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This study aims to unweil the determinants of financial development, particularly the impact of industrialization, democracy, and financial openness on financial development in Turkey over the 1975–2015 period, using a bounds testing approach. It is found that (i) financial development and its main determinants are co-integrated; (ii) democracy is positively associated with financial development, whereas financial openness is associated with lower financial development; and (iii) industrialization is not a significant determinant of financial development in Turkey. Based on the obtained results, some recommendations are also provided.
Selçuk Akçay (Sat,) studied this question.
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