The relationship between financial development and economic growth in fragile five countries: dynamic panel data analysis

Conflicting opinions of the role of financial development on economic growth in the literature have becomea maj or focus of attention among researchers about this subj ect. In this regard, relationship betweenfinancial development and economic growth has been one of the most discussed topics in the theoreticaland empirical literature especially since the 1980s. In this study the effect of financial development on theeconomic growth was investigated in fragile five countries (India, Indonesia, Brazil, Turkey, South Africa).A dynamic panel data analysis technique was used in the study for the period 1990-20 12. The findingsobtained in the study which different variables used to represent the financial development show that therewas a positive relationship between financial development and economic growth.