The relationship between the digital finance, tax and economic growth: in the context of financial development

Kim Oanh Tran Thi, Duy Minh Nguyen, Thanh Truc Le Nguyen, Thanh Truc Tran Y, Vy Thao Nguyen Ngoc and Anh Tuan Hoang

Macroeconomics and Finance in Emerging Market Economies, 2025, vol. 18, issue 3, 568-590

Abstract: This article examines the relationship between economic development, taxes, and digital finance within financial development from 2004 to 2021 using the Panel Vector Autoregression (PVAR) model. The study finds that tax revenue, economic growth, and digital financial inclusion are linked in both low- and high-financial development countries. In less developed financial nations, digital financial inclusion increases tax income but decreases economic growth. Variance decomposition shows a closer association between economic growth, tax revenue, and digital financial inclusion in low-financial development countries. The author offers policy recommendations based on these findings.

Date: 2025
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DOI: 10.1080/17520843.2024.2385710

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