EDUCATION EXPENDITURE INDEX, FINANCIAL DEPTH INDEX AND ECONOMIC GROWTH CAUSALITY ANALYSIS: CASE OF NORTH CYPRUS
EDUCATION EXPENDITURE INDEX, FINANCIAL DEPTH INDEX AND ECONOMIC GROWTH CAUSALITY ANALYSIS: CASE OF NORTH CYPRUS

Summary/Abstract: In the literature, it is very common to find academic works related to the education sector expenditures and the Gross Domestic Product (GDP) growth also with the financial sector development and the GDP. However, it is not very common to find academic works that are focusing on education expenditures, financial depth and GDP growth relationship all at the same time. From that respect, the main aim of this particular study is to reveal the causality relationship between expenditures on education with finance sector depth and economic growth in North Cyprus. At the same time, surveys in the literature tried to explain the relationships with a one or two indicator. Same models with unique data sets may have different results for each country. Under all these facts in our study both education sector expenditures and financial development indicators were discussed separately. Findings of the study proves to us that in North Cyprus there are both long and short term relationships amongst human capital development through education, financial development and the Gross Domestic Product (GDP) growth.

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