Accès libre

An analysis of causal relationship between economic growth and financial development for Turkey: A MODWT—Granger causality test

   | 29 oct. 2022
À propos de cet article

Citez

Addison, P. S. (2017). The illustrated wavelet transform handbook: Introductory theory and applications in Science, engineering, medicine and finance. Boca Raton: CRC Press.10.1201/9781315372556 Search in Google Scholar

Ak, M. Z., Kirca, M., & Altintaş, N. (2016). The impacts of financial development on growth: A time-varying causality analysis for Turkey. Zbornik Radova Ekonomskog Fakultet Au Rijeci, 34(2), 529–554.10.18045/zbefri.2016.2.529 Search in Google Scholar

Ang, J. B., & McKibbin, W. J. (2007). Financial liberalization, financial sector development and growth: Evidence from Malaysia. Journal of Development Economics, 84(1), 215–233.10.1016/j.jdeveco.2006.11.006 Search in Google Scholar

Apergis, N., Filippidis, N., & Economidou, C. (2007). Financial deepening and economic growth linkages: A panel data analysis. Review of World Economics, 143(1), 179–198.10.1007/s10290-007-0102-3 Search in Google Scholar

Arestis, Ph., & Demetriades, P. (1997). Financial development and economic growth: Assessing the evidence. The Economic Journal, 107(442), 783–799.10.1111/j.1468-0297.1997.tb00043.x Search in Google Scholar

Arestis, Ph., Demetriades, P. O., & Luintel, K. B. (2001). Financial development and economic growth: The role of stock markets. Journal of Money, Credit and Banking, 33(1), 16–41.10.2307/2673870 Search in Google Scholar

Baltagi, B. H., Demetriades, P. O., & Law, S. H. (2009). Financial development and openness: Evidence from panel data. Journal of Development Economics, 89(2), 285–296.10.1016/j.jdeveco.2008.06.006 Search in Google Scholar

Ben-Salha, O., & Zmami, M. (2020). The impact of private capital flows on economic growth in the MENA region. Economics and Business Review, 6(3), 45–67. Search in Google Scholar

Bozoklu, Ş., & Yılancı, V. (2013). Finansal gelişme ve iktisadi büyüme arasındaki nedensellik ilişkisi: Gelişmekte olan ekonomiler için analiz. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 28, 161–187. Search in Google Scholar

Brooks, Ch. (2008). Introductory econometrics for finance (2nd ed.). Cambridge: Cambridge University Press.10.1017/CBO9780511841644 Search in Google Scholar

Boyd, J. H., Levine, R., & Smith, B. D. (2001). The impact of inflation on financial sector performance. Journal of Monetary Economics, 47(2), 221–248.10.1016/S0304-3932(01)00049-6 Search in Google Scholar

Cheng, S. Y., Ho, C. C., & Hou, H. (2014). The finance-growth relationship and the level of country development. Journal of Financial Services Research, 45(1), 117–140.10.1007/s10693-012-0153-z Search in Google Scholar

Chung, P. T., Sun, S., & Vo, D. T. H. (2019). How does financial development interact with economic growth in five ASEAN countries?. The Singapore Economic Review, 64(3), 441–460.10.1142/S0217590816500120 Search in Google Scholar

Claessens, S., Demirgüç-Kunt, A., & Huizinga, H. (2001). How does foreign entry affect domestic banking markets?. Journal of Banking & Finance, 25(5), 891–911.10.1016/S0378-4266(00)00102-3 Search in Google Scholar

Crowley, P. M. (2007). A guide to wavelets for economists. Journal of Economic Surveys, 21(2), 207–267.10.1111/j.1467-6419.2006.00502.x Search in Google Scholar

Darrat, A. F. (1999). Are financial deepening and economic growth causally related? Another look at the evidence. International Economic Journal, 13(3), 19–35.10.1080/10168739900000002 Search in Google Scholar

Demetriades, P. O., & Hussein, K. A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51(2), 387–411.10.1016/S0304-3878(96)00421-X Search in Google Scholar

Demetriades, P. O., & Luintel, K. B. (1996). Financial development, economic growth and banking sector controls: Evidence from India. The Economic Journal, 106(435), 359–374.10.2307/2235252 Search in Google Scholar

Demirguc-Kunt, A. (2006). Finance and economic development: Policy choices for developing countries. The World Bank.10.1596/1813-9450-3955 Search in Google Scholar

Djalilov, K., & Piesse, J. (2011). Financial development and growth in transition countries: A study of Central Asia. Emerging Markets Finance and Trade, 47(6), 4–23.10.2753/REE1540-496X470601 Search in Google Scholar

Gaytan, A., & Rancière, R. (2003). Banks, liquidity crises and economic growth. Barcelona: Universitat Pompeu Fabra. Search in Google Scholar

Ghirmay, T. (2004). Financial development and economic growth in sub-Saharan African countries: Evidence from time series analysis. African Development Review, 16(3) 415–432.10.1111/j.1017-6772.2004.00098.x Search in Google Scholar

Goldsmith, R. W. (1969). Financial structure and development. New Haven, CT: Yale University Press. Search in Google Scholar

Granger, C. W. J. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37(3), 424–438.10.2307/1912791 Search in Google Scholar

Greenwood, J., & Smith, B. D. (1997). Financial markets in development, and the development of financial markets. Journal of Economic Dynamics and Control, 21(1), 145–181.10.1016/0165-1889(95)00928-0 Search in Google Scholar

Güneş, S. (2013). Finansal gelişmişlik ve büyüme arasındaki nedensellik testi: Türkiye Örneği. Doğuş Üniversitesi Dergisi, 1(14), 73–85.10.31671/dogus.2018.97 Search in Google Scholar

