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The Financial Development and Economic Growth Nexus for Turkey

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Halicioglu, Ferda

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Abstract

This study investigates the validity of the demand-pulling and the supply-leading hypotheses using annual data from 1968 to 2005. The bounds testing approach to cointegration is conducted to establish the existence of a long-run relationship between financial development and economic growth. An augmented form of Granger causality analysis is implemented to identify the direction of causality among the variables both in the short-run and the long-run. The empirical findings suggest uni-directional causation from financial development to economic growth.

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File URL: http://mpra.ub.uni-muenchen.de/3566/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3566.

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Date of creation: 2007
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Handle: RePEc:pra:mprapa:3566

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Related research
Keywords: Growth financial intermediation causality cointegration Turkey

Find related papers by JEL classification:
C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models
F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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  1. Roger B. Atindéhou & Jean Pierre Gueyie & Edoh Kossi Amenounve, 2005. "Financial intermediation and economic growth: evidence from Western Africa," Applied Financial Economics, Taylor and Francis Journals, vol. 15(11), pages 777-790, July. [Downloadable!] (restricted)
  2. Shandre M. Thangavelu & Ang Beng Jiunn & James, 2004. "Financial development and economic growth in Australia: An empirical analysis," Empirical Economics, Springer, vol. 29(2), pages 247-260, 05. [Downloadable!] (restricted)
  3. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326. [Downloadable!]
  4. Fase, M. M. G. & Abma, R. C. N., 2003. "Financial environment and economic growth in selected Asian countries," Journal of Asian Economics, Elsevier, vol. 14(1), pages 11-21, February. [Downloadable!] (restricted)
  5. Tsangyao Chang & Steven B. Caudill, 2005. "Financial development and economic growth: the case of Taiwan," Applied Economics, Taylor and Francis Journals, vol. 37(12), pages 1329-1335, July. [Downloadable!] (restricted)
  6. Shan, Jordan Z & Morris, Alan G & Sun, Fiona, 2001. "Financial Development and Economic Growth: An Egg-and-Chicken Problem?," Review of International Economics, Blackwell Publishing, vol. 9(3), pages 443-54, August. [Downloadable!] (restricted)
  7. Arestis, Philip & Demetriades, Panicos O, 1997. "Financial Development and Economic Growth: Assessing the Evidence," Economic Journal, Royal Economic Society, vol. 107(442), pages 783-99, May. [Downloadable!] (restricted)
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  8. Kremers, Jeroen J M & Ericsson, Neil R & Dolado, Juan J, 1992. "The Power of Cointegration Tests," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 325-48, August.
    Other versions:
  9. Hakkio, Craig S. & Rush, Mark, 1991. "Cointegration: how short is the long run?," Journal of International Money and Finance, Elsevier, vol. 10(4), pages 571-581, December. [Downloadable!] (restricted)
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  10. Mouawiya Al-Awad & Nasri Harb, 2005. "Financial development and economic growth in the Middle East," Applied Financial Economics, Taylor and Francis Journals, vol. 15(15), pages 1041-1051, October. [Downloadable!] (restricted)
  11. Bencivenga, Valerie R & Smith, Bruce D, 1991. "Financial Intermediation and Endogenous Growth," Review of Economic Studies, Blackwell Publishing, vol. 58(2), pages 195-209, April. [Downloadable!] (restricted)
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  12. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August. [Downloadable!] (restricted)
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  13. Jahangir Aziz & Christoph Duenwald, 2002. "Growth-Financial Intermediation Nexus in China," IMF Working Papers 02/194, International Monetary Fund. [Downloadable!]
  14. Demetriades, Panicos O. & Hussein, Khaled A., 1996. "Does financial development cause economic growth? Time-series evidence from 16 countries," Journal of Development Economics, Elsevier, vol. 51(2), pages 387-411, December. [Downloadable!] (restricted)
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