A Micro Based Study on Bank Credit and Economic Growth: Manufacturing Sub-Sectors Analysis

Abubakar, A. and Kassim, S., 2016. Sectoral Impact of Bank Credit in Malaysia: ARDL Modelling Approach Pertanika Social Sciences & Humanities. 24 (S): 205 – 211.Search in Google Scholar

Adeola, O. and Ikpesu, F., 2016. An empirical investigation of the impact of bank lending on agricultural output in Nigeria: A vector autoregressive (VAR) approach. The Journal of Developing Areas, 50(6): 89-103.10.1353/jda.2016.0140Search in Google Scholar

Adve, S., 1980. Financial Practices in Indian Corporate Sector, Inter-Group and Inter-Size Differences. Economic and Political Weekly, 15(8): M2-M10.Search in Google Scholar

Ajayi, D. D., 2000. The Determinants of the Volume of Production Subcontracting in Nigeria. Nigeria Journal of Economic and Social Studies (NJESS), 42 (1): 95-111. http://www.africabib.org/rec.php?RID=260155500Search in Google Scholar

Ak, M., Altıntaş, N. and Şimşek, A., 2016. Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisinin nedensellik analizi. Doğuş Üniversitesi Dergisi, 17(2): 151-160.10.31671/dogus.2018.48Search in Google Scholar

Alam, I. and Quazi, R., 2003. Determinants of capital flight: An econometric case study of Bangladesh. International Review of Applied Economics, 17(1): 85-103.10.1080/713673164Search in Google Scholar

Ang, J. B., 2007. Financial deepening and economic development in Malaysia. Economic Papers, 26(3): 249-260.10.1111/j.1759-3441.2007.tb00434.xSearch in Google Scholar

Ang, B. J., 2008. What are the mechanisms linking financial development and economic growth in Malaysia? Economic Modeling, 25 (1): 38–5310.1016/j.econmod.2007.04.006Search in Google Scholar

Ansari, M. I., 2002. Impact of Financial Development, Money, and Public Sending on Malaysian National Income: An Econometric Study. Journal of Asian Economics, 13(1): 72-93.10.1016/S1049-0078(01)00113-0Search in Google Scholar

Ayrıçay, Y., and Kök, D., 2009. Factors Affecting the Level of Bank Loans in SMEs Finance: A Study in Kahramanmaraş. Mustafa Kemal University Journal of Social Sciences Institute, 6 (11): 109-131Search in Google Scholar

Arisoy, I., 2008. Türkiye›de Sanayi Sektörü-İktisadi Büyüme İlişkisinin Kaldor Hipotezi Çerçevesinde Test Edilmesi. Turkish Economic Association Discussion Paper. 2008 (1): 1-31.Search in Google Scholar

Aslan, Ö. and Küçükaksoy, İ., 2006. Finansal gelişme ve ekonomik büyüme ilişkisi: Türkiye ekonomisi üzerine ekonometrik bir uygulama. İ.Ü. Ekonometri ve İstatistik Dergisi, (4): 25-38.Search in Google Scholar

Audretsch, D. B., Klomp, L., Santarelli, E. and Thurik, A. R., 2004. Gibrat›s law: are the services different?. Review of Industrial Organization, 24(3): 301-324.10.1023/B:REIO.0000038273.50622.ecSearch in Google Scholar

Aziz, J. and Duenwald, C., 2002. Growth-financial intermediation nexus in China. International Monetary Fund Working Paper, No. 2002-2/194: 3-14.10.5089/9781451859874.001Search in Google Scholar

Bahmani-Oskooee, M. and Saha, S., 2016. Asymmetry Cointegration Between The Value Of The Dollar and Sectoral Stock Indıces in The US. International Review of Economics & Finance, 46: 78-86.10.1016/j.iref.2016.08.005Search in Google Scholar

Banerjee, K., 2012. Credit and growth cycles in India: An empirical assessment of the lead and lag behavior. RBI Working Paper Series, (DEPR: 22/2011) (No. id: 4699).Search in Google Scholar

