Capital market and economic growth nexus: Evidence from Turkey

Central Bank Review - Tập 17 Số 1 - Trang 19-29 - 2017
Yener Çoşkun1, Ünal Seven2, Hasan Murat Ertuğrul3, Talat Ulussever1
1Capital Markets Board of Turkey, Eskisehir Yolu, 06530 Ankara, Turkey
2Central Bank of the Republic of Turkey, Ankara, Turkey
3Undersecretariat of Turkish Treasury, Inonu Bulvari, No.38, Emek, Ankara 06510, Turkey

Tóm tắt

Từ khóa


Tài liệu tham khảo

Abbas, 2007, 1

Araç, 2014, The causality between financial development and economic growth: the case of Turkey, J. Econ. Coop. Dev., 35, 171

Arestis, 2001, Financial development and growth: the role of stock markets, J. Money Credit. Bank., 33, 16, 10.2307/2673870

Atje, 1993, Stock markets and development, Eur. Econ. Rev., 37, 632, 10.1016/0014-2921(93)90053-D

Bautista, 2003, Stock market volatility in the Philippines, Appl. Econ. Lett., 10, 315, 10.1080/13504850210148107

Beck, 2011

Beck, 2004, Stock markets, banks, and growth: panel evidence, J. Bank. Financ., 28, 423, 10.1016/S0378-4266(02)00408-9

Bijlsma, 2014

Boubakari, 2010, The role of stock market development in economic growth: evidence from some Euronext countries, Int. J. Financ. Res., 1, 14, 10.5430/ijfr.v1n1p14

Brown, 1975, Techniques for testing the constancy of regression relations over time, J. R. Stat. Soc. Ser. B, 37, 149, 10.1111/j.2517-6161.1975.tb01532.x

Capital Market Board of Turkey, 2015

Cecchetti, 2012

Çetintaş, 2003, Banks, stock market and economic growth: cointegration and causality analysis case of Turkey (1989-2000), ISE Rev., 7, 1

Checherita-Westphal, 2012, The impact of high and growing debt on economic growth. An empirical investigation for the euro area, Eur. Econ. Rev., 56, 1392, 10.1016/j.euroecorev.2012.06.007

Clements, 2003

Cohen, 1997

Coşkun, 2016, Cointegration analysis between stock exchange and TL/FX saving deposits, gold, housing markets in Turkey, Bus. Econ. Res. J., 7, 47, 10.20409/berj.2016116804

Darrat, 1999, Are financial deepening and economic growth causally related? Another look at the evidence, Int. Econ. J., 13, 19

Demirguc-Kunt, 2001

Demirguc-Kunt, 2012

Devereux, 1994, International risk sharing and economic growth, International Econ. Rev., 35, 535, 10.2307/2527072

Dreger, 2013, Does Euro area membership affect the relation between GDP growth and public debt?, J. Macroecon., 38, 481, 10.1016/j.jmacro.2013.07.012

Ertugrul, 2013, The drivers of credit default swap prices: evidence from selected emerging market countries, Emerg. Mark. Finance Trade, 49, 228, 10.2753/REE1540-496X4905S514

Fernandez, 1981, Methodological note on the estimation of time series, Rev. Econ. Statistics, 63, 471, 10.2307/1924371

Fincke, 2015, Public debt and economic growth in emerging market economies, South Afr. J. Econ., 83, 357, 10.1111/saje.12079

Fink, 2003

Fontaine, 1997, Are there good macroeconomics reasons for limiting external investments by pension Funds? The chilean experience

Francis, 2015, Political regimes and stock market development, Eurasian Econ. Rev., 5, 111, 10.1007/s40822-015-0018-5

Harris, 1997, Stock markets and development: a re-assessment, Eur. Econ. Rev., 41, 139, 10.1016/S0014-2921(96)00021-9

Harris, 2003

Holzmann, 1997

International Monetary Fund, 2012

Kaplan, 2008, The impact of stock market on real economic activity: evidence from Turkey, J. Appl. Sci., 8, 374

Kara, 2015, A brief assessment of Turkey's macroprudential policy approach: 2011–2015, Cent. Bank. Rev., 16, 85, 10.1016/j.cbrev.2016.08.001

Kara, 2012, Döviz kuru ve İthalat fiyatlarinin yurt İçi fiyatlara etkisi (Pass-Through from exchange rates and import prices to domestic prices), İktisat İşletme ve Finans., 27, 9, 10.3848/iif.2012.317.3396

