Yüncü, İ. ŞAkdeniz, LeventAydoğan, Kürşat2019-02-212019-02-212017-12-291540-496Xhttp://hdl.handle.net/11693/50104This article investigates the relationship between stock index futures markets development and economic growth using time-series methods for 32 developed and developing countries. Evidence of cointegration between stock index futures and real economy in 29 countries suggests the presence of co-movements among the variables, indicating long-run stationarity in those countries. Our findings show that there is Granger-causality from stock index futures markets development to economic growth for middle-income countries with relatively low real per capita GDP, and Granger-causality in the reverse direction for the countries with high real per capita GDP. Variance decomposition and impulse-response function (IRF) analyses results support the existence of a relationship between stock index futures and real economy. CopyrightEnglishEconomic growthFinancial developmentStock index futuresArticle10.1080/1540496X.2016.12473481558-0938