Stock Market and Banking sector Development in Turkey: Do they have the Same Impact on Economic Growth?

Elif Kaya, Eralp Bektaş and Mete Feridun

Economic Research-Ekonomska Istraživanja, 2011, vol. 24, issue 4, 65-74

Abstract: This article investigates the impact of financial stock market development and banking sector development on economic growth in the case of Turkey using Johansen cointegration and Granger causality tests for the period between 01:1988 and 12:2004. The results suggest that banking sector development has positive impact on economic growth and vice versa. Hence, the results lend support to both demand following and supply leading hypotheses for banking sector development and economic growth relationship. However, the results fail to yield the same conclusion for the stock market-economic growth relationship.

Date: 2011
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DOI: 10.1080/1331677X.2011.11517481

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