure in agriculture uncertainty (GEAU), global economic uncertainty (GEU), inflation (INF), and interest rate uncertainty (INRU) showed positive mean, maximum, and minimum values over the study period. Most variables exhibited low volatility, except for inflation (SD = 15.619) and interest rate uncertainty (SD = 8.435), which had relatively higher volatility. ADF and PP unit root tests indicated that ADULTPOP, FINDEEP, and FS had unit roots in levels, but became stationary after first differencing (integrated of order one). ENVT, EXRU, GEAU, GEU, INF, and INRU were stationary in level, indicating they were integrated of order zero. The result showed a threshold value of 0.077 for global economic uncertainty (GEU). Above this threshold, exchange rate uncertainty (EXRU) had a statistically significant effect on food security (p = 0.031). Non-threshold variables such as adult population (p = 0.000) and environmental degradation (p = 0.000) also had significant effects on food security. The study thus provided evidence of threshold effects of economic-policy uncertainty on food security. The study recommends that policymakers incorporate threshold values in policy implementation to mitigate risks linked to high economic-policy uncertainty. The Government is also advised to establish strategies for stabilizing exchange rates or alleviating their harmful effects on food supply, which may be crucial for achieving food security.

Is ownership structure effective in the relationship between ESG and bank performance?

Purpose The purpose of this study is to examine the causality between the environmental, social and corporate governance (ESG) score, which is the component of banks’ performance obtained from ESG activities, and the capital costs, market values and bankruptcy risk of banks. For this purpose, 117 banks with fully accessible data from 29 developing countries were included. Design/methodology/approach In the methodology part of the study, the panel causality test developed by Emirmahmutoglu and Köse was used based on the periods 2015–2022. First, the cross-section test and delta tests were performed. Then, Levin, Lin and Chu, Breitung, Im, Pesaran, Shin, Fisher ADF and Fisher-PP panel unit root tests and Emirmahmutoglu and Köse panel causality test were performed. Findings As a result of the analyses, bidirectional causality was observed between ESG and weighted average cost of capital of private banks. Similarly, bidirectional causality from ESG to company market capitalization and from ESG to the risk indicator ZSCORE was determined in both private and state banks. The results reveal that ESG components should also be considered in relation to financial performance. In this respect, it is expected to guide regulatory and supervisory institutions in the establishment of regulations and guidelines regarding the determination and promotion of ESG practices that will increase capital efficiency and reduce corporate financing costs. Originality/value Focusing on ESG activities has ceased to be an arbitrary situation for banks. In today’s competitive conditions, financial institutions are turning to strategies that differentiate them from their competitors, such as ESG, as they have difficulty maintaining customer loyalty. Based on the lack of focus on structure differentiation before, the main research question of this study is whether the private and public structure will cause a difference in the effect of ESG activities on bank performance and cost.

The Hidden Toll: Investigating the influence of Corruption on Persistent Suicide in the Americas

Background Corruption, a multifaceted governance issue, impacts public well-being globally. The recent trends reveal a rise in suicide rates across the Americas, while all other regions show declines over twenty years of time. This study investigates corruption’s effect on suicide in 26 American countries, considering moderating factors of unemployment, inflation, and economic growth. Methods This study analysed latest two decades of available data, using stepwise panel regression method to investigate the effects of corruption and economic variables on suicide across income levels. Data were sourced from Transparency International, World Bank and the World Health Organization. Initially, unit root tests and CUSUM plots were used to ensure the stability and stationarity of the dataset, and model specification were validated through F test, LM test and Hausman test to select the ideal econometric model - POLS, REM, or FEM for the study. Results A strong suicide rate persistence revealed, particularly in high-income countries, where the lagged suicide variable showed a coefficient of 0.8063 (p < 0.001). Corruption significantly impacted suicide rates in upper-middle-income countries (coefficient = -0.0268, p < 0.05), with higher corruption perceptions scores correlating with lower suicide rates. Additionally, unemployment acted as a significant moderator, intensifying the corruption’s adverse impact on suicide with a coefficient of 0.0022 (p < 0.001) in upper-middle income nations. Economic growth demonstrated a minor protective effect, particularly in high-income regions, with an interaction coefficient of -0.0005 (p < 0.1), suggesting slight suicide reduction linked to economic stability. Conclusion This study found that corruption, unemployment, and economic growth significantly influence suicide rates across the Americas. Corruption exacerbates suicide risks in upper-middle-income countries, while unemployment amplifies this effect. Economic growth offers a slight protective effect, particularly in high-income regions, suggesting that economic stability may help mitigate suicide rates.

