The Impact Of Stock Market and Banking Development On Economic Growth In Turkey

Literatürde finansal geliúmenin, ekonomik büyümeye etkisini araútran birçok çalúma bulunmaktadr.Bu çalúma, Türkiye’de 1993-2015 döneminde, sermaye piyasas ve bankaclk sektörlerindekigeliúmenin, ekonomik büyümeye etkisini incelemektedir. ARDL snr testi kullanlarak elde edilensonuçlara göre; sermaye piyasas geliúimi, bankaclk kesimi geliúimi ve ekonomik büyüme arasndauzun dönemli iliúki bulunmaktadr. Analiz sonuçlar; sermaye piyasasndaki geliúmenin ekonomikbüyümeyi uzun dönem etkileme katsaysnn 0.33, bankaclk kesimindeki geliúmenin ekonomikbüyümeyi uzun dönem etkileme katsaysnn 0.48 oldu÷unu göstermektedir. Sonuçlar; sermayepiyasas ve bankaclk sektörlerindeki geliúmenin ekonomik büyümeyi artrd÷n ve sermayepiyasasndaki geliúmeye kyasla bankaclk kesimindeki geliúmenin ekonomik büyümeyi daha fazlaarttrd÷n göstermektedir.There are several studies in the literature exploring the nexus between the role of financial development and the economic growth. The study analyzes the role of stock market and banking development on economic growth for Turkey over the period of 1993-2015. According to ARDL bound test there is a long-run relationship between stock market development, banking development and economic growth. According to the analysis results, the coefficient referring to the long-run effect of stock market development on economic growth is found as 0.33 and the coefficient referring to the long-run effect of banking sector development on economic growth is found as 0.48. The results indicate that both stock market and banking development increases economic growth and banking development increases economic growth more than stock market development