BAT, 2017. The Bank Association of Turkey (BAT) Web Site, https://www.tbb.org.tr/en/homeSearch in Google Scholar

Bayar, G. and Tokpunar, S., 2014. Determinants of Turkish Manufacturing Industry Production in Sub-Sectors: A Panel Data Analysis. Business and Economics Research Journal, 5(1): 67-85.Search in Google Scholar

Beck T., Cull R., and Jerome A. T., 2005. Bank Privatization and Performance: Empirical Evidence from Nigeria. World Bank Policy Research Working Paper No: 3511.10.1596/1813-9450-3511Search in Google Scholar

Beck, T., Levine, R. and Loayza, N. , 2000. Finance and the Sources of Growth. Journal of financial economics, 58(1): 261-300.10.1016/S0304-405X(00)00072-6Search in Google Scholar

Bernanke, B. S. & Gertler, M. 1995. Inside The Black Box: The Credit Channel of Monetary Policy Transmission. Journal of Economic Perspectives, 9, 4: 27-48.Search in Google Scholar

Bhaird C. ve Lucey B., 2006. Capital Structure and the Financing of SMEs: Empirical Evidencefrom an Irish Survey. Entrepreneurship: Occupational Choice and Financing Conferance, 6-7 June, Copenhagen: Centre for Economic and Business Research. (6)Search in Google Scholar

BIS, 2018. The Bank for International Settlements (BIS) Web Site, https://stats.bis.org/statx/srs/table/f2.4Search in Google Scholar

Bloch, H. and Tang, S. H.K., 2003. The role of Financial Development in Economic Growth. Progress in Development Studies, 3(3): 243-251.10.1191/1464993403ps063prSearch in Google Scholar

Bottazzi, G., Dosi, G., Lippi, M., Pammolli, F. and Riccaboni, M., 2001. Innovation and corporate growth in the evolution of the drug industry. International Journal of Industrial Organization, 19(7): 1161-1187.10.1016/S0167-7187(01)00068-6Search in Google Scholar

Boyreau-Debray, G., 2003. Financial Intermediation and Growth: Chinese Style. World Bank Policy Research Working Paper, No. 3027: 1-23.10.1596/1813-9450-3027Search in Google Scholar

Brown, R. L., Durbin, J. and Evans, J. M., 1975. Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society, Series B (Methodological): 149-192.10.1111/j.2517-6161.1975.tb01532.xSearch in Google Scholar

BRSA, 2017. Banking Regulation and Supervision Agency (BRSA) Web Site https://www.bddk.org.tr/WebSitesi/English.aspxSearch in Google Scholar

Buono, I., and Formai, S., 2014. Bank Credit and Firm Export: Is there really a link. FREIT Working Paper, 1-20. http://www.etsg.org/ETSG2014/Papers/041.pdfSearch in Google Scholar

Çamoğlu, S. M. & Akinci, M. 2012. Türkiye’de Sektörel Banka Kredilerinin Gelişimi: Bir Zaman Serisi Analizi. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 19, 1: 193-210.Search in Google Scholar

CBRT. 2018. Financial Stability Report-II. The Central Bank of the Republic of Turkey (CBRT) Web Site. Available at http://www.tcmb.gov.tr/wps/wcm/connect/7be5ffea-3a41-4533-933a-db63c8943bdc/Fir_TamMetin27.pdf?MOD=AJPERES&CVID=&CACHE=NONE&CONTENTCACHE=NONESearch in Google Scholar

CBRT. 2017.The Central Bank of the Republic of Turkey (CBRT) Web Site. Available at http://www.tcmb.gov.tr/wps/wcm/connect/en/tcmb+enSearch in Google Scholar

Ceylan, S. and Durkaya, M., 2010. Türkiye’de Kredi Kullanımı-Ekonomik Büyüme İlişkisi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 24(2):21-35Search in Google Scholar