Impact of Privatization of SOEs on Economic Growth in India

This Paper investigate the impacts of privatization and disinvestment of state-owned enterprises (SOEs) on economic growth in the context of India. It delves into an in-depth analysis of the relationship between disinvestment (a proxy for privatization) and economic growth in India. This finding employ rigorous methodologies, including unit root tests, ARDL (Autoregressive Distributed Lag) cointegration analysis, and diagnostic tests to ensure the robustness and reliability of the results. Collectively, these findings offer valuable insights for policymakers, government authorities, and stakeholders involved in decisions regarding the privatization and disinvestment of SOEs in India, providing lessons for enhancing efficiency and competitiveness in the evolving global economic landscape.

The Affect Of Agricultural Export And Employment On Economic Growth In Turkiye: Evidence From ARDL Approach

The agricultural sector has historically been significant. However, today, eventhough the share of the agricultural sector in the total output is lower compared to other sectors in both developed and developing countries, it remains a sector of great importance in terms of both food production and economic indicators. To reveal the economic impacts of the agricultural sector, this study examines the relationship between agricultural exports, agricultural employment, and economic growth in Turkey for the period 1990-2022. In the study, per capita income is used as an indicator of economic growth, the share of agricultural exports in total exports as an indicator of agricultural exports, and the share of agricultural employment in total employment as an indicator of agricultural employment. The ADF and Phillips-Perron (PP) unit root tests and the ARDL bounds testing approach were used as methods in the study. According to the obtained results, there is a cointegration relationship for the model. Based on the long-term coefficients, agricultural exports increase economic growth, while agricultural employment decreases it. According to the short-term results, there is no deviation in agricultural employment, while agricultural exports also statistically significantly and positively affect economic growth in the short term. Turkey should increase agricultural mechanization and shift agricultural employment to other sectors. Furthermore, instead of exporting agricultural products as raw materials, processing them and exporting them as higher value-added products would contribute more to economic growth.

AN INVESTIGATION OF FACTORS AFFECTING THE BALANCE OF TRADE IN SRI LANKA

This study investigates the determinants affecting Sri Lanka's trade balance (TB) using time series data from 1990 to 2020. It explores key macroeconomic variables, including inflation (INF), foreign direct investment (FDI), gross domestic product (GDP), exchange rate (ER), tariffs (TFF), and broad money (BM), employing techniques such as the ADF unit root test, ARDL approach, CUSUM plot test, and long-run test. The results reveal that, in the long run, tariffs positively influence the trade balance, while inflation, GDP, and the exchange rate have a negative impact. In the short run, only the exchange rate shows a significant effect. These findings highlight the crucial role of macroeconomic factors in shaping Sri Lanka’s trade balance, offering valuable insights for policymakers to develop strategies that could improve the country's economic stability.

The technological advancement environmental regulations and their impact on energy efficiency and CO2 emissions

Environmental rules and regulations are essential instruments the government administration uses to control environmental problems in this era of advanced technologies and smooth economic growth. This paper aims to examine how environmental regulations, both mandatory and incentive-based, impact on carbon dioxide (CO2) emissions in the presence of urbanization, foreign trade, economic growth and energy efficiency (EE) in logistics transportation. The influence of explicating factors on dependent variables, such as the highest, lowest, and mean, is estimated using the quantile regression model. We applied a number of econometric techniques like unit root test, panel co-integration, quantiles regression (CO2), quantiles regression (Energy efficiency), endogeneity test, and finally, we applied the robustness test to verify the results. This research uses quantile regression to estimate the influence of environmental regulations on releasing carbon dioxide and energy efficiency, using panel data of China’s thirty provinces from 2005 to 2019. Environmental policies in the Ningxia, Qinghai, and Hainan provinces impose higher pollution penalties, which significantly impact reducing CO2 emissions. These regions release more environmental regulations, and in the provinces that fall between the 25th and 50th percentiles, mandatory environmental regulations significantly lower CO2 emissions. Incentive environmental regulations regarding the environment have a more significant effect on energy efficiency in the 50th–75th, 75th–90th, and higher 90th percentile groups since these groups have made more significant investments in research and development. Meanwhile, the Yunnan, Heilongjiang, and Xinjiang provinces have higher energy efficiency levels due to mandatory environmental legislation. The results provide the correct information to the government to implement effective environmental regulations to achieve sustainable development goals.

