NRB Economic Review最新文献_第5页

Applicability of Portfolio Theory in Nepali Stock Market 投资组合理论在尼泊尔股票市场的适用性

NRB Economic Review Pub Date : 2016-05-06 DOI: 10.3126/nrber.v28i1.52553

S. Adhikari, P. Jha

{"title":"Applicability of Portfolio Theory in Nepali Stock Market","authors":"S. Adhikari, P. Jha","doi":"10.3126/nrber.v28i1.52553","DOIUrl":"https://doi.org/10.3126/nrber.v28i1.52553","url":null,"abstract":"In the rapidly growing stock market of Nepal, this study tests the applicability of the portfolio creation model and attempts to aware investors about the potential portfolio alternatives they can make to achieve their peculiar risk-return need, through a robust optimization model. A portfolio model using Markowitz mean-variance method is applied to calculate the optimal portfolio and portfolios fitting the investor specific needs, from a sample of 20 Group “A” listed companies on NEPSE. The monthly stock prices between April 2010 and December 2014 of sample companies are used as training data. And, the applicability of the model is tested based on their prices on April 2015. From the analysis it is concluded that such mean-variance optimization is applicable in Nepal. Furthermore, most of the stocks, even from different sectors, are highly correlated to each other illustrating the lack of diversification opportunity at NEPSE. Additionally, the significantly high volatility even at global minimum variance level illustrated the risky nature of business environment in the country. There is an opportunity for high return, but the investor’s willingness to gain this is tested through the high magnitude of minimum risk. These findings call for the policy makers’ immediate attention in creating a favorable environment to bring the real sector companies in the public trading realm and enhancing the commodities and derivatives market in the country, thereby helping stimulate the investment environment in Nepal.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117324572","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Effect of Credit Risk on the Performance of Nepalese Commercial Banks 信用风险对尼泊尔商业银行绩效的影响

NRB Economic Review Pub Date : 2016-05-06 DOI: 10.3126/nrber.v28i1.52552

Yuga Raj Bhattarai

引用次数: 53

Poverty Dynamics in Nepal between 2004 and 2011: An Analysis of Hybrid Dataset 2004 - 2011年尼泊尔贫困动态:混合数据集分析

NRB Economic Review Pub Date : 2016-05-06 DOI: 10.3126/nrber.v28i1.52550

S. Adhikari

{"title":"Poverty Dynamics in Nepal between 2004 and 2011: An Analysis of Hybrid Dataset","authors":"S. Adhikari","doi":"10.3126/nrber.v28i1.52550","DOIUrl":"https://doi.org/10.3126/nrber.v28i1.52550","url":null,"abstract":"Poverty trends describe changes in poverty incidence over time; however, this can mask poverty dynamics. Poverty dynamics discusses the length of time experiencing poverty and explains about movements into and out of poverty. Evidence on poverty dynamics is important for policy makers to design appropriate anti-poverty policies. Panel data is central to obtaining a better understanding of poverty dynamics. Due to the absence of panel data, the paper constructs hybrid dataset using two rounds of cross sectional surveys in 2003/04 and 2010/11 in Nepal to assess the poverty dynamics. Incidence of poverty estimated from hybrid dataset may not be directly comparable with the estimation of poverty through conventional approach. The results indicate that chronic poverty is almost 21 percent for 2003/04 and 2010/11. Movements into and out of poverty, non- poor to poor and poor to non-poor, are 6 percent and 14 percent respectively. Almost 60 percent people are in non-poor category in both periods. Chronic poverty exists in all regions, marginalized ethnic and Dalit (occupational caste) groups. Different anti-poverty policies are required to address chronic or transitory poverty. The policies or opportunities such as increasing credit facilities, increasing access to services, remittances, or social safety net programmes that can stabilize short-term income fluctuations may be more appropriate to address transitory poverty. In contrast, the policies that are related to structural or long-term interventions such as development of basic infrastructure, increasing of social and political inclusion, redistribution of assets, increasing rates of capital accumulation among others are required to address chronic poverty.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114909860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Macroeconomic Impact of International Reserves: Empirical Evidence from South Asia 国际储备的宏观经济影响:来自南亚的经验证据