Chakraborty, I., 2008. Does financial development cause economic growth? The case of India. South Asia Economic Journal, 9(1): 109-139.10.1177/139156140700900105Search in Google Scholar

Chen, H., 2006. Development of financial intermediation and economic growth: The Chinese experience. China Economic Review, 17(4): 347-362.10.1016/j.chieco.2006.01.001Search in Google Scholar

Chisasa, J., 2014. An empirical study of the impact of bank credit on agricultural output in South Africa (Doctoral dissertation).University of South Africa (Unisa), http://uir.unisa.ac.za/bitstream/handle/10500/18511/thesis_chisasa_j.pdf?sequence=1Search in Google Scholar

Chisasa, J. and Makina, D., 2013. Bank Credit and Agricultural Output in South Africa: A Cobb-Douglas Empirical Analysis. International Business & Economics Research Journal. 12 (4): 387-398.10.19030/iber.v12i4.7738Search in Google Scholar

Chisasa, J. and Makina, D., 2015. Bank Credit And Agricultural Output In South Africa: Cointegration, Short Run Dynamics And Causality. The Journal of Applied Business Research. 31 (2): 489-500.10.19030/jabr.v31i2.9148Search in Google Scholar

Chow, W. W., Fung, M. K. & Man-Kwong Leung. 2018. Finance–growth nexus in China from an endogenous switching perspective, The Journal of International Trade & Economic Development, 27, 4: 44310.1080/09638199.2017.1389976Search in Google Scholar

Christopoulos, D. and Tsionas E., 2004. Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Tests. Journal of Development Economics, 73: 55-74.10.1016/j.jdeveco.2003.03.002Search in Google Scholar

Coad, A. and Rao, R., 2008. Innovation and firm growth in high-tech sectors: A quantile regression approach. Research Policy, 37(4): 633-648.10.1016/j.respol.2008.01.003Search in Google Scholar

Costantini, M., 2013. Forecasting the industrial production using alternative factor models and business survey data. Journal of Applied Statistics. 40 (10): 2275-2289.10.1080/02664763.2013.809870Search in Google Scholar

Covin, J. G., Green, K. M. and Slevin, D. P., 2006. Strategic process effects on the entrepreneurial orientation–sales growth rate relationship. Entrepreneurship Theory and Practice, 30(1): 57-81.10.1111/j.1540-6520.2006.00110.xSearch in Google Scholar

Dal Colle, A., 2011. Finance–growth nexus: does causality withstand financial liberalization? Evidence from cointe-grated VAR. Empirical Economics, 41(1): 127-154.10.1007/s00181-010-0439-7Search in Google Scholar

Das, P. K. & Maiti, P. 1998. Bank credit, output and bank deposits in West Bengal and selected states. Economic and political Weekly,33, 47/48: 3081-3088.Search in Google Scholar

De Gregorio, J. and Guidotti, P. E., 1995. Financial Development and Economic Growth. World Development, 23(3): 433-448.10.1016/0305-750X(94)00132-ISearch in Google Scholar

Demetriades, P. O. and Andrianova, S., 2003. Finance and growth: what we know and what we need to know. Financial Development and Economic Growth, Palgrave Macmillan UK: 38-65 https://lra.le.ac.uk/bit-stream/2381/4424/1/dp03-15.pdf (25-01-2018)10.1057/9780230374270_2Search in Google Scholar

Demetriades, P. O. and Hussein A. K., 1996. Does Financial Development Cause Economic Growth? Time Series Evidence from 16 Countries. Journal of Development Economics, 51(2): 387-411.10.1016/S0304-3878(96)00421-XSearch in Google Scholar

Demetriades, P. O. and James, G. A., 2011. Finance and growth in Africa: The broken link. Economics Letters, 113(3): 263-265.10.1016/j.econlet.2011.08.007Search in Google Scholar

Demirci, N. S., 2017. Relationship between Production and Bank Credits in Manufacturing Industry Sector: Cointegration and Causality Analysis for Turkey. Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 19(1): 35-61.Search in Google Scholar

