摘要：The relationship between financial deepening and economic growth has been debated extensively in the literature. The causal relationship of the finance-growth nexus has important policy implications for the economy. The study examines the relationship between financial deepening and economic growth in the Turkish economy for the period from 1984:01-2014:12. The industry production index is used as representative of economic growth. The variables of the stock index of Istanbul, bonds and stocks are used as financial development indicators. We conclude that there is a cointegration relation among variables. According to our results, the demand-pulling hypothesis is valid for the Turkish economy. We find that there is evidence that the growth of the economy in recent years has substituted for financial development. The work is divided into five sections. Section one is the introduction, section two deals with the theoretical literature review of the relationship between economic growth and financial development, and section three discusses the empirical literature. Section four analyzes the data and discusses the findings under the empirical results while section five discusses the conclusion.
