Financial Deepening and Economic Growth: a Case of Turkey
Yükleniyor...
Dosyalar
Tarih
2019
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Trakya Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
In this study, the relationshipbetween economic growth (EG) and financial deepening (FD) in Turkey was exploredby using the yearly data belongs to GDP, Bonds and domestic credits forthe period between 1994 – 2017. “LSQ Method, Variance Inflation Factor Test,Normality Histogram Test, Correlogram Q-Statistics Test and Heteroscedasticity Test” were employed and results indicated that thevariables and the model are significant. Granger causality analysis wasconducted to define the short-term causality among the variables. It is concluded: (a)there is a positive bidirectional causality between economic growth anddomestic credit provided by financial sector, (b) there is a positiveunidirectional causality from bonds to economic growth and (c) there is not arelationship between domestic credits and bonds. To investigate whether along-term relationship among the series, “Johansen Cointegration Test” wasemployed. The results indicated that there is a long-term relationship betweenthe economic growth and financial development. By implementing “VarianceDecomposition Technique”, it is concluded that economic growth is explained by 67% GDP, 8% BONDS and by 23%CREDIT. The results of this research support theMutual Interaction Hypothesis that asserts a bidirectional relationship betweenFD and EG and in this context, financial deepening has an important place interms of sustainable economic growth.
Açıklama
Anahtar Kelimeler
Economic Growth, Financial Development, Var Granger Causality Analysis, Johansen Cointegration Analysis.
Kaynak
Trakya Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
WoS Q Değeri
Scopus Q Değeri
Cilt
8
Sayı
1
