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Open AccessArticle

Analysis of Wavelet Coherence: Service Sector Index and Economic Growth in an Emerging Market

1
Economics Department, Faculty of Economic and Administrative Science, Kocaeli University, Kocaeli 41380, Turkey
2
Department of Banking and Finance, Faculty of Economic and Administrative Science, European University of Lefke, Lefke Northern Cyprus, TR-10 Mersin, Turkey
3
Gonen Vocation School, Bandırma Onyedi Eylül University, Gönen, Balıkesir 10900, Turkey
*
Author to whom correspondence should be addressed.
Sustainability 2019, 11(23), 6684; https://doi.org/10.3390/su11236684
Received: 17 October 2019 / Revised: 21 November 2019 / Accepted: 22 November 2019 / Published: 26 November 2019
The present study aims to shed some light on the causal link between the Service Sector Index in the Turkish stock market and economic growth using a wavelet coherence approach. Thus, the present study determines whether the Service Sector Index leads to economic growth in Turkey and/or vice versa. Based on our aim, we use the wavelet coherence approach, which allows us to capture long-run and short-run causal linkages between the Service Sector Index and economic growth in Turkey, since the approach combines both time domain causality and frequency domain causality tests. The findings from wavelet coherence reveal that there is one-way causality running from the Service Sector Index to economic growth in Turkey at different frequencies and different periods between 1997 and 2017. View Full-Text
Keywords: service sector; economic growth; emerging market; Turkey; wavelet coherence service sector; economic growth; emerging market; Turkey; wavelet coherence
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Orhan, A.; Kirikkaleli, D.; Ayhan, F. Analysis of Wavelet Coherence: Service Sector Index and Economic Growth in an Emerging Market. Sustainability 2019, 11, 6684.

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