The Relationship Between Financial Development and Economic Growth: Evidence From Brics Countries and Turkey
Yükleniyor...
Dosyalar
Tarih
2016
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Trakya Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
The aim of this paper is to analyze the link and the direction of the relationship between financial development and economic growth in Turkey and BRICS countries for the period of 1994-2011. Moreover, the paper di- vides the financial market into two sub-markets as banking sector and stock market to examine their individual impact on economic growth. Fixed effect panel regression method and a relatively new panel causality technique, namely Dimutrescu-Hurlin test is applied to estimate the existence of the causal link between financial development and economic growth. The results of the analysis show that there is neither linear nor causal link for stock mar- ket development and economic growth, while statistically significant relationship exists between banking sector development and economic growth in the direction of economic growth to banking sector. In a nutshell, the results suggest an evidence for demand-following pattern in Turkey and BRICS Countries.
Açıklama
Anahtar Kelimeler
Financial Market Development, Economic Growth, Panel Regression, Dumitrescu Hurlin Causality Test, Unit Root Test
Kaynak
Trakya Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
WoS Q Değeri
Scopus Q Değeri
Cilt
5
Sayı
2