Karabıyık, 2016, Finansal kalkinma ve ekonomik büyüme ilişkisi: brics Ülkeleri ve türkiye örneği. Trakya university, Econ. Adm. Sci. Fac. E-Journal, 5, 116

Kumar, 2010

Levine, 1991, Stock markets, growth, and tax policy, Joumal Finance, 46, 1445, 10.1111/j.1540-6261.1991.tb04625.x

Levine, 1997, Financial development and economic growth: views and agenda, J. Econ. Literature, 35, 688

Levine, 1998, Stock markets, banks and economic growth, Am. Econ. Rev., 88, 537

Lin, 2009, Toward a theory of optimal financial structure

McGowan, 2008, A study of the relationship between stock market development and economic growth and development for 1994 to 2003, Int. Bus. Econ. Res. J., 7, 79

Mishra, 2010, Foreign institutional investments and real economic growth in India: a causality test, Int. Res. J. Finance Econ., 41, 215

Mizen, 2014, What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia?, Oxf. Econ. Pap., 66, 227, 10.1093/oep/gpt005

Naceur, 2007, Stock markets, banks, and economic growth: empirical evidence from the MENA region, Res. Int. Bus. Finance, 21, 297, 10.1016/j.ribaf.2006.05.002

Narayan, 2004, Determinants of demand for Fiji's exports: an empirical investigation, Dev. Econ., 42, 95, 10.1111/j.1746-1049.2004.tb01017.x

Nistor, 2013, Testing the granger causality between the dynamics of the romanian mutual fund market and the economy, Finance Challenges Future, 15, p48

Nordin, 2016, The impact of capital market on economic growth: a Malaysian outlook, Int. J. Econ. Financial Issues, 6, 259

Obstfeld, 1994, Risk-taking, global diversification, and growth, Am. Econ. Rev., 54, 1310

OECD, 2011

Ong, 2004

Panizza, 2013, Public debt and economic growth in advanced economies: a Survey, Swiss J. Econ. Statistics, 149, 175, 10.1007/BF03399388

Pattillo, 2002

Pesaran, 2001, Bounds testing approaches to the analysis of level relationships, J. Appl. Econ., 16, 289, 10.1002/jae.616

Pradhan, 2016, Bond market development, economic growth and other macroeconomic determinants: panel VAR evidence, Asia Pac. Finan. Mark., 23, 175, 10.1007/s10690-016-9214-x

Reinhart, 2010

Rioja, 2014, Stock markets, banks and the sources of economic growth in low and high income countries, J. Econ. Finance, 38, 302, 10.1007/s12197-011-9218-3

Schclarek, 2004

Schumpeter, 1912

Seven, 2016, Financial intermediation and economic growth: does income matter?, Econ. Syst., 40, 39, 10.1016/j.ecosys.2015.09.004

Smyth, 1995, In search of an optimal debt ratio for economic growth, Contemp. Econ. Policy, 13, 51, 10.1111/j.1465-7287.1995.tb00731.x

Soytaş, 2011, Economic growth and financial development in Turkey: new evidence, Appl. Econ. Lett., 2011, 595, 10.1080/13504851003761764

Stiglitz, 1985, Credit markets and the control of capital, J. Money Credit. Bank., 17, 133, 10.2307/1992329

Stock, 1993, A simple estimator of cointegrating vectors in higher order integrated systems,, Econometrica, 61, 783, 10.2307/2951763

Stock, 2002, Forecasting using principal components from a large number of predictors, J. Am. Stat. Assoc., 97, 1167, 10.1198/016214502388618960

Thumrongvit, 2013, Linking the missing market: the effect of bond markets on economic growth, Int. Rev. Econ. Finance, 27, 529, 10.1016/j.iref.2013.01.008

Toda, 1995, Statistical inference in Vector Autoregressions with possibly integrated processes, J. Econ., 66, 225, 10.1016/0304-4076(94)01616-8

TSPB, 2016

TUYID and MKK, 2016

Yu, 2012, A re-examination of financial development, stock markets development and economic growth, Appl. Econ., 44, 3479, 10.1080/00036846.2011.577019

Zandberg, 2013, Funding of pensions and economic growth: are they really related, J. Pensions Econ. Finance, 12, 151, 10.1017/S1474747212000224