Özet:

The global financial crisis has significantly affected the financial markets and macroeconomic variables of many countries. This situation has not been explained by referring only to the structural problems in the country’s basic indicators. Therefore, infection has often been used for the purpose of analysing the spread effects of financial disorders in recent periods. The aim of this study is to test the existence of financial infectious effects and multi-behavior between the S&P500 and the BIST30 index on the basis of the horizontal deviation over the daily closing prices for the period 5 July 2006 - 12 November 2019. The analysis period was also divided into two sub-periods, including the crisis and the post-crisis, to study the effects of the 2008 global financial crisis. The developed "Financial Influence Model" has been analyzed with the help of both EKKY and asymmetrical GARCH types, calculating the stock exchange index closing prices of each country from different currencies. As a result, despite the fact that the financial infection effect for the entire period, the crisis-including period and the post-crisis period is always there, the impact of spread with the abundant behavior of the crisis, unlike the expectation, has only been statistically and economically meaningful in the post-crisis period. An important conclusion of the study is that when the currency varies for each analysis period, the financial contamination rate and the multi-comportment rate signals that show the spread effect of the crisis are not changed and therefore the currency variables do not need to be harmonised.

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