Özet:

Intense competition in global markets forces private sector enterprises to allocate more sources to R&D investments. But specific high risks those investments carry lessen financing possibilities of related expenditures and make R&D expenditures dependent on the development of the financial system. In this article relations between financial development represented by two sub-components as credit market and stock market development and private sector R&D expenditure (% of GDP) have been searched for Turkey with 1990-2014 annual data by using cointegration, causality, impulse-response analyses and variance decomposition. Econometric analysis results show that financial development and private sector R&D density are cointegrated, there is a positive relationship between these variables, causality in the long run from financial development and in the short run from stock market development to R&D density, a rise in financial development leads to an increase in R&D density in the short run and financial development is one of the sources of variation in R&D density. The results of the article put forward that policies widening possibilities of external financial sources especially in stock market can increase the volume of R&D investments.

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