Kapusuzoglu, Ayhan
January 2013
Actual Problems of Economics / Aktual'ni Problemi Ekonomìki;Jan2013, Vol. 139 Issue 1, p314
Academic Journal
In this study, the cointegration and causality relations are examined in Turkey between the Gross Domestic Product (GDP) and the National 30, National 50 and National 100 indices at Istanbul Stock Exchange (ISE) in order to study the relation between economic growth and financial development. In the study covering the period 2000-2010 and comprising the quarterly data, the relations between GDP and each index are separately analysed by using econometric methods. As the outcome of the Johansen cointegration test conducted, it is concluded that a long-term relation exists between the GDP and all the indices. And as the outcome of the Granger causality test applied to reveal the causality relation, it is determined that a bidirectional causality relation exists between the GDP and all the indices in the short term.


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