Finansal Gelişme ve İktisadi Büyüme Arasındaki Nedensellik İlişkisi: Türkiye Örneği

Abstract

The main purpose of this study is to investigate the causality between financial development and economic growth for the case of Turkey. In the analysis, the period of 1987:1-2012:4 is captured and eight different financial development indicators are employed. Johansen Co-integration Test is applied to comprehend the long run relation between financial development indicators and economic growth. In the case of co-integration between financial development indicators and economic growth, a vector error correction mechanism (VECM) based causality test is employed in order to determine the direction of causality. On the other hand, if there is no co-integrating relation between financial development indicators and economic growth, a vector auto-regression (VAR) based causality test is applied to determine the existence and the direction of the short run causality.