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    The impact of stock market on real economic activity: Evidence from Turkey
    (Asian Network for Scientific Information, 2008) Kaplan M.
    This study has focused on the relationship between stock market performance and real economic activity. Recently, it was argued that the traditional links between stock market and real activity broke down since the early 1980s implying that movements of stock prices are independent from subsequent changes in real activity. This study contributes to the literature on the relationship between stock market and real economic activity using quarterly data from an emerging stock market of Turkey. In contrast to the studies carried out for developed countries, the results of this study indicate that there is a close connection between stock market prices and real economic activity and the stock market causes real economic activity. © 2008 Asian Network for Scientific Information.
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    Trade Liberalization, Financial Development and Economic Growth in The Long Term: The Case of Turkey
    (2008) Kar M.; Peker O.; Kaplan M.
    The determinants of economic growth have been a much debated theoretical issue in the literature, especially after the endogenous growth theory of the late 1980s. This new theory highlights the importance of economic policies that lead to an increasing rate of return. In particular, it is argued that human capital, trade liberalization and financial development may play very important roles in the determination of economic growth. T his paper tries to empirically estimate the joint impacts of trade liberalization and financial development on economic growth for the period 1960-2004. Instead of using common proxies for the issue, principal components analysis is employed to develop better measures (indexes) for trade liberalization, financial development and the joint effects of both. The empirical results obtained from the Johansen co-integration procedure show that trade liberalization, financial development and the joint impacts of both positively contributed to economic growth in Turkey for the period 1963-2005. © 2008, Versita. All rights reserved.