Abstract This study examines the relationship between bank credits and performance and growth of manufacturing sub-sectors. Industrial Production Index was used for a different approach as a dependent variable. Indications of the autoregressive distributed lag (ARDL) bound co-integration test support the theory that bank credits are more effective than loan rates on industrial production of sub-sectors. Moreover, the increase in bank credit leads to the rise of industrial production in all the sub-sectors, except Machinery. According to the Toda Yomamato causality test results, there are different degrees of causalities in means of the importance of bank loans for industrial production. On the other hand, in all sub-sectors except machinery and chemical sub-sectors, causality relations were observed at different grades beginning from loan interest rates to industrial production. As a result, this study concludes with the evidence of supply leading hypothesis via the financial sector leads and causes economic growth.

中文翻译：

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基于微观的银行信贷与经济增长研究：制造业子行业分析

摘要本研究探讨了银行信贷与制造业子行业的绩效与增长之间的关系。工业生产指数被用作因变量的另一种方法。自回归分布滞后（ARDL）约束的协整检验的指标支持以下理论：在子行业的工业生产中，银行信贷比贷款利率更有效。此外，银行信贷的增加导致除机械之外的所有子行业的工业生产增加。根据Toda Yomamato因果关系检验结果，在银行贷款对工业生产的重要性方面，存在不同程度的因果关系。另一方面，在除机械和化学子行业以外的所有子行业中，从贷款利率到工业生产，在不同等级上都观察到因果关系。结果，本研究得出的结论是通过金融部门的引导和导致经济增长的供应引导假说的证据。