Ekonomik Küreselleşme, Vergilendirme ve Kamu Harcamaları: OECD Ülkelerinden Kanıtlar

Abstract

ÖZ Küreselleşme, ülkelerin maliye politikalarını şekillendirmekte ve dolayısıyla vergilendirme ve kamu harcamalarının yapısını değiştirmektedir. Uluslararası vergi rekabeti teorisine göre, küreselleşme arttıkça ülkeler vergi politikalarını daha hareketli faktörleri çekmek için kullanmakta ve böylece vergi rekabeti ortaya çıkmaktadır. Teori, bu rekabetin sermaye vergisi oranlarının düşmesine ve emek vergisi oranlarının artmasına neden olduğunu öne sürmektedir. Bu, küreselleşmenin verimlilik etkisidir. Öte yandan hükümetler, küreselleşme nedeniyle artan ekonomik riskleri telafi etmek için refah devletini genişletiyor. Bu, küreselleşmenin telafi edici etkisidir. Bu makalenin amacı, 1990-2020 dönemi için 26 OECD ülkesinden oluşan bir veri seti kullanarak bu hipotezleri ampirik olarak test etmektir. Çalışmada değişen varyans, oto-korelasyon ve yatay kesit bağımlılığı sorunları karşısında dirençli standart hatalarla tutarlı tahminler yapan Driscoll-Kraay tahmincisinden yararlanılmıştır. Bulgular, ekonomik küreselleşmenin kurumlar vergisi oranı üzerinde negatif, emek vergisi oranı üzerinde pozitif bir etkiye sahip olduğunu göstermektedir. Ayrıca, yüksek düzeyde sosyal harcamaların artan ekonomik küreselleşme ile ilişkili olduğu gözlenmektedir. Bu sonuçlar, verimlilik etkisinin ve telafi etkisinin bir arada var olduğunu ve bunların rakip değil, tamamlayıcı olduğunu göstermektedir. Anahtar kelimeler: Küreselleşme, vergi rekabeti, kamu harcamaları, panel veri JEL Sınıflandırması: E15, E62, C23

Keywords

• küreselleşme
• vergi rekabeti
• kamu harcamaları
• panel veri

Economic Globalization, Taxation and Public Expenditures: Evidence From OECD Countries

Abstract

Globalization shapes the fiscal policies of countries, leading to changes in the structure of taxation and public expenditures. According to the theory of international tax competition, as globalization increases, countries use their tax policies to attract more mobile factors, resulting in tax competition. This competition causes capital tax rates to decrease and labor tax rates to increase, which is known as the efficiency effect of globalization. On the other hand, governments expand the welfare state to compensate for the increased economic risks resulting from globalization. This is known as the compensation effect of globalization. The purpose of this paper is to empirically test these hypotheses using a dataset of 26 OECD countries from the period 1990-2020. The study employed the Driscoll-Kraay estimator, which produces reliable estimates with robust standard errors in the presence of heteroscedasticity, autocorrelation, and cross-sectional dependency issues. The results indicate that economic globalization has a negative effect on corporate tax rates and a positive effect on labour tax rates. Additionally, it was observed that a high level of social spending is linked to an increase in economic globalization. These results emphasise that the efficiency effect and the compensation effect coexist and complement each other rather than being rivals. Key words: Globalization, tax competition, public expenditure, panel data JEL Classification: E15, E62, C23

Keywords

• Globalization
• tax competition
• public expenditure
• panel data

References

1. Adam, A., and Kammas, P., (2007). Tax policies in a globalized world: is it politics after all? Public Choice 133 (3–4), pp.321–341.
2. Adam, A., Kammas, P., and Lagou, A., (2013). “The Effect Of Globalization On Capital Taxation: What Have We Learned After 20 Years Of Empirical Studies?” Journal of Macroeconomics. 35, pp.199–209.
3. Baltagi, B. Feng, Q. and Kao, C. (2012). "A Lagrange Multiplier Test for Cross-Sectional Dependence in a Fixed Effects Panel Data Model" . Journal of Econometrics, 170(1),174-177
4. Baltagi, B. H., Bresson, G. and Pirotte, A.(2003), “Fixed Effects, Random Effects or Hausman‐Taylor? A Pretest Estimator”, Economic Letters, 79, 361‐369.
5. Baltagi, H.B.(2005). “Econometric Analysis of Panel Data (Third Edition)” Chichester: John Wiley & Sons Ldt.
6. Bhargava, A., Franzini, L. and Narendranathan, W. (1982) “Serial Correlation and The Fixed Effects Model” Review of Economic Studies 49(4), pp.533–49.
7. Bretschger, L., and Hettich, F. (2002). “Globalisation, Capital Mobility and Tax Competition: Theory And Evidence For OECD Countries”, European Journal of Political Economy, 18, pp,695–716
8. Bucovetsky, S., & Wilson, J. D. (1991). “Tax Competition With Two Tax Instruments”. Regional Science and Urban Economics, 21, 333–350.