Demirguc-Kunt, A., and Levine R., 2008. Finance, Financial Sector Policies and Long Run Growth. The World Bank Development Research Group, Policy Research Working Paper No: 4469.10.1596/1813-9450-4469Search in Google Scholar

Diallo, B., 2018. Bank efficiency and industry growth during financial crises. Economic Modelling, 68: 11-22.10.1016/j.econmod.2017.03.011Search in Google Scholar

Dimelis, S., Giotopoulos, I. and Louri, H., 2016. What determines the growth of micro firms in the euro area?. Economics and Business Letters, 5(4): 145-151.10.17811/ebl.5.4.2016.145-151Search in Google Scholar

Dimelis, S., Giotopoulos, I., and Louri, H., 2017. Can Firms Grow Without Credit? A Quantile Panel Analysis in the Euro Area. Journal of Industry, Competition and Trade, 17(2): 153-183.10.1007/s10842-016-0216-1Search in Google Scholar

Dörr, S., Raissi, M. M. and Weber, A., 2017. Credit-Supply Shocks and Firm Productivity in Italy. International Monetary Fund, No. 17/67.10.5089/9781475588668.001Search in Google Scholar

Duan, Y., 2008. Analysis of the Effect of the Financial Support on China’s Equipment Manufacturing. International Conference on Information Management, Innovation Management and Industrial Engineering: 74-77.10.1109/ICIII.2008.147Search in Google Scholar

Ebi, B. O. and Emmanuel, N., 2014. Commercial Bank Credits and Industrial Subsector’s Growth in Nigeria. Journal of Economics and Sustainable Development, 5(9): 1-10.Search in Google Scholar

Estrada, G., Park, D., and Ramayandi, A., 2010. Financial Development and Economic Growth in Asia. ADB Working Paper No 233. https://www.adb.org/sites/default/files/publication/28277/economics-wp233.pdfSearch in Google Scholar

Favara G., 2006). An Empirical Reassessment of the Relationship between Finance and Growth. IMF Working Paper, 1-27. http://www.afi.es/eo/an%20empirical%20reassessment.pdfSearch in Google Scholar

Giotopoulos, I. and Fotopoulos, G., 2010. Intra-industry growth dynamics in the Greek services sector: firm-level estimates for ICT-producing, ICT-using, and non-ICT industries. Review of Industrial Organization, 36(1): 59-74.10.1007/s11151-010-9241-0Search in Google Scholar

Greenwood, J., and Jovanovic, B., 1990. Financial Development, Growth and the Distribution of Income. Journal of Political Economy, 98: 1076-1107.10.1086/261720Search in Google Scholar

Guariglia, A. and Poncet, S., 2008. Could financial distortions be no impediment to economic growth after all? Evidence from China. Journal of Comparative Economics, 36(4): 633-657.10.1016/j.jce.2007.12.003Search in Google Scholar

Gurgul, H. & Lach, L. 2012. Financial development and economic growth in Poland in transition: causality analysis. Czech Journal of Economics and Finance (Finance a Uver), 62, 4: 347-367.Search in Google Scholar

Gurley, J.G. and Shaw E.S., 1955. Financial Aspects of Economic Development. The American Economic Review, 45(4): 515-538.Search in Google Scholar

Hasanov, F., and Huseynov, F., 2013. Bank credits and non-oil economic growth: Evidence from Azerbaijan. International Review of Economics & Finance, 27:597-610.10.1016/j.iref.2013.02.005Search in Google Scholar

Hassan, M. K., Sanchez, B. and Yu, J. S., 2011. Financial development and economic growth: New evidence from panel data. The Quarterly Review of economics and finance, 51(1): 88-104.10.1016/j.qref.2010.09.001Search in Google Scholar