Evaluating the Impact of Energy Mix and Digital Economy on Ecological Footprint in GCC: Fresh Insight from Panel ARDL Approach

This study examines the impact of economic growth, digitalization, and energy mix on the ecological footprint in the GCC region from 2000 to 2021. Using advanced econometric techniques, including Panel ARDL, AMG, and CCEMG estimations, the research explores both short-run and long-run dynamics while ensuring robust and valid results. Pre-estimation tests, such as Cross-Sectional Dependence (CSD) and panel unit root tests, confirm that variables are free from unit root problems but exhibit CSD, emphasizing economic interdependencies in the region. Panel cointegration tests reveal long-term equilibrium relationships among the variables. The findings indicate that economic growth, non-renewable energy consumption, and population significantly increase the ecological footprint, highlighting their role in driving environmental degradation. Conversely, renewable energy and digitalization significantly reduce the ecological footprint, showcasing their potential to support environmental sustainability. Validation through AMG and CCEMG methods confirms the robustness of the Panel ARDL results. This study contributes to the understanding of how economic and energy transitions interact with ecological outcomes in resource-rich economies. The results underline the critical need for policies promoting renewable energy, sustainable urbanization, and the integration of digital technologies to balance economic growth with environmental sustainability in the GCC region.

Impact of Financial Development, Renewable Energy, and Natural Resources on Macroeconomic Performance in Pakistan

The objective of this study is to investigate the impact of financial development, renewable energy consumption, and natural resources on macroeconomic performance in Pakistan. The study employs the autoregressive distributive lag (ARDL) technique to check the association among the selected variables. Macroeconomic performance is dependent and financial development, renewable energy, natural resources, and human capital uses as independent variables in this study. Data taken from the World Development Indicator (WDI) range from 1990 to 2023. Unit root tests Augmented Dickey-Fuller and Phillips Parron employs to check the variable's stationarity. The results found that in the short run natural resources has negative and insignificant and renewable energy has a negative but significant impact on macroeconomic performance. However financial development and human capital have positive and significant impacts on macroeconomic performance. In the long run financial development, renewable energy, natural resources, and human capital have a positive and significant impact except human capital on macroeconomic performance in Pakistan.

Unraveling the environmental Kuznets curve in IGAD countries: interplay between ecological footprint, economic growth, renewable energy, and globalization

Abstract Climate change has become a global phenomenon; hence, mitigating environmental pollution and degradation are crucial for addressing climate change consequences. A paradigm shift from fossil fuel to clean energy sources is suggested to reduce environmental pollution without compromising economic growth. This study assesses the validity of the environmental Kuznets curve (EKC) hypothesis by incorporating the impacts of renewable energy, population density, and globalization on ecological footprint in IGAD member nations. A battery of econometric techniques, such as Pedroni, Kao, and Johansen Fisher cointegration methods, heterogeneous panel methods, and Dumitrescu-Hurlin panel causality tests are utilized. Before the formal analysis, we performed a cross-sectional dependence test; and it was observed that the data are cross-sectional dependent. Hence, the second-generation unit root test is utilized which confirms that all the interested variables are stationary at the first difference I (1). The empirical results of cointegration methods indicate that explanatory variables are cointegrated into the ecological footprint in the long run. Moreover, the PMG – which provides consistent results as evidenced by the Hausman test – underscored that globalization, population density, and renewable energy mitigate ecological footprint in the long run even though renewable energy is insignificant. An increase in economic growth is associated with a deterioration of environmental pollution, while squared growth is linked to a reduction in pollution. This evidence supports the existence of the EKC theory, which posits an inverted U-shaped relationship between economic expansion and ecological footprint. Besides, unidirectional causalities are detected from ecological footprint to population density, renewable energy, economic growth, and squared economic growth but not the other way around. In light of the empirical results, several policy recommendations are proposed.

