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Finansal Gelişmişlik ve Büyüme Arasındaki Nedensellik Testi : Türkiye Örneği = Financial Development and Growth : Causality Analysis for the Case of Turkey

Author(s): Sevcan GÜNEŞ

Journal: Dogus University Journal
ISSN 1302-6739

Volume: 14;
Issue: 1;
Start page: 73;
Date: 2013;
Original page

Keywords: Finansal Gelişme | Büyüme | Nedensellik Testi | Hata Düzeltme Modeli | Financial Development | Growth | Causality Test | Vector Error Correction Model

Several channels through which financial development promotes growth in the economy include efficient mobilization of savings, lowering the cost of information gathering. On the other hand economic growth generates demand for some categories of financial instruments and facilitates financial development. The relationship between financial development and economic growth has been covered by many empirical studies. The ratio of money supply (M2Y) to national product (GNP) and the share of financial sector employment in total employment are used to represent the financial development level. Semiannual Turkey data set ranges over the period 1988 to 2009. There is no evidence that financial development is the cause of economic growth. Also this study shows that economic growth is the cause of the increase of the share of financial sector employment in total employment, but not effecting the ratio of M2Y/GNP over the same period in Turkey.

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