Finansal Gelişmenin Vergi Gelirleri Üzerine Etkisi: Geçiş Ekonomileri Örneği

Öz

Çalışmanın amacı, 22 geçiş ekonomisinde finansal gelişmenin vergi gelirleri üzerindeki etkisini 2004-2018 dönemini kapsayan veri setini kullanarak incelemektir. İki değişken arasındaki ilişkiyi analiz etmek için Westerlund panel eşbütünleşme testi ile Dumitrescu ve Hurlin panel nedensellik testi uygulanmıştır. Çalışmadan elde edilen bulgular, geçiş ekonomilerinde finansal gelişme ve vergi geliri arasında eşbütünleşme ilişkisinin varlığını ortaya koymaktadır. Hem panelin bütünü hem de ülke bazında eşbütünleşme katsayıları Pesaran (2006) CCE yöntemi ile tahmin edilerek ülkelere özgü bulgular elde edilmiştir. Tahmin sonuçları geçiş ekonomilerinde finansal gelişmenin vergi geliri üzerinde pozitif ve anlamlı bir etkisinin olduğunu göstermektedir. Ancak ülke bazında finansal gelişmenin vergi gelirleri üzerinde pozitif etkisinin yanında negatif etkisinin de olabileceğini gösteren katsayılar olduğu tespit edilmiştir. Dumitrescu ve Hurlin panel nedensellik sonuçlarına göre de, finansal gelişme ve vergi gelirleri arasında çift yönlü bir nedensellik ilişkisi bulunmaktadır. Sonuç olarak, geçiş ekonomilerinde gelişen bir finansal sistemin vergi gelirlerini artırma eğiliminde olduğu söylenebilir.

Anahtar Kelimeler

• Vergi Gelirleri
• Finansal Gelişme
• Panel Veri Analizi
• Geçiş Ekonomileri

The Effect of Financial Development on Tax Revenues: Evidence from Transition Economies

Öz

The aim of the study is to examine the impact of financial development on tax revenues in 22 transition economies using the data set covering the period 2004-2018. Westerlund panel cointegration test and Dumitrescu and Hurlin panel causality test were applied to analyze the relationship between the two variables. The findings obtained from the study reveal the existence of a cointegration relationship between financial development and tax revenue in transition economies. Country-specific findings were obtained by estimating the cointegration coefficients of both the entire panel and the country with the Pesaran (2006) CCE method. Estimation results show that financial development has a positive and significant effect on tax revenues in transition economies. However, it has been determined that there are coefficients showing that financial development may have a negative effect as well as a positive effect on tax revenues. According to Dumitrescu and Hurlin panel causality results, there is a two-way causality relationship between financial development and tax revenues. As a result, it can be said that a developing financial system in transition economies tends to increase tax revenues.

Anahtar Kelimeler

• Tax Revenues
• Financial Development
• Panel Data Analysis
• Transition Economies

Kaynakça

1. Akçay, S., Sağbaş, İ., & Demirtaş, G. (2016). Financial development and tax revenue nexus in Turkey. Journal of Economics, 4(1), 103-108. DOI: 10.15640/jeds.v4n1a10
2. Akram, N. (2016). Do financial sector activities affect tax revenue in Pakistan?. The Lahore Journal of Economics, 21(2), 153–169. Erişim adresi: http://lahoreschoolofeconomics.edu.pk/EconomicsJournal/Journals/Volume%2021/Issue%202/06%20Akram.pdf
3. Bayar, Y., & Karamelikli, H. (2017). Financial development and tax revenues in Turkey: A non-linear cointegration analysis. The European Journal of Applied Economics, 14(2), 31-42. DOI: 10.5937/ejae14-14838
4. Bayar, Y., Şaşmaz, M. Ü., & Öztürk, Ö. F. (2017). Finansal gelişme ve vergi gelirleri: OECD ülkeleri örneği. Eurasian Academy of Sciences Eurasian Business & Economics Journal, 12, 51-63. DOI: http://dx.doi.org/10.17740/eas.econ.2017-V12-4
5. Dumitrescu, E.I., & Hurlin, C. (2012). Testing for granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. Erişim adresi: https://halshs.archives-ouvertes.fr/halshs-00224434/document
6. Ebi, B. O. (2018). Financial sector development and tax revenue in Nigeria. International Journal of Economics, Commerce and Management, 6(6), 93- 109. Erişim adresi: https://www.researchgate.net/profile/BasseyEbi/publication/326315128_Financial_Sector_Development_and_Tax_Revenue_in_Nigeria/links/5b45692aaca272dc385f5d02/Financial-Sector-Development-and-Tax-Revenue-in-Nigeria.pdf
7. Gilbert, S., & Ilievski, B. (2016). Banks, development, and tax. The Quarterly Review of Economics and Finance, 1-39. DOI: http://dx.doi.org/doi:10.1016/j.qref.2016.01.001
8. Gnangnon, S. K. (2019). Financial development and tax revenuein developing countries: Investigating the international trade and economic growth channels. ZBW – Leibniz Information Centre for Economics, 1-44. Erişim adresi: http://hdl.handle.net/10419/206628

