Does financial VAT affect the size of the financial sector?

The influence of VAT applied to financial services on the size of the financial sector is analyzed empirically. The authors use data from 36 European Union and OECD countries for the period from 1961 to 2012. Dynamic panel data techniques are used, concretely the GMM System. An unbalanced panel is handled. The results allow the authors to support the theoretical analysis that financial VAT has no significant effect on financial sector development. Results are robust to the specifications of the dependent and target variables and to the econometric method applied.

本研究针对金融服务增值税（Value Added Tax, VAT）对金融行业规模的影响展开实证分析。研究采用1961年至2012年间36个欧洲联盟（European Union, EU）成员国与经济合作与发展组织（Organisation for Economic Co-operation and Development, OECD）国家的面板数据，运用动态面板数据建模技术，具体为系统广义矩估计（GMM System）方法，处理了非平衡面板数据集。实证结果验证了相关理论分析：金融服务增值税对金融行业发展并无显著影响。该研究结果在因变量、目标变量的设定以及所采用的计量方法下均保持稳健。