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The Relationship between Financial Markets and Economic Growth: The Case Study of Georgia

Author

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  • Naib Alakbarov

    (Usak University)

  • Rakhshada Murshudova

    (Usak University)

Abstract

The aim of the study is to investigate the relationship between financial markets and economic growth in Georgia. In this study, causality relationship between financial development indices representing financial markets and gross domestic product representing economic growth was investigated by using annual data for the period of 1995-2017. According to the results of the Breitung and Candelon (2006) Frequency Domain Causality Test, it was observed that there was no causal relationship between the development in the financial markets and economic growth, but the economic growth positively affected the productivity in the financial markets.

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Handle: RePEc:bau:ijabms:v:5:y:2020:i:1:id:232
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