HAYALOĞLU, Pınar Gümüşhane Üniversitesi - Iktisadi ve Idari Bilimler Fakültesi (İİBF) - İktisat Bölümü, Turkey

THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN FRAGILE FIVE COUNTRIES: DYNAMIC PANEL DATA ANALYSIS

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Conflicting opinions of the role of financial development on economic growth in the literature have become a major focus of attention among researchers about this subject. In this regard, relationship between financial development and economic growth has been one of the most discussed topics in the theoretical and empirical literature especially since the 1980s. In this study the effect of financial development on the economic growth was investigated in fragile five countries (India, Indonesia, Brazil, Turkey, South Africa). A dynamic panel data analysis technique was used in the study for the period 1990-2012. The findings obtained in the study which different variables used to represent the financial development show that there was a positive relationship between financial development and economic growth.

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Financial development , Fragile five countries , Economic growth , Dynamic panel data analysis

The International Journal Of Economic and Social Research

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