Banks, Stock Market and Economic Growth: Cointegration and Causality Analysis Case of Turkey (1989-2000)

Hakan Cetintas and Salih Barisik

Istanbul Stock Exchange Review, 2003, vol. 7, issue 25-26, 1-18

Abstract: This paper examines the causality relationships between banking sector development, stock market development and economic growth in Turkey by using cointegration and causality tests. Evidences confirm the presence of long-term positive relationship between financial development and economic growth. Both banking sector development, stock market development are the statistically meaningful Granger causes of the economic growth.

Date: 2003
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