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Relationship between Financial Development and Economic Growth: Case of Turkey

Author

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  • Nurhan KUÅž
  • Anıl BÖLÃœKOÄžLU

Abstract

Aim of this study is to analyze the relationship between financial development and economic growth in Turkey by means of three financial development indices that are developed by IMF. In this study, which covers the years 1980-2018 and employs annual data set, the effect of financial development level on per capita output is estimated together with conventional growth factors. The results obtained by ARDL co-integration analysis have showed that financial development is effective on per capita output. It has been revealed that the level of development of financial markets has a positive effect on economic performance, but the effect of development in financial institutions is neutral. Size of the effects was detected quite low compared to traditional indicators. In this context, policy suggestions were made to support the development of financial markets in Turkey.

Suggested Citation

  • Nurhan KUÅž & Anıl BÖLÃœKOÄžLU, 2022. "Relationship between Financial Development and Economic Growth: Case of Turkey," Fiscaoeconomia, Tubitak Ulakbim JournalPark (Dergipark), issue 2.
    • Handle: RePEc:fis:journl:220204
    DOI: 10.25295/fsecon.1062138
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    Keywords

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    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • 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
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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