Finansal Gelişmenin Vergi Gelirleri Üzerine Etkisi: Geçiş Ekonomileri Örneği

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.