Financial development and economic growth relationship: An application for the Turkish economy

Year 2019, Issue: 54, 75 - 88, 31.12.2019

Levent Korap

https://doi.org/10.18070/erciyesiibd.523605

Cited By: 3

Abstract

In this study, the
relationship between financial development and economic growth has been tested
by using the data from the Turkish economy. For this purpose, the
contemporaneous time series Johansen cointegration method and Toda-Yamamoto
causality tests that enable to apply conventional Granger causality analysis
under a vector autoregressive model estimation process with the same or
different order integrated time series have been used. The findings obtained
verify a long run stationary relationship between financial development and
real income, and the causality tests applied point out the existence of
causality running from real income towards the level of financial development.

Keywords

Financial development, Economic growth, Turkish economy

Finansal gelişme ve ekonomik büyüme ilişkisi: Türkiye ekonomisi için bir uygulama

Abstract

Bu çalışmada finansal
gelişme ve ekonomik büyüme arasındaki ilişki Türkiye ekonomisi verileri ile
sınanmaktadır. Bu amaçla üçer aylık veri sıklığını kullanan 2005Q4 – 2018Q2
inceleme döneminde çağdaş zaman serisi Johansen eşbütünleşim yöntemi ve
geleneksel Granger nedensellik çözümlemesinin bir vektör ardışık bağlanım (VAR)
modeli tahmin süreci altında aynı ya da farklı dereceden bütünleşik zaman
serilerine uygulanmasına olanak sağlayan Toda-Yamamoto nedensellik sınamaları
kullanılmaktadır.  Elde edilen bulgular
finansal gelişme ile reel gelir düzeyi arasında uzun dönemli durağan bir
ilişkiyi doğrulamakta, gerçekleştirilen nedensellik çözümlemeleri reel gelir
düzeyinden finansal gelişmişlik düzeyine doğru bir nedenselliğin varlığına
işaret etmektedir. 

Keywords

Finansal gelişme, Ekonomik büyüme, Türkiye ekonomisi

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