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An empirical analysis of the relationship between financial deepening and economic growth: the case of Turkey
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index.pdf
Date
2008
Author
Esen, Kılıç
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This study aims to investigate the direction of the relationship between financial deepening and economic growth after the completion of financial liberalization in Turkey. In order to do this, an unbalanced panel data set of 49 OECD and emerging countries for 1953-2005 period is examined with Granger causality and panel data estimation techniques. In the light of panel data analysis results, quarterly Turkish time series data for 1987-2006 period is examined by using Granger causality, cointegration and Vector Error Correction Model (VECM) procedures. Although the unbalanced panel data analysis reveals a relationship that is from financial deepening to economic growth, country specific Granger causality analysis employed with the panel data gives the opposite relationship for Turkey. Moreover, it is observed that quarterly time series data analysis mainly gives a relationship that is from economic growth to financial deepening.
Subject Keywords
Economics.
URI
http://etd.lib.metu.edu.tr/upload/12609913/index.pdf
https://hdl.handle.net/11511/17932
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Graduate School of Social Sciences, Thesis
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K. Esen, “An empirical analysis of the relationship between financial deepening and economic growth: the case of Turkey,” M.S. - Master of Science, Middle East Technical University, 2008.
