An Analysis of Relationship between Financial Development and Economic Growthwith Asymmetric Causality Test
Journal Title: Muhasebe ve Finansman Dergisi - Year 2016, Vol 18, Issue 71
Abstract
The correlation between the development level of financial markets and economic growth has been one of the primary subjects of studies by researchers both theoretically and empirically since the early 1960s. This study analyzes the causality relationship between financial development and economic growth using quarterly data between the years 1998 and 2014.To test the causality relationship between financial development and economic growth, the Granger and asymmetrical causality test were used. According to the Granger causality test were achieved results that support both the hypothesis with a supply premise and the hypothesis with demand monitoring. However, the results of the asymmetrical causality test provided evidence that the direction of the causality relationship was from economic growth to financial development. This means that the results supported the hypothesis based on the monitoring of demand.
Authors and Affiliations
Filiz CONTUK, Bener GÜNGÖR
Keywords
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