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The effect of capital gains tax on economic growth in OECD countries: Lessons for Developing Economies | ||
| Iranian Journal of Economic Studies | ||
| مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 24 شهریور 1405 | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22099/ijes.2026.56096.2119 | ||
| نویسندگان | ||
| Taghi Ebrahimi Salari1؛ Samaneh Eshrati1؛ Zohreh Ahmadi* 2 | ||
| 1Department of Economics, Ferdowsi University, Mashhad, Iran. | ||
| 2Departement of Economics, Yazd University, Yazd, Iran. | ||
| چکیده | ||
| Economic growth, as a paramount indicator of a nation's economic performance, is shaped by numerous determinants, among which taxation occupies a pivotal position. Government fiscal policies—especially those concerning taxation—fulfill an essential role in securing financial resources and influencing the behavioral incentives of economic agents. Capital gains tax (CGT) constitutes one of the most significant tax instruments, implemented to achieve major fiscal policy objectives. The present study aims to investigate the effects of capital gains taxation on economic growth within the member countries of the OECD over the period 2000–2021, utilizing panel data and employing the Generalized Method of Moments (Difference GMM) estimator. Due to missing data for some variables in certain member countries, the analysis is based on a sample of 35 OECD countries for which complete and consistent data were available. The results indicate a positive and significant effect of CGT on economic growth. This finding suggests that in the countries under study, capital gains tax has, through various channels, contributed to greater dynamism in the capital market and directed financial resources toward productive activities. The additional findings of the study indicate that the lagged economic growth rate has a positive effect on current economic growth, reflecting persistence in the growth process and the cumulative impact of underlying factors. Moreover, the growth rates of trade openness, financial development, and capital formation are positively associated with economic growth, whereas the growth rates of government consumption expenditures and inflation exert a negative and significant effect. Accordingly, it can be inferred that developing countries, by providing the necessary economic and financial infrastructure and utilizing such forms of taxation, can achieve a positive impact on their economic growth. | ||
| کلیدواژهها | ||
| Capital Gains Tax (CGT)؛ Economic Growth؛ OECD Countries؛ Fiscal Policy؛ Generalized Method of Moments (GMM) | ||
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