The Effect of Financial Development on Economic Growth in BRIC-T Countries: Panel Data Analysis

In this study, the effect of financial development on economic growth was for the most rapidly developing countries (emerging markets) (Brazil, Russia, India, China and Turkey, BRIC-T) via panel data using the annual data for the period from 1989 to 2010. Foreign investments and trade openness, which was thought to have effects the growth, were included in the analysis. According to empirical derived from the study made with panel data analysis it was that the effect of financial development on economic growth was and statistically significant in line with theoretical expectations. that even foreign direct investments and openness contributed to growth positively was also found.