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• First difference Variables Model A Model C Model A Model C Credit -1.7493 (2003Q3-2005Q2) (2003Q2-2008Q3)
• (2002Q1-2009Q2 BIST -2.1601 (2001Q1-2009Q2) (2000Q2-2001Q1)
• (2000Q4-2002Q3) M3 -3.0199 (2001Q1-2006Q3) (2001Q4-2007Q4)
• (2002Q4-2007Q1) GDP -3.0917 (2007Q1-2009Q3) (2001Q1-2006Q3) (2002Q4-2007Q1)
• Notes: ***,** and* denote significance at 1%, 5% and 10% level respectively using the critical values from
• Lee and Strazicich (2003). The parantheses below the test statistics show the break points for the series.
• Table Hatemi-J (2008) Cointegration Test Modified ADF
• Modified Philips Credit-GDP -5.772*
• (2001Q1-2001Q2) -7.122***
• (2000Q1-2000Q3) BIST-GDP -4.109
• (2002Q2-2005Q2) -5.932*
• (2001Q3-2004Q1) M3-GDP -5.996*
• (2002Q2-2006Q3) -6.597** (2000Q2-2000Q3)
• Notes: ***,** and* denote significance at 1%, 5% and 10% level respectively using the critical values from
• Hatemi –J (2008). The parantheses below the test statistics show the break points for the series.
• Table Granger Causality Test Results Error correction term (p-value) (p-value)
• Financial liberalization Economic growth Credit  GDP -0.01279 (0.9256)
• 0.07822 (0.9715) BISTGDP -0.00192 (0.7676)
• 0.30820 (0.8193) M3GDP --0.00866 (0.5681) 0.78871 (0.6041)
• Economic growth Financial liberalization GDP Credit -0.03368 (0.0912)
• 37185 (0.0849) GDPBIST -0.43101(0.0012)
• 70429 (0.0057) GDP M3 -0.05949 (0.1058) 1.8823 (0.1849)