9. Ilievski, B. (2012). Tax revenue and financial development: Theory and evidence (Doctoral dissertation). Available from ProQuest Dissertations and Theses database (UMI No. 3514452).
10. Loganathan, N., Ahmad, N., Subramaniam, T., & Taha, R. (2020). The dynamic effects of growth, financial development and trade openness on tax revenue in Malaysia. International Journal of Business and Society, 21(1), 42-62. Erişim adresi: http://www.ijbs.unimas.my/images/repository/pdf/Vol21-no1-paper3.pdf
11. Loganathan, N., Ismail, S., Streimikiene D., Hassan, A. A. G., Zavadskas, E. K., & Mardani, A. (2017). Tax reform, inflation, financial development and economic growth in Malaysia. Romanian Journal for Economic Forecasting, 20(4), 152-165. Erişim adresi: https://www.researchgate.net/profile/Abbas_Mardani2/publication/322330477_Tax_reform_inflation_financial_development_and_economic_growth_in_Malaysia/links/5a56cc24aca272bb6963f9f6/Tax-reform-inflation-financial-development-and-economic-growth-in-Malaysia.pdf
12. Nnyanzi, J. B., Bbale, J. M., & Sendi, R. (2018). Financial development and tax revenue: How catalytic are political development and corruption? International Journal of Economics and Finance, 10(8), 92-104. DOI: http s ://doi. 10.5539/ijef.v10n8p92
13. Pata, K., & Ela, M. (2020). Türkiye'de finansal gelişmenin vergi gelirleri üzerindeki etkileri: Fourier eşbütünleşme ve nedensellik testleri. Mali Çözüm, 30(158), 171-188. Erişim adresi:https://www.researchgate.net/profile/MehmetEla/publication/340208911_TURKIYE%27DE_FINANSAL_GELISMENIN_VERGI_GELIRLERI_UZERINDEKI_ETKILERI_FOURIER_ESBUTUNLESME_VE_NEDENSELLIK_TESTLERI/links/5e7cf050a6fdcc139c08ba19/TUeRKIYEDE-FINANSAL-GELISMENIN-VERGI-GELIRLERI-UeZERINDEKI-ETKILERI-FOURIER-ESBUeTUeNLESME-VE-NEDENSELLIK-TESTLERI.pdf
14. Pesaran M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22, 265-312. DOI: 10.1002/jae.951
15. Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967-1012. Erişim adresi: http://hdl.handle.net/10419/18696
16. Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics, 435. Erişim adresi: http://hdl.handle.net/10419/18868
17. Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. The Econometrics Journal, 11(1), 105- 127. DOI: https://doi.org/10.1111/j.1368-423X.2007.00227.x
18. Svirydzenka, K. (2016). Introducing a new broad-based ındex of financial development. IMF Working Paper, 1-42. Erişim adresi: https://www.imf.org/
19. Swamy, P.A.V.B. (1970). Efficient inference in a random coefficient regression model. Econometrica, 38(2), 311 323. Erişim adresi: http://links.jstor.org/sici?sici=0012-9682%28197003%2938%3A2%3C311%3AEIIARC%3E2.0.CO%3B2-A
20. Taha, R., Sisira R.N. Colombage, S. M., & Loganathan N. (2013). Does financial system activity affect tax revenue in Malaysia? Bounds testing and causality approach. Journal of Asian Economics, 24, 147–157. DOI: http://dx.doi.org/10.1016/j.asieco.2012.11.001
21. Taha, R., Šliogerienė, J., Loganathan, N., Jokšienė, I., Shahbaz, M., & Mardani, A. (2018). The nexus between tax reformation, financial development and economic recovery: The case of Malaysia. Technological and Economic Development of Economy, 24(3), 1258–1279. DOI: https://doi.org/10.3846/tede.2018.1919
22. Tatoğlu, Yerdelen, F. (2017). Panel Zaman Serileri Analizi. İstanbul: Beta Basım.
23. Topuz, S. H. (2021). Gelişmekte olan ülkelerde finansal gelişmenin vergi gelirleri üzerindeki etkisi. Balkan and Near Eastern Journal of Social Sciences, 7(1), 7-15. Erişim adresi: http://www.ibaness.org/bnejss/2021_07_01/02_Topuz.pdf
24. Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69, 709-748. DOI: https://doi.org/10.1111/j.1468-0084.2007.00477.x