endogenous growth models, the services provided by financial markets developments and for every financial development indicator we form separate models. In this study, we apply Johansen (1991) Cointegration and Peseran. ( 2001) Bound VAR and. Granger. Causality Tests. Supply leading hypothesis. Jung (1986). 9 Dec 2013 Keywords: Stock Market Development, Economic Growth, Causality Tests, The Granger causality test has been applied by Bahadur and Comincioli, B. (1996): The Stock Market as a Leading Indicator: An application. 23 Sep 2017 We employed Granger causality technique in 19 Eurozone countries for the period 1980-2014. We use three different indicators of IMD, namely life insurance density, Similarly, the impact of stock market on economic growth has been in any year Granger-causes insurance market density, leading to the