Iyoboyi, M., 2013. Bank and Non-Bank Financial Deepening and Economic Growth: The Nigerian Experience (1981–2010). Economic Notes, 42(3): 247-272.10.1111/j.1468-0300.2013.12008.xSearch in Google Scholar

Izhar, A. and Tariq, M., 2009. Impact of institutional credit on aggregate agricultural production in India during post reform period. MPRA paper, 17075.Search in Google Scholar

Jalil, A., Feridun, M., and Ma, Y., 2010. Finance–growth nexus in China revisited: New evidence from principal components and ARDL bounds tests. International Review of Economics and Finance, 19(2): 189–19510.1016/j.iref.2009.10.005Search in Google Scholar

John, E. E. and Terhemba, I. P. , 2016. Commercial Bank Credit and Manufacturing Sector Output in Nigeria. Journal of Economics and Sustainable Development, 7(16): 189-196.Search in Google Scholar

Kaldor, N., 1968. “Productivity and Growth in Manufacturing Industry: a reply”. Economica. 35: 385-391.10.2307/2552347Search in Google Scholar

Kandir, S. Y., İskenderoğlu, Ö. and Önal, Y.B., 2007. Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişkinin Araştırılması. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 16(2): 311-326Search in Google Scholar

Kar, M. and Pentecost, E. J., 2000. Financial Development and Economic Growth in Turkey: Further Evidence on the Causality Issue. Loughborough University Economic Research Paper, 27.Search in Google Scholar

Kashyap, A. K., Stein, J. C. & Wilcox, D. W. 1996. Monetary policy and credit conditions: Evidence from the composition of external finance: Reply. The American Economic Review, 86, 1: 310-314.Search in Google Scholar

Kashyap, A. K. & Stein, J. C. 2000. What do a million observations on banks say about the transmission of monetary policy?. American Economic Review, 90, 3: 407-428.Search in Google Scholar

Kaya, A., Gülhan, Ü. and Güngör, B., 2013. Türkiye ekonomisinde finans sektörü ve reel sektör etkileşimi. Akademik Araştırmalar ve Çalışmalar Dergisi, 5(8): 2-15Search in Google Scholar

Kelly, J. and Everett, M., 2004. Financial liberalisation and economic growth in Ireland. Central Bank Quarterly Bulletin, 4(3): 91-112.Search in Google Scholar

King, R. G., and Levine, R., 1993. Finance and Growth: Schumpeter Might Be Right. Quarterly Journal of Economics, 108: 717-738.10.2307/2118406Search in Google Scholar

Kumar, R. R., 2011. Do Remottances, Exports and Financial Development Matter for Economic Growth? A Case Study of Pakistan Using Bounds Approach. Journal of International Academic Research, 11(1): 18-27.Search in Google Scholar

Larrain, B., 2006. Do banks affect the level and composition of industrial volatility?. The Journal of Finance, 61(4): 1897-1925.10.1111/j.1540-6261.2006.00892.xSearch in Google Scholar

Leitão, N. C., 2012. Bank credit and economic growth: a dynamic panel data analysis. Economic Research Guardian: 256-267.Search in Google Scholar

Leshoro, T. L. 2017. Trade union inflation expectations and the second-round effect in South Africa: Toda-Yamamoto causality approach. University of South Africa (Unisa) Economic Research Working Papers, 13Search in Google Scholar

Levine, R., 2002. Bank-Based or Market-Based Financial Systems: Which is Better? Journal of Financial Intermediation, 11(4): 398-428.10.1006/jfin.2002.0341Search in Google Scholar

Levine, R., Loayza, N., and Beck, T., 2000. Financial intermediation and growth: Causality and causes. Journal of monetary Economics, 46(1): 31-77.10.1016/S0304-3932(00)00017-9Search in Google Scholar

Loayza, N.V. and Ranciere, R., 2006. Financial Development, Financial Fragility, and Growth. Journal of Money, Credit and Banking, 38(4): 1051-1076.10.1353/mcb.2006.0060Search in Google Scholar

