Özet:

In literature, there is quite a lot of studies on the relations between economic growth and financial development, which only represents the economic dimension of human development. However, it appears that the relations between the countries’ level of financial development and the level of human development are not much included. This study focuses on the relationship of financial development with the United Nations Human Development Index, which includes countries’ income, education and health indicators and is a common index in this context. The study aims to provide empirical evidence in particular in Turkey. For this purpose, the financial development indicator used four different financial development indicators as the measure of the financial development and the relationship of this indicator to the United Nations Human Development Index was studied. The data cover the period 1990-2015. The study used basic components analysis as analytical methods, the ARDL limit test integration analysis and the Toda-Yamamoto approach Granger causal analysis. The result of the ARDL analysis is impossible to identify short and long-term relationships, while the result of the Toda-Yamamoto analysis has identified a causal relationship from financial development to human development in accordance with the findings of the studies in literature.