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dc.contributor.authorAğazade, Seymur
dc.contributor.authorKarakaya, Aykut
dc.date.accessioned2021-02-19T21:16:23Z
dc.date.available2021-02-19T21:16:23Z
dc.date.issued2019
dc.identifier.issn2149-1658
dc.identifier.urihttps://doi.org/10.30798/makuiibf.526723
dc.identifier.urihttps://hdl.handle.net/20.500.12868/404
dc.descriptionWOS: 000484349900014en_US
dc.description.abstractThe relationship between financial development and economic growth is expressed by different hypotheses. Demand pressure which is caused by increased income as a conclusion of growth may lead to the financial development. This argument is known as demand-following hypothesis. On the contrary, the supply-leading hypothesis indicates that financial development leads to increased efficiency and therefore promotes growth. The feedback hypothesis implies that the causal relationship between financial development and growth is bidirectional, whereas there is no causality in the neutral hypothesis. This study examines the relationship between financial development and economic growth in the case of 34 OECD countries. For this purpose we estimate heterogeneous VAR model and conduct Dumitrescu and Hurlin (2012) causality test which allows for dependency in panel units and heterogeneity of parameters. Findings of causality test showed that there is a bidirectional relationship. In VAR model that estimated for growth, parameters of lagged financial development were found to be significant for 11 countries. In financial development VAR model, lagged growth variable coefficients of 17 countries were significant. These findings support the feedback hypothesis for OECD countries in financial development and economic growth relationship.en_US
dc.language.isoturen_US
dc.publisherMehmet Akif Ersoy Univen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectFinancial Developmenten_US
dc.subjectGrowthen_US
dc.subjectPanel Causality Testsen_US
dc.subjectOECD Countriesen_US
dc.titleFinancial development and economic growth: A panel causality analysis for OECD countriesen_US
dc.typearticleen_US
dc.contributor.departmentALKÜen_US
dc.contributor.institutionauthor0-belirlenecek
dc.identifier.doi10.30798/makuiibf.526723
dc.identifier.volume6en_US
dc.identifier.issue2en_US
dc.identifier.startpage471en_US
dc.identifier.endpage484en_US
dc.relation.journalJournal of Mehmet Akif Ersoy University Economics And Administrative Sciences Facultyen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US


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