Lu, C. H., and Shen, C. H., 2012. Bank Lending and Economic Growth of Chinese Cities. China & World Economy, 20(2): 59-79.10.1111/j.1749-124X.2012.01280.xSearch in Google Scholar

Lucas, R., 1988. On the Mechanics of Economic Development. Journal of Monetary Economics, 22: 3-42.10.1016/0304-3932(88)90168-7Search in Google Scholar

Ma, Y. and Jalil, A., 2008. Financial development, economic growth and adaptive efficiency: A comparison between China and Pakistan. China & World Economy, 16(6): 97-111.10.1111/j.1749-124X.2008.00140.xSearch in Google Scholar

Mamgain, V., 1999. Are the Kaldor–Verdoorn Laws Applicable In The Newly Industrializing Countries? Review of Development Economics. 3(3): 295-309.10.1111/1467-9361.00069Search in Google Scholar

Manova, K., 2013. Credit constraints, heterogeneous firms, and international trade. Review of Economic Studies, 80(2): 711-744.10.1093/restud/rds036Search in Google Scholar

Marques, L. M., Fuinhas, J. A. and Marques, A. C., 2013. Does the stock market cause economic growth? Portuguese evidence of economic regime change. Economic Modelling, 32: 316-324.10.1016/j.econmod.2013.02.015Search in Google Scholar

Meltzer, A. H. 1995. Monetary, credit and (other) transmission processes: A monetarist perspective. Journal of Economic Perspectives, 9, 4: 49-72.Search in Google Scholar

Mishkin, F. S. 1995. Symposium on the Monetary Transmission Mechanism. Journal of Economic Perspectives, 9, 4: 3-10.Search in Google Scholar

Mishkin, F. S. 1996. The Channels of Monetary Transmission: Lesson For Monetary Policy. National Bureau Of Economic Research (NBER) Working Series, Working Paper 5464: 1-27.Search in Google Scholar

Mishkin, F. S. 2001. The Transmission Mechanism and the Role of Asset Prices in Monetary Policy. National Bureau Of Economic Research (NBER) Working Series, Working Paper 8617: 1-21.Search in Google Scholar

Mishra, P. K., Das, K. B. and Pradhan, B. B., 2009a. Empirical Evidence on Indian Stock Market Efficiency in Context of the Global Financial Crisis, Global Journal of Finance, 1(2): 149-157.Search in Google Scholar

Mishra, P. K., Das, K. B. and Pradhan, B. B., 2009b. Credit market development and economic growth in India. Middle Eastern Finance&Economics, 5(3):92-106Search in Google Scholar

Mohanty, A. R., Kumar S.and Patra, S. K., 2016. Bank credit and economic growth: An empirical evidence from Indian states. International Journal of Current Research, 8, (09): 39145-39151.Search in Google Scholar

Nkurunziza, J.D., 2010. The effect of credit on growth and convergence of firm size in Kenyan manufacturing. The Journal of International Trade & Economic Development. 19 (3): 465-494.10.1080/09638190802617670Search in Google Scholar

Nnamocha, P. N. and Eke, C. N., 2015. Bank Credit and Agricultural Output in Nigeria (1970 – 2013. An Error Correction Model (ECM) Approach. British Journal of Economics, Management & Trade 10(2): 1-12.10.9734/BJEMT/2015/19884Search in Google Scholar

Nyasha S. and Odhiambo N.M., 2017. Bank Versus Stock Market Development in Brazil: An ARDL Bounds Testing Approach. South East European Journal of Economics and Business 12 (1): 7-2110.1515/jeb-2017-0001Search in Google Scholar

Odedokun, M. O., 1998. Financial intermediation and economic growth in developing countries. Journal of Economic studies, 25(3): 203-224.10.1108/01443589810215351Search in Google Scholar

Oliner, S. D. & Rudebusch, G. D. 1996. Monetary policy and credit conditions: evidence from the composition of external finance: comment. The American Economic Review, 86, 1: 300-309.Search in Google Scholar

