The Tax Burden,Credit Scale and Macroeconomic Fluctuations of Commercial Banks:Based on the Panel Vector Autoregression(PVAR)Model Analysis
Commercial banks serve as financial intermediaries in economic activities and are important sources of macroeconomic fluctuations.The impact and transmission channels of the tax burden of commercial banks on the macroeconomy by constructing a Panel Vector Autoregression(PVAR)model were examined.The study shows that the tax burden of commercial banks significantly reduces the credit scale and has a significant direct impact on economic fluctuations with certain time lags.Moreover,the credit channel amplifies the impact of the tax burden of commercial banks on economic fluctuations,which is far greater than the direct impact of bank taxes.In the context of structural tax reduction in China,it is necessary to further reduce the overall tax burden of commercial banks,strengthen the countercyclical role of tax policies,fully unleash the"tax dividend,"and thus reduce the uncertainty risks brought by economic fluctuations.
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