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      • Theses - Department of Economics
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      Finance growth nexus following the 2001 crisis in Turkey

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      Author(s)
      Songül, Hüseyin
      Advisor
      Böke, Selin Sayek
      Date
      2012
      Publisher
      Bilkent University
      Language
      English
      Type
      Thesis
      Item Usage Stats
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      Abstract
      Diverse economic growth rates of countries have engaged the attention of economists. Recently, researchers have studied the role of financial development to explain the cross-country differences in growth. In particular, the direction of causality between financial sector development and economic growth has been analyzed in the context of two conflicting hypotheses. According to supply-leading hypothesis financial development leads to economic growth, however demandfollowing hypothesis claims that the direction of the relationship runs from economic growth to financial development. Beside these two competing hypotheses, bi-causality between economic growth and financial development has been argued in the literature as well. This paper examines the causal relationship between financial development and economic growth in Turkey for the period 2002:1-2011:2, using the technique of Granger causality. Our model reveals that there is a bidirectional long run relationship between the economic growth and banking sector development. On the other hand, the long run causality between the stock market development and economic growth is from stock market development to economic growth.
      Keywords
      economic growth
      financial development
      Granger causality
      Turkey
      Permalink
      http://hdl.handle.net/11693/15524
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      • Dept. of Economics - Master's degree 325
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