9. Busemeyer, M. (2009). “From Myth To Reality: Globalisation and Public Spending in OECD Countries Revisited”. European Journal of Political Research 48 (4), 455–482.
10. Cameron, D.R. (1978). “The Expansion of The Public Economy: A Comparative Analysis”, American Political Science Review 72: 1243-1261.
11. Devereux, M.P., Lockwood, B., and Redoano, M., (2008). “Do Countries Compete Over Corporate Tax Rates?” Journal of Public Economics. 92 (5–6), pp. 1210–1235.
12. Dreher, A. (2006). “The Influence Of Globalization on Taxes And Social Policy: An Empirical Analysis For OECD Countries”, European Journal of Political Economy 22(1), pp. 179-201
13. Dreher, A., Sturm, JE. & Ursprung, H.W. (2008). The Impact Of Globalization on The Composition of Government Expenditures: Evidence From Panel Data”. Public Choice 134, 263–292
14. Driscoll, J., & Kraay, A. (1998). “Consistent Covariance Matrix Estimation with Spatial Dependent Data. Review of Economic and Statistics, 80, 549-560.
15. Eggert, P.H., Nigai, S. and Srtecker N. M. (2019). “The Taxing Deed of Globalzation” American Economic Review 2019, 109(2), pp. 353–390
16. Frondel, M. and Vance, C.(2010), “Fixed, Random or Something in Between? A Variant of Hausman’s Spesification Test for Panel Data Estimation” Economic Letters, 107, 327‐329.
17. Garrett, G., (1995). “Capital Mobility, Trade and The Domestic Politics of Economic Policy” International Organization 49,pp.657–687.
18. Garrett, G.; Mitchell, D. (2001). “Globalization, Government Spending and Taxation in The OECD. EuropeanJournal of PoliticalResearch39: 145–177.
19. Genschel, P. And Seelkopt,L. (2016). Globalization and Tax Policy. In Dubnick, M. Bearfield,D., (Ed),Encyclopedia of Public Administration and PublicPolicy, Third Edition(3rd ed.). CRC Press. https://doi.org/10.1081/E-EPAP3 Grunberg, I. (1998), “Double Jeopardy: Globalization, Liberalization and the Fiscal Squeeze’, World Development,26, 591–605.
20. Gygli, S., Healg, F., Potrafke, N., and Sturm, J-E. (2019). “The KOF Globalization Index-revisited”, The Review of International Organizations, 14, pp.543–574
21. Hoechle, D. (2007). “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence. The Stata Journal, 7(3), 281-312.
22. Jha, P., and Gozgor, G. (2019). “Globalization and taxation: Theory and evidence” European Journal of Political Economy 59 296–315
23. Krogstrup, S. (2008). “Srendart Tax Competiton and Increasing Returns” , Journal of Public Economic Theory, 10 (4), 2008, pp. 547–561.
24. Kumar, M.S.and Quinn, D. P. (2012). “Globalization and Corporate Taxation”, IMF Working Paper No. 12/252
25. Menyah, K. Nazlıoğlu Ş. And Wolde-Rufael, Y. ; (2014), "Financial Development, Trade Openness and Economic Growth in African Countries: New Insights from a Panel Causality Approach", Economic Modelling, 37, pp. 386-394.
26. Mourmans, N.J., (2016). “What Drives the Decreasing Corporate Tax Rates? an Empirical Research on Tax Competition”, Research in Business andEconomics, MaRBLE Research Papers, vol. 2, pp. 1–21. OECD. https://stats.oecd.org/Index.aspx?DataSetCode=SOCX_DET
27. Onaran, O., and Boesch, V., (2014). “The effect of globalization on the distribution of taxes and social expenditures in Europe: do welfare state regimes matter?”, Environment and Planning. A 46 (2), pp. 373–397.
28. Overesch, M. and Rincke, J. (2011). “What Drives Corporate Tax Rates Down? A Reassessment of Globalization, Tax Competition, and Dynamic Adjustment to Shocks”. Scandinavian Journal of Economics,pp.113, 579- 602.
29. Pesaran, M. H. (2004) “General Diagnostic Tests For Cross Section Dependence in Panels’,The Institute for the Study of Labor (IZA)’, Paper No. 1240, pp. 1-40.
30. Plümper, T., Troeger, V.E. and Winner, H. (2009). “Why Is There No Race to the Bottom in Capital Taxation?”, International Studies Quarterly , 53 (3 ), pp. 761- 786
31. Quinn, D., (1997). “The correlates of change in international financial regulation.”American Political Science Review 91, 531– 551.
32. Razin, A. And Sadka, E. (2004). “Capital Income Taxation in the Globalized World”, NBER Working Paper No. 10630
33. Rodrik, D. (1997). “Trade,Social Insurance and The Limits to Glaobalization” NBER Working Paper No. 5905 Schulze, G.G.and Ursprung,H.W. (1999).Globalisation of the Economy and the Nation State, The World Economy, 22(3), pp. 295-352
34. Sevinç, D., Öz-Yalman, G., and Sevil, G. (2019). “The Impact of Globalization on Corporate Taxation: Evidence from The KOF Globalization Index” Journal of Research in Economics, Politics & Finance,4(3), pp. 350-369
35. Slemrod, J. (2004). “Are Corporate Tax Rates, or Countries, Converging?”Journal of Public Economics, 88, pp.1169-1186.
36. Solt, F. (2019)Measuring Income Inequality Across Countries and Over Time: The Standardized World Income Inequality Database." SWIID Version 8.0, February 2019.
37. Swank D., Steinmo, S., (2002). “The new political economy of taxation in advanced capitalist democracies”.American Journal of Political Science 46 (3), pp. 642– 655.
38. Tanzi, V. (1996)., “Globalization, Tax Competition and the Future of Tax Systems” IMF Working Paper No. 96/141
39. Taylor, M. P. and Sarno, L(1998). “The behavior of real exchange rates during the post-Bretton Woods period. Journal of International Economics, 46, 281-312. Tax Foundation. https://taxfoundation.org/datamaps/european-maps/corporate-tax-rates-by-country
40. Wilson, J.D., (1999). “Theories of tax competition. National Tax Journal 52, pp.269– 304.
41. Winner, H.(2005).“Has Tax Competition Emerged in OECD Countries? Evidence from Panel Data, International Tax and Public Finance 12(5), pp. 667-687
42. Zodrow, G.R., and Mieszkovski, P., (1986). “Pigou, Tiebout, property taxation and the underprovision of local public goods”. Journal of Urban Economics 19, pp.356–370.