The Correlation Between Financial Liberalization And Economic Growth: Analysis On Turkey

Abdulkadir Develi, Gulbahar Ucler

Abstract


The aim of this study is to analyze the correlation between financial liberalization and economic growth in terms of the data of Turkey. For this purpose, the correlations between the financial development rates of the 1980:2009 period and economic growth rate are analyzed in terms of economy by using multivariable co integration analysis and Granger causation tests. According to the analysis results, the financial improvement data and improvement data are found co integrated in long term. However, according to the results of Granger causation tests, per capita income is in a one way causation relationship with bank deposit liabilities, and in a two way causation relationship with loan provided to private sectors.  Also, as the loans provided to private sectors by the banking department are taken into consideration as an indication of development, it is found that there is a two-way causation between the variables of growth and financial improvement. 


Keywords


Financial liberalization, Economic Growth, Time Series, Unit Root, Johansen Co integration, Granger Causation

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