Abstract:
The purpose of this paper is to investigate the impact of the development of financial markets and tax revenues on economic growth in Southeast Asian countries using data from the period 1980-1980. For this purpose, a supply-oriented endogenous growth pattern and due to the nonlinear relationship between the research variables, the PSTR model has been used. In this study, three indicators of financial depth, accessibility and efficiency have been used for financial markets. The results of estimating the changes in indicators of financial market development and tax revenues show that the response of indicators to tax shocks, aggregate demand and commodity markets in terms of direction, intensity and pattern in Southeast Asia is significantly positive. Also, based on the results of the research model (PSTR-MS_VAR-Panel-Svar), there is a significant relationship between financial market indices and tax revenues. By increasing these indicators in terms of economic stability, economic growth increases and increases security, income and reduces corruption in each country, especially in the countries under study.
Machine summary:
The results obtained from estimating the changes in financial market development indices and tax revenues show that the reaction of the indices to fiscal shocks, aggregate demand, and commodity markets in terms of the direction and intensity of the relationship in Southeast Asian countries is positive and significant.
A review of the literature on the subject in the second section of the article has shown that many people have researched the relationship between financial development indices, tax rates, and economic growth, but the PSTR-MS_VAR-Panel-Svar model in Southeast Asian countries is a new topic that has been used in this research.
To this end, the main question of this study has been set as to what relationship exists between tax revenues and financial market development with the economic growth of Southeast Asian countries.
In this research, the effect of financial market development and tax revenues on economic growth in Southeast Asian countries is investigated; therefore, its results can be used in macroeconomic policies.
In other words, for Southeast Asian countries, when the value of the financial market development index, tax revenues, and foreign investment on economic growth is 11.
The results indicate a positive and significant effect of financial market development indices and tax revenues on economic growth in Southeast Asian countries.
Conclusion This study has examined the impact of financial market development and tax revenues on economic growth in Southeast Asian countries.
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