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Theoretical and Applied Economics
No. 3 / 2015 (604), Autumn

Financial development and economic growth in emerging market: bootstrap panel causality analysis

Yusuf Ekrem AKBAS
Adiyaman University, Turkey

Abstract. In this study, it was investigated whether there is a causality relationship between financial development and economic growth in emerging market countries. Data from the period between 1988 and 2013 was analyzed using the bootstrap panel causality test, which takes cross-section dependence and heterogeneity into account. The results of the test showed that there is a weak causal relationship between economic growth and financial development support the neutrality hypothesis in emerging countries, except for Turkey.

Keywords: Financial Development, Economic Growth, Emerging Market, Panel Bootstrap Causality.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016


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