Görüntüleme
49
İndirme
8
The aim of this paper is to analyze the link and the direction of the relationship between financial development and economic growth in Turkey and BRICS countries for the period of 1994-2011. Moreover, the paper di- vides the financial market into two sub-markets as banking sector and stock market to examine their individual impact on economic growth. Fixed effect panel regression method and a relatively new panel causality technique, namely Dimutrescu-Hurlin test is applied to estimate the existence of the causal link between financial development and economic growth. The results of the analysis show that there is neither linear nor causal link for stock mar- ket development and economic growth, while statistically significant relationship exists between banking sector development and economic growth in the direction of economic growth to banking sector. In a nutshell, the results suggest an evidence for demand-following pattern in Turkey and BRICS Countries.
Alan : Sosyal, Beşeri ve İdari Bilimler
Dergi Türü : Ulusal
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