“…Studies investigating the relationship between financial development and growth have used panel data analysis methods as well as time series analysis. Among these studies; Goldsmith (1969), Levine (1997), Levine et al (2000), Thangavelu and James (2004), Nazlıoğlu, Yalama et al (2009), Wu et al (2010), Aydın et al (2014), Hayaloğlu (2015), İnançlı et al (2016), Eren and Ünal (2019), Alasgarli and Sekmen (2021) found a positive relationship between the two variables, while Naceur and Ghazouani (2007), Altıntaş and Ayrıçay (2010), Williams (2016), Aydın et al (2013), Li and Ingham (2020) obtained empirical evidence that the relationship is negative.…”