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  • [ X ]
    Öğe
    Financial development and economic growth: literature survey and emiırical evidence from sub-saharan african countries
    (UNIV PRETORIA, 2009) Acaravci, Songul Kakilli; Öztürk, İlhan; Acaravci, Ali
    In this paper we review the literature on the finance-growth nexus and investigate the causality between financial development and economic growth in sub-Saharan Africa for the period 1975-2005. Using panel co-integration and panel GMM estimation for causality, the results of the panel co-integration analysis provide evidence of no long-run relationship between financial development and economic growth. The empirical findings in the paper show a bi-directional causal relationship between the growth of real GDP per capita and the domestic credit provided by the banking sector for the panels of 24 sub-Saharan African countries. The findings imply that African countries can accelerate their economic growth by improving their financial systems and vice versa.
  • [ X ]
    Öğe
    FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: LITERATURE SURVEY AND EMPIRICAL EVIDENCE FROM SUB-SAHARAN AFRICAN COUNTRIES
    (Aosis, 2009) Acaravci, Songul Kakilli; Ozturk, Ilhan; Acaravci, Ali
    In this paper we review the literature on the finance-growth nexus and investigate the causality between financial development and economic growth in sub-Saharan Africa for the period 1975-2005. Using panel co-integration and panel GMM estimation for causality, the results of the panel co-integration analysis provide evidence of no long-run relationship between financial development and economic growth. The empirical findings in the paper show a bi-directional causal relationship between the growth of real GDP per capita and the domestic credit provided by the banking sector for the panels of 24 sub-Saharan African countries. The findings imply that African countries can accelerate their economic growth by improving their financial systems and vice versa.
  • Küçük Resim
    Öğe
    Stock returns and ınflatıon nexus ın Turkey: Evıdence from ardl bounds testıng approach
    (Acad Economic Studies, 2011) Acaravci, Songul Kakilli; Acaravci, Ali; Öztürk, İlhan
    This study examines the long-run and causal relationships between stock market prices and consumer prices in Turkey. The bounds testing approach of cointegration is employed to investigate this relation by using quarterly data for 1987-2008 period. The bounds F test for cointegration test yields evidence of a long-run relationship between stock market returns and inflation at 1% significance level. The study also explores the causal relationship between these variables in terms of the three error-correction based Granger causality models. The empirical results are as follows: i) The estimated long-run coefficient of the inflation is about unity and positive. ii) Any deviation from the long-run equilibrium between stock market returns and inflation is corrected about 32% for each period. There is a strong evidence of unidirectional causality running from inflation to stock market returns. The overall results support the generalized Fisher hypothesis which implies that stocks offer a hedge against inflation.