Olokoyo, F. O., Adetiloye, K. A., & Ikpefan, O. A., 2016. Bank›s Intermediation Role and Industrial Output in Developing Economies. The Social Sciences, 11(24): 5838-5844.Search in Google Scholar

Oluitan, R. O., 2012. Bank credit and economic growth: Evidence from Nigeria. International Business and Management, 5(2): 102-110.Search in Google Scholar

Onder, Z. and Ozyildirim, S., 2010. Banka kredilerinin bölgesel büyümeye etkileri. METU Studies in Development, 37(3): 267-292.Search in Google Scholar

Oni, I. O., Akinlo, A. E. and Oladepo, E. D., 2014. Impact of Bank Credit on the Real Sector: Evidence from Nigeria. Global Journal of Business Research,8(3):39-47.Search in Google Scholar

Patrick, H., 1966. Financial Development and Economic Growth in Underdeveloped Countries. Economic Development and Cultural Change, 14: 174-189.10.1086/450153Search in Google Scholar

Pesaran, M. H., Shin, Y. and Smith, R. J., 2001. Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3): 289-326.10.1002/jae.616Search in Google Scholar

Petkovski, M. and Kjosevski, J., 2014. Does banking sector development promote economic growth? An empirical analysis for selected countries in Central and South Eastern Europe. Economic Research-Ekonomska Istraživanja. 27 (1): 55-66.10.1080/1331677X.2014.947107Search in Google Scholar

Pham, V. D. H., 2014. Credit market disruption and corporate innovation: an empirical analysis. Saint Mary’s University Research Report:1-67. Available at http://springerlink.com.library2.smu.ca/bitstream/handle/01/26129/Pham_VuDiemHang_MRP_2014.pdf?sequence=1&isAllowed=ySearch in Google Scholar

Pons-Novell, J. and Viladecans-Marsal, E., 1998. Kaldor’s laws and spatial dependence: evidence for the European regions. Regional Studies. 33 (5): 443-451.10.1080/00343409950081284Search in Google Scholar

Pradhan, R. P., 2010a. Financial deepening, foreign direct investment and economic growth: are they cointegrated. International Journal of Financial Research, 1(1): 37.10.5430/ijfr.v1n1p37Search in Google Scholar

Pradhan, R. P. P., 2010b. The Nexus between Finance, Growth and Poverty in India: The Cointegration & Causality Approach1.Asian Social Science, 6(9):114-122.10.5539/ass.v6n9p114Search in Google Scholar

Qamruzzaman, M. and Jianguo, W., 2017. Financial innovation and economic growth in Bangladesh. Financial Innovation, 3(1): 1-24.10.1186/s40854-017-0070-0Search in Google Scholar

Rahman, M., Noman, A. H. M. & Shahari, F. 2017. Does economic growth in Malaysia depend on disaggregate energy?. Renewable and Sustainable Energy Reviews, 78: 640-647.Search in Google Scholar

Rahman, M., Shahbaz, M. and Farooq A., 2015. Financial Development, International Trade and Economic Growth in Australia: New Evidence from Multivariate Framework Analysis. Journal of Asia-Pacific Business, 16(1): 21-4310.1080/10599231.2015.997625Search in Google Scholar

Rajan, R. G. and Zingales, L., 1998. Financial Dependence and Growth. American Economic Review, 88(3): 559–586.Search in Google Scholar

Ramcharran, H., 2017. Bank lending to small business in India: Analyzing productivity and efficiency. The Quarterly Review of Economics and Finance, 65: 16–24.10.1016/j.qref.2016.06.003Search in Google Scholar

Robinson, J., 1952. The model of an expanding economy. The Economic Journal, 62(245): 42-53.10.2307/2227172Search in Google Scholar

Romer, P. M. 1990. Endogenous technological change. Journal of Political Economy, 98, 5, Part 2: S71-S102.Search in Google Scholar

