This study analyses the state of development, and prospects of future growth of Turkish non-bank financial institutions …, and capital markets. Currently, credit markets in Turkey are dominated by banking, and capital markets are dominated by … sector's capacity to support private sector development, and economic growth, and to reduce its vulnerability to shocks, non …

intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as … this analysis is that a positive long-run relationship between financial intermediation and output growth coexists with a … panel growth regressions. This paper--a product of the Growth and Investment Team, Development Research Group--is part of a …