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Financial Development, Capital Accumulation, Productivity and Growth: The Turkish Case

Seyit Cilasun (), Burcu Dinçergök and Mustafa İsmihan
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Burcu Dinçergök: Atilim University, Department of Management
Mustafa İsmihan: Atilim University, Department of Economics

No 293, EY International Congress on Economics II (EYC2015), November 5-6, 2015, Ankara, Turkey from Ekonomik Yaklasim Association

Abstract: The aim of this study is to analyze the impact of financial development and instability on economic growth in Turkey as well as on capital accumulation and productivity, which are the sources of growth. To this end, a quarterly data set (1989Q1-2014Q4) is used to investigate the relationship between financial development, instability and economic growth within a production function framework using the Johansen cointegration and impulse response techniques. The impact of financial development and economic instability on capital accumulation and productivity is also analyzed in the same way. Furthermore, in addition to using the private sector credits-GDP ratio, which is the widely used basic financial development indicator in the related literature, appropriate indices are developed to represent the role of the banking system and capital markets in financial development. In so doing, this study aims to clarify the role played by the banking system and capital markets in capital accumulation, productivity and growth in a way that is of relevance to policymakers.

Keywords: Financial Development; Capital Accumulation; Productivity; Macroeconomic Instability; Growth; Turkey (search for similar items in EconPapers)
JEL-codes: E10 E20 E44 G00 O40 (search for similar items in EconPapers)
Pages: 2 pages
Date: 2015
New Economics Papers: this item is included in nep-ara, nep-cwa, nep-eff and nep-mac
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