ABD Merkez Bankası Politikalarının Küresel Piyasalara Olan Etkisi

Abstract

England had been in most powerful countryposition of the global markets from 16th century to World War I. Since then USA has taken the leading position despite global shocks like 1929 World Economic Depression. In this study, definition of the global market, the historical development of global markets, crisis and the types of crisis influencing countries have been examined. Moreover, 2008 Global Financial Crisis has been discussed in details. Within the scope of this study, an empirical study has been applied in 2000-2013 period for 24 countries including Turkey. The aim of the study is to reveal the effects of macroeconomic variables, macroeconomic variables' volatilities and the influence of USA on developed and developing countries' economies of stock exchange volatilities which is one of the most basic indicators of the global markets. Symmetric ARCH (1), ARCH (2), GARCH (1,1) and asymmetric E-GARCH (1,1,1) TARCH (1,1,1) models have been used to acquire volatilities.