This study investigates the triple relationship between ecological deficit, economic growth, and financial development in Türkiye for the period 1961-2021. The sample is divided into three different periods to grasp the socio-economic structural transformation in Türkiye, namely 1961-1989 (pre-economic liberalization period), 1990-2021 (post-economic liberalization period) and 1961-2021 (whole sample period). In this context, empirical assessments were based on the two-stage test method. In the first stage, Zivot-Andrews unit root tests with internal structural breaks were applied to examine whether the series were stationary. Within the framework of the stationarity results, it has been observed that if one or two internal structural breaks are applied, there is no change in the non-stationarity feature of the series and they are mostly integrated at the first order. Additionally, the Clemente-Montañés-Reyes unit root test approach was used to investigate whether the series encountered double mean shift or gradual change in the context of AO and IO models, respectively. The results of the Clemente-Montañés-Reyes unit root test approach were found to be the same as the Zivot-Andrews unit root method, where the series are stationary at their first difference I(1). Econometric analysis is also based on the combined cointegration method developed by Bayer and Hanck to test whether the series are cointegrated. The empirical findings show that the series are cointegrated at high significance level in terms of different estimation models and each selected period. Furthermore, the estimation results indicate the existence of a long-term relationship between the series.
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