FINANCIAL DEVELOPMENT AND SAVINGS IN TURKEY

摘要

Many countries have experienced significant progress in their financial sectors in conjunction with globalization process in recent years. This study researches the interaction among domestic savings, financial development and economic growth in Turkey during 1961-2015 period using Hacker and Hatemi-J. (2006) bootstrap causality test. We found that there was a unidirectional causality from financial development to gross domestic savings and bidirectional causality between economic growth and domestic savings. Furthermore, our findings suggested that there was a unidirectional causality from financial development to economic growth.