Capital market and economic growth nexus: Evidence from Turkey

Artikel

This study explores the relations between the development level of capital market sub-components, involving mutual/pension funds, corporate bond, stock and government bond markets, and economic growth over the period of 2006:M1 and 2016:M6 in Turkey. We find that there is a long-run cointegrating relationship between capital market development and economic growth and also a unidirectional causality running from capital market development to economic growth. Using ARDL, Markov Switching Regression and Kalman Filter models, we also find that capital market development has asymmetric effects on economic growth where government bond market development is negatively but the aggregated index of other sub-components is positively associated with economic growth.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: Central Bank Review (CBR) ; ISSN: 1303-0701 ; Volume: 17 ; Year: 2017 ; Issue: 1 ; Pages: 19-29 ; Amsterdam: Elsevier

Classification and Topics

• Classification: Wirtschaft
• Subject: Stock market ; Growth ; Finance-growth nexus ; Borsa istanbul ; Turkey

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Coskun, Yener ; Seven, Unal ; Ertugrul, H. Murat ; Ulussever, Talat
• Event: Veröffentlichung
• (who): Elsevier
• (where): Amsterdam
• (when): 2017

Further information

• DOI: doi:10.1016/j.cbrev.2017.02.003
• Handle: http://hdl.handle.net/10419/217301
• Last update: 10.03.2025, 11:44 AM CET