Herwartz, H., & Walle, Y. M. (2014). Determinants of the link between financial and economic development: Evidence from a Functional coefficient model. Economic Modelling, 37, 417–427.10.1016/j.econmod.2013.11.029 Search in Google Scholar

Iqbal, S., Khan, A. Q., Khan, M. Y., & Al-Aali, L. (2021). The dynamics of financial development, government quality, and economic growth in different groups of economies. Sustainability, 13(14).10.3390/su13147573 Search in Google Scholar

Karlsson, H. K., Månsson, K., & Hacker, S. (2021). Revisiting the nexus of the financial development and economic development: New international evidence using a wavelet approach. Empirical Economics, 60(5), 2323–2350.10.1007/s00181-020-01885-5 Search in Google Scholar

Khan, M. S., & Senhadji, S. A. (2000). Financial development and economic growth: An overview. (IMF Working Paper No. WP/00/209).10.5089/9781451874747.001 Search in Google Scholar

La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2002). Government ownership of banks. The Journal of Finance, 57(1), 265–301.10.1111/1540-6261.00422 Search in Google Scholar

Levine, R., Loayza, N., & Beck, Th. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46(1), 31–77.10.1016/S0304-3932(00)00017-9 Search in Google Scholar

Lindh, Th. (2000). Short-run costs of financial market development in industrialized economies. Eastern Economic Journal, 26(2), 221–239. Search in Google Scholar

Loayza, N. V., & Rancière, R. (2006). Financial development, financial fragility, and growth. Journal of Money, Credit and Banking, 38(4), 1051–1076.10.1353/mcb.2006.0060 Search in Google Scholar

Lucas, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3–42.10.1016/0304-3932(88)90168-7 Search in Google Scholar

Lynch, D. (1996). Measuring financial sector development: A study of selected Asia-Pacific countries. The Developing Economies, 34(1), 1–27.10.1111/j.1746-1049.1996.tb00727.x Search in Google Scholar

McKinnon, R. I. (1973). Money and capital in economic development. Washington, DC: Brookings Institution. Search in Google Scholar

Murinde, V. (2012). Financial development and economic growth: Global and African evidence. Journal of African Economies, 21(Suppl. 1), 10–56.10.1093/jae/ejr042 Search in Google Scholar

Nazlioglu, S., Ege, I., & Bayrakdaroglu, A. (2009). Financial development and economic growth: Cointegration and causality analysis for Turkey. Banking and Finance Letters, 1(2), 59–66. Search in Google Scholar

Olaniyi, C. O. (2021). On the transmission mechanisms in the finance—growth nexus in Southern African countries: Does institution matter?. Economic Change and Restructuring, 55, 153‒191.10.1007/s10644-020-09313-5 Search in Google Scholar

Ozturk, I. (2008). Financial development and economic growth: Evidence from Turkey. Applied Econometrics and International Development, 8(1), 85–98. Search in Google Scholar

Pan, L., & Mishra, V. (2018). Stock market development and economic growth: Empirical evidence from China. Economic Modelling, 68, 661–673.10.1016/j.econmod.2017.07.005 Search in Google Scholar

Patrick, H. T. (1966). Financial development and economic growth in underdeveloped countries. Economic Development and Cultural Change, 14(2), 174–189.10.1086/450153 Search in Google Scholar

Percival, D. B., & Walden, E. T. (2000). Wavelet methods for time series analysis (4th ed). Cambridge: Cambridge University Press.10.1017/CBO9780511841040 Search in Google Scholar

Raghutla, Ch., & Chittedi, K. R. (2021). Financial development, real sector and economic growth: Evidence from emerging market economies. International Journal of Finance & Economics, 26(4), 6156–6167.10.1002/ijfe.2114 Search in Google Scholar

Ramsey, J. B. (1999). The contribution of wavelets to the analysis of economic and financial data. Philosophical Transactions of the Royal Society of London. Series A: Mathematical, Physical and Engineering Sciences, 357(1760), 2593–2606.10.1098/rsta.1999.0450 Search in Google Scholar

Risse, M. (2019). Combining wavelet decomposition with machine learning to forecast gold returns. International Journal of Forecasting, 35(2), 601–615.10.1016/j.ijforecast.2018.11.008 Search in Google Scholar

Robinson, J. (1952). The rate of interest and other essays. London: Macmillan. Search in Google Scholar

Sehrawat, M., & Giri, A. K. (2016). The impact of financial development on economic growth. International Journal of Emerging Markets, 11(4), 569–583.10.1108/IJoEM-11-2014-0172 Search in Google Scholar

Shaw, E. S. (1973). Financial deepening in economic development. New York: Oxford University Press. Search in Google Scholar

Soytaş, U., & Küçükkaya, E. (2011). Economic growth and financial development in Turkey: New evidence. Applied Economics Letters, 18(6), 595–600.10.1080/13504851003761764 Search in Google Scholar

Stern, N. (1989). The economics of development: A survey. The Economic Journal, 99(397), 597–685.10.2307/2233764 Search in Google Scholar

Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. Washington, DC: International Monetary Fund. Search in Google Scholar

The Banks Association of Turkey. (2021). Banks in Turkey. Istanbul. Search in Google Scholar

Turkstat. (2021). Small and medium sized enterprises statistics. Ankara. Search in Google Scholar

Yıldırım, E., & Çeştepe, H. (2016). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12, 12–26. Search in Google Scholar

Zhang, J., Wang, L., & Wang, S. (2012). Financial development and economic growth: Recent evidence from China. Journal of Comparative Economics, 40(3), 393–412.10.1016/j.jce.2012.01.001 Search in Google Scholar

eISSN:
2450-0097
Langue:
Anglais