TÜRKİYE’DE SERMAYE PİYASASI GELİŞİMİ İLE EKONOMİK BÜYÜME İLİŞKİSİ

This study examines the relationship between capital market development and economic growth in Turkey during the period 2005:Q1- 2015:Q2 with quarterly data. The Augmented Dickey Fuller (ADF) unit root test has applied to the series whether they have unit root or not, then the Johansen cointegration test has been performed to examine the causality. After the cointegration has been founded between the variables, short-term causal relationships have been identified with the help of Granger Causality Test based on vector error correction model (VECM). The empirical results indicate that the relationship between capital market development and economic growth supports bi-directional causality in the short term and the demand-following phenomenon in the long term.