Özet:

Relationship between financial development and economic growth is one of the popular topics in the literature. In this study, the relationship between stocks, bank loans and economic growth for the period between 1998:01 and 2013:02 are investigated for Turkish economy. We test whether variables are stationary by using Lumsdaine and Papell 1997 and Lee and Strazicich 2003 unit root tests. After unit root test, long term relationship between variables are tested with Hatemi-J 2008 cointegration tests. Long-term relationships under multiple structural breaks are identified between stocks, bank loans and economic growth According to the result of Toda-Yamamoto 1995 causality tests, there is unidirectional causality relationship from bank loans to stocks, and from stocks to economic growth. Obtained results, show that bank loans do not directly affect economic growth, but indirectly affect economic growth via stocks

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