Scottish Governement, 2008. Access to Bank Finance for Scottish SMEs. Scottish Government Publications. https://www2.gov.scot/Publications/2008/09/08110445/2Search in Google Scholar

Sehrawat, M. & Giri, A. K. 2015. The role of financial development in economic growth: Empirical evidence from Indian states. International Journal of Emerging Markets, Vol. 10 Issue: 4, pp.765-780, https://doi.org/10.1108/IJoEM-05-2014-006410.1108/IJoEM-05-2014-0064Search in Google Scholar

Sehrawat, M. & Giri, A. K. 2016. Panel data analysis of financial development, economic growth and rural-urban income inequality: Evidence from SAARC countries. International Journal of Social Economics, Vol. 43 Issue: 10, pp.998-1015, https://doi.org/10.1108/IJSE-10-2014-021110.1108/IJSE-10-2014-0211Search in Google Scholar

Shan J., and Jianhong Q., 2006. Does Financial Development lead Economic Growth? The case of China. Annals of Economics and Finance, 7(1): 197-213.Search in Google Scholar

Sogules, I. W. and Nkoro, E., 2016. Bank Credits and Performance of Manufacturing Sector inNigeria,1970-2013.The Journal of Social SciencesResearch,2(7):129-132.Search in Google Scholar

Stolbov, M., 2017. Causality between credit depth and economic growth: evidence from 24 OECD countries. Empirical Economics, 53(2): 493-524.10.1007/s00181-016-1142-0Search in Google Scholar

T24. T24 Online News Paper. 2017. Available at http://t24.com.tr/haber/turkiye-ekonomisi-dunyada-kacinci-sirada,430739.Search in Google Scholar

Tawose, J. O. B., 2012. Effects of bank credit on industrial performance in Nigeria. International Business and Management, 4(2): 158-168.Search in Google Scholar

Toby, A. J. and Peterside, D. B., 2014. Analysis of the role of banks in financing the agriculture and manufacturing sectors in Nigeria. International Journal of Research in Business Management, 2(2): 9-22.Search in Google Scholar

Tripathi, V., & Kumar, A. 2015. Linkages between Real & Financial Sector: Empirical Evidence from India Using ARDL Approach. Financial Markets And Economic Development. Available at https://www.researchgate.net/profile/Arnav_Kumar4/publication/281118050_Linkages_between_Real_Financial_Sector_Empirical_Evidence_from_India_using_ARDL_approach/links/55d72e7408aec156b9a9ff6f/Linkages-between-Real-Financial-Sector-Empirical-Evidence-from-India-using-ARDL-approach.pdfSearch in Google Scholar

Ume, K. E., Obasikene, A., Oleka, C., Nwadike, A. and Okoyeuzu, C., 2017. The Relative Impact of Bank Credit on Manufacturing Sector in Nigeria. International Journal of Economics and Financial Issues, 7(2): 196-201.Search in Google Scholar

Umit, A. Ö. 2016. Türkiye’de Banka Kredi Kanalının İşleyişini 2001 Krizi Sonrasında Yeniden Değerlendirme: Ampirik Analiz. Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 16 (1): 97-12310.11616/basbed.vi.455779Search in Google Scholar

UNIDO, 2017. Industrial Development Report 2018. Demand for Manufacturing: Driving Inclusive and Sustainable Industrial Development. United Nations Industrial Development Organization, Vienna. https://www.unido.org/Search in Google Scholar

Vovchak, T., 2017. Bank Credit, Liquidity Shocks and Firm Performance: Evidence from the Financial Crisis of 2007-2009. CERGE-EI Working Paper Series, 584: 1-19. https://www.cerge-ei.cz/pdf/wp/Wp584.pdf10.2139/ssrn.2960742Search in Google Scholar

Wa, H.N., 2002. Financial Development and Economic Growth in Macau. MonetaryAuthority ofMacau,https://pdfs.semanticscholar.org/3530/d7cbc0e6f985eff37e2535d24d0cd1bf8fc9.pdfSearch in Google Scholar