A non-stationary panel data approach for examining convergence in South Africa

Economic convergence has received much attention since the 1980s when researchers tried to ascertain whether low-income countries would stay that way in the long run, or they would gain ‘developmental traction’ and become the affluent nations of the future. This article gives fresh insight on this topic from an African perspective by comparing 39 countries—South Africa, 32 Organisation for Economic Cooperation and Development (OECD) members and 6 Latin American countries. The author investigated their average steady-state equilibria and tested convergence trends from 1980 to 2019. The Solow–Swan model was tested. Furthermore, this study applies panel econometric modelling to determine the relationship between the variables analysed in the convergence analysis. This commenced with the Levin–Lin–Chu and Im–Pesaran–Shin panel unit root tests. Then, the Kao test and the vector error correction model were used to evaluate the cointegration and relationships between variables. The findings revealed that South Africa’s economic performance is significantly lower than the OECD average gross domestic product per capita with an annual growth rate of 0.54%, which falls below the ‘iron law of convergence’ hypothesis. JEL classifications: C01, C32, C33, E13, F62, F63

Renewable energy consumption, institutional quality and life expectancy in EU countries: a cointegration analysis

BackgroundAlthough some socioeconomic, environmental, and political factors could impact life expectancy, the economic literature loses sight of the relationship between the widespread adoption of renewable energy technologies and their potential effect on global life expectancy. An insightful analysis of the socio-economic and environmental benefits associated with renewable sources forms the foundation for investigating the broader implications for public health and well-being. Using panel data from 27 European countries over the period 2000–2020, this study examines the effects of renewable energy consumption on human life expectancy as well as how institutional quality and investment in renewable energy projects might promote better health outcomes.MethodsThe methodological approach is carefully selected to address salient estimation issues and includes a qualitative sequential methodology involving empiric analysis that provides coherence and viability for our study, but also quantitative methods, including factor analysis, panel fully modified least squares (FMOLS), unit root tests, and cointegration techniques.ResultsWe find that renewable energy consumption and institutional quality can improve life expectancy in EU countries. Furthermore, the empirical evidence indicates that sustaining longevity as a new government strategy requires strong institutional quality, capable of influencing the status of renewable energy and promoting long-term sustainability.ConclusionsOur findings bear essential policy implications regarding sustaining longevity as new government strategies and exploring the scale of the target to increase healthy life expectancy. The entire EU health policy and the government's recommitment to narrowing the gap in healthy life expectancy should be focused on improving institutional quality and reducing carbon emissions through promoting projects capable of increasing renewable energy consumption. The results suggest that, on average, a 1% change in renewable energy consumption leads to a 0.331 change in life expectancy, and a 1% change in institutional quality leads to a 0.316 change in life expectancy.

Are OECD Countries Converging in Export Diversification? Evidence from PANIC-Fourier Panel Unit Root Test

This study examines whether OECD countries have converged over time in terms of export diversification. Focusing on the period 1995–2023, the study employs a new Fourier function-enhanced panel unit root test that takes into account gradual changes instead of sudden breaks. The findings show that more than half of OECD countries have not converged in terms of export diversification. Export diversification plays an important role in achieving economic growth and development as well as long-term sustainability goals. In this context, the study provides critical data for policymakers in support of sustainable development goals. The results point to the need to reassess the economic and environmental impacts of export diversification policies in OECD countries.

Impact of Economic Growth, Inflation, Government Effectiveness, and Corruption Control on Gross Capital Formation of Nepal

This study aims to investigate the impact of inflation rate, economic growth, effectiveness of government, and corruption control on gross capital formation in Nepal. Secondary data, which are collected from the World Bank Report and Nepal's economic surveys, is used in the study. The descriptive and correlational research designs are used to analyze the impact of predictor variables. This study is guided by positivist research philosophy and is mainly quantitative. To investigate the effects and validate the model, econometric tools include descriptive statistics, correlation analysis, dynamic ordinary least squares (DOLS), Phillips-Perron unit root test, and variance inflation factor. Other measures of residual testing include the Hansen parameter instability test, normality test, residual and standardized residual graph, and actual fitted residual graph. The effectiveness of government has a high degree (r=0.722) of positive association with gross capital formation. Economic growth, corruption control, the effectiveness of government, inflation rate, and gross capital formation have long-run co integration. Economic growth has a positive and significant impact on gross capital formation. One unit increase in economic growth results in a 1.4594 unit increase in gross capital formation in Nepal. The government's effectiveness also positively and significantly impacts gross capital formation in Nepal. One unit increase in the effectiveness of the government results from 0.8125 unit increase in capital formation in Nepal. The inflation rate has no significant impact on gross capital formation in Nepal. But surprisingly, corruption control negatively and significantly impacts capital formation. One unit change in corruption control resulted in a 0.8217 unit decrease in capital formation. About 97.57 percent variation in capital formation is determined by economic growth, effectiveness of government, corruption control, and inflation rate in Nepal. Policymakers should focus on enhancing economic growth through infrastructure, education, and business environment improvements, ensuring effective governance and stable inflation, and fine-tuning anti-corruption strategies to support capital formation in Nepal.