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Scholars Journal of Economics, Business and Management | Volume-2 | Issue-05
Bidirectional Causality Analysis for Education Expenditures Index, Financial Development Index and Economic Growth: Case of North Cyprus
Ahmet Erülgen, Hasret Balcıoğlu
Published: May 31, 2015 | 142 120
DOI: 10.36347/sjebm.2015.v02i05.018
Pages: 566-572
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Abstract
The main aim of this study is to reveal the causality relationship between education expenditures index with finance sector development index and economic growth in North Cyprus. After producing indexes, Vector Error Correction Model (VECM), Granger Causality Analysis, Impulse Responses and Variance Decompositions are run to check the short and long term relationships. Findings show us that there are both long and short term bidirectional relationships amongst education expenditure index and financial development index with the Gross Domestic Product (GDP) growth in North Cyprus.