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Financial Development and Economic Growth: A Causality Analysis for Turkey

Author

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  • Orhan KARACA

Abstract

The causality relationship between financial development and economic growth is one of the highly discussed and unresolved topics in the economics literature. In this study, the causality relationship between financial development and economic growth is searched for Turkey. Quarterly data of 1990:I-2011:IV period are used in this study. As a result of the analysis, it is found out that there is a positive undirectional causality running from financial development to economic growth in Turkey. This result shows that supply leading hypothesis on the literature of financial development-economic growth relationship has been valid through the last 22 years period in Turkey.

Suggested Citation

  • Orhan KARACA, 2012. "Financial Development and Economic Growth: A Causality Analysis for Turkey," Journal of BRSA Banking and Financial Markets, Banking Regulation and Supervision Agency, vol. 6(2), pages 85-111.
    • Handle: RePEc:bdd:journl:v:6:y:2012:i:2:p:85-111
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    More about this item

    Keywords

    Financial Development; Economic Growth; Causality;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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