NRB Economic Review Pub Date : 2016-03-01 DOI: 10.3126/nrber.v28i1.52538

Prakash Shrestha

引用次数: 10

Nepal's Fiscal Federalism Model in the New Constitution: Agenda for Amendments 尼泊尔新宪法中的财政联邦制模式:修订议程

NRB Economic Review Pub Date : 2015-11-24 DOI: 10.3126/nrber.v27i2.52563

U. Prasad

{"title":"Nepal's Fiscal Federalism Model in the New Constitution: Agenda for Amendments","authors":"U. Prasad","doi":"10.3126/nrber.v27i2.52563","DOIUrl":"https://doi.org/10.3126/nrber.v27i2.52563","url":null,"abstract":"The first Constituent Assembly (CA) was dissolved without producing the constitution. The Constitution of Nepal as Federal Democratic Republic was promulgated on September 20, 2015 by the second CA. The primary objective of this study is to review the modality presented in the new constitution on the natural resources, economic rights and revenue allocation and recommend some amendments. The study finds that the fiscal decentralization initiatives have not been successful in minimizing the political, social, economic, regional and ethnic inequalities inherent for nearly 240 years of a unitary system of governance in Nepal. The study recommends: VAT and income taxes will have to be collected concurrently at both the central and sub-national levels. Other taxes including excise duties will have to be collected by the sub-national governments which will support the expenditure responsibilities of the sub-national governments adequately in federal Nepal. Intergovernmental transfer modality has to be included in the constitution. A Federal Finance Commission (FFC) and the National Planning Commission will have to be constituted at the central level to make national level development plans and to make recommendations for additional grants and loans. A State Planning Commission (SPC) and a State Finance Commission can be established in each state to prepare state development plans and to deal with the transfers to be made to local bodies.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125809151","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

The Impact of Remittances on Central Bank Balance Sheets and Inflation in Nepal 汇款对尼泊尔中央银行资产负债表和通货膨胀的影响

NRB Economic Review Pub Date : 2015-11-24 DOI: 10.3126/nrber.v27i2.52555

N. Maskay, Sven Steinkamp, F. Westermann

引用次数: 1

Determinants of Corporate Dividend Payout in Nepal 尼泊尔公司股利支付的决定因素

NRB Economic Review Pub Date : 2015-11-24 DOI: 10.3126/nrber.v27i2.52559

N. Adhikari

{"title":"Determinants of Corporate Dividend Payout in Nepal","authors":"N. Adhikari","doi":"10.3126/nrber.v27i2.52559","DOIUrl":"https://doi.org/10.3126/nrber.v27i2.52559","url":null,"abstract":"There are several studies that investigated determinants of corporate dividend payout in developed and emerging stock markets. Such a study is scant in pre-emerging stock markets like that of Nepal. Therefore, the purpose of this paper is to investigate the determinants of corporate dividend payout in Nepal. This paper examines whether enterprises’ characteristics affect dividend payouts of the enterprises listed on Nepal Stock Exchange Ltd. A priori hypothesis between relationship of the dividends paid by the enterprises and enterprises’ characteristics- net profits, size, lagged dividends, liquidity, risk, investment opportunity set, and number of shareholders are set based on theoretical framework and other empirical studies, and tested on 22 listed enterprises covering a 5-year period, 2009 to 2013 by employing regression model. Purposive sampling technique is used to select the enterprises for the study. The relationships of variables firstly analysed for overall sector and further for sub-sectors of financial and non-financial sector. Overall sector analysis is performed through pooled cross-sectional data. Further to check sectoral differences, sector wise regression analysis is performed. The results, in overall, reveal that profitability, size, and liquidity are major determinants of corporate dividend payout in Nepal. This study also reveals that there is sector specific importance of the determinants of corporate dividend payout in Nepal.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129610698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Cost Efficiency of Nepali Commercial Banks in the Context of Regulatory Changes 监管变化背景下尼泊尔商业银行的成本效率

