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Banks, Stock Market and Economic Growth: Cointegration and Causality Analysis Case of Turkey (1989-2000)

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  • Hakan Cetintas
  • Salih Barisik

Abstract

This paper examines the causality relationships between banking sector development, stock market development and economic growth in Turkey by using cointegration and causality tests. Evidences confirm the presence of long-term positive relationship between financial development and economic growth. Both banking sector development, stock market development are the statistically meaningful Granger causes of the economic growth.

Suggested Citation

  • Hakan Cetintas & Salih Barisik, 2003. "Banks, Stock Market and Economic Growth: Cointegration and Causality Analysis Case of Turkey (1989-2000)," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 7(25-26), pages 1-18.
    • Handle: RePEc:bor:iserev:v:7:y:2003:i:25-26:p:1-18
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    References listed on IDEAS

    as
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    2. Altunbas, Yener & Liu, Ming-Hau & Molyneux, Philip & Seth, Rama, 2000. "Efficiency and risk in Japanese banking," Journal of Banking & Finance, Elsevier, vol. 24(10), pages 1605-1628, October.
    3. Aigner, Dennis & Lovell, C. A. Knox & Schmidt, Peter, 1977. "Formulation and estimation of stochastic frontier production function models," Journal of Econometrics, Elsevier, vol. 6(1), pages 21-37, July.
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