Özet:

The aim of this study is to analyze the relationship between financial development and economic growth for N11 (Next Eleven) countries. The analysis of the study was carried out by panel data technique for the period 1980-2016. In the context of the analysis, firstly cross section dependence tests were performed, then the stability of the series was examined by CADF unit root test developed by Pesaran (2007). After the homogeneity test applied, finally the causality relationship between the variables was investigated by the causality test developed by Dumitrescu and Hurlin (2012). According to findings from the research, it was found unidirectional causality between financial development and economic growth. It has been determined that the causality relationship is from economic growth towards financial development. In other words, there is a demand-driven relationship. The results show that the development in the financial sector does not trigger the economic growth, but rather the economic growth develops the financial sector

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