NRB Economic Review Pub Date : 2015-11-24 DOI: 10.3126/nrber.v27i2.52561

Sabin Bikram Panta, Devi Prasad Bedari

引用次数: 4

Theoretical Paradigm on Bank Capital Regulation and its Impact on Bank-Borrower Behavior 银行资本监管的理论范式及其对银行-借款人行为的影响

NRB Economic Review Pub Date : 2015-09-01 DOI: 10.3126/nrber.v27i2.52557

G. Bhatta

{"title":"Theoretical Paradigm on Bank Capital Regulation and its Impact on Bank-Borrower Behavior","authors":"G. Bhatta","doi":"10.3126/nrber.v27i2.52557","DOIUrl":"https://doi.org/10.3126/nrber.v27i2.52557","url":null,"abstract":"Bank equity plays an important role in the credit allocation process of financial intermediaries. Financial institutions with higher level of equity are in better position to absorb losses and repay deposits in a timely manner. This relates to the bank capital channel of monetary policy transmission mechanism stating that banks having sound financial health could contribute significantly in transmitting monetary impulses to the real sector. Considering the important role that bank equity plays in shaping the risk taking behavior of financial intermediaries, central banks set the minimum paid-up capital requirement for banks and financial institutions. Though this regulatory requirement is aimed at ensuring the smooth financial intermediation, this could become costlier in extending loans particularly in the times of business cycle fluctuations. A higher capital requirement might also constrain the lending capacity of a bank. Given the conflicting theoretical assumptions on the role of equity capital on financial stability and economic growth, this paper develops a theoretical model examining the relationship between bank equity and its effect on bank-borrower behavior. The theoretical model recommends that higher level of bank equity might be helpful in ensuring financial stability by altering the behavior of the bank and borrower.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123903549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Financial Literacy for Increasing Sustainable Access to Finance in Nepal 尼泊尔金融知识普及促进可持续融资

NRB Economic Review Pub Date : 2015-09-01 DOI: 10.3126/nrber.v27i2.52558

R. Chaulagain

{"title":"Financial Literacy for Increasing Sustainable Access to Finance in Nepal","authors":"R. Chaulagain","doi":"10.3126/nrber.v27i2.52558","DOIUrl":"https://doi.org/10.3126/nrber.v27i2.52558","url":null,"abstract":"Recent policies and practices of Nepali financial sector are focused to establish financial institutions to increase people’s ‘access to finance’. As a result, the numbers of financial institutions licensed both by Nepal Rastra Bank and Government of Nepal are growing rapidly. All the institutions are doing the similar functions in the same market. The financial institutions licensed by Nepal Rastra Bank are classified into commercial banks, development banks, finance companies and micro finance development banks, whereas the Government of Nepal licenses to the saving and credit cooperative socieites (SACCOS). Despite the supply sided endeavors, the demand side considerations in financial sector is more silent. This creates a concern about the capability of people in consuming financial services. As a result, quality and sustainable access to finance are in question. Furthermore, the expansions of such institutions are also concentrated in urban, semi-urban and priviledged areas causing unequal distribution of institutions and limited access to finance. This situation has given rise to unhealthy competition among the actors focusing on earning rather than empowering the financial consumers. This paper explores how far the expansion of Banks and Financial Institutions including cooperatives assures the access to finance and its sustainability. The secondary data shows a significant growth of financial sector and an increment of number of people involved in financial transactions in the banking industry. However, the primary data of the study shows that such expansion is necessary but not sufficient condition to assure a sustainable access to finance. The study also explores the worth of financial literacy among the people both in urban and rural areas as one of the means to enhance people’s access to finance and its sustainability. The paper is based more on the discussion and analytical approach with a mix of secondary and primary sources of data.","PeriodicalId":372963,"journal":{"name":"NRB Economic Review","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122781820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5