Özet:

In this study, the effects of international stock markets on each other were examined using structural breakdown time series analysis for 12 European and 8 Asian stock markets in 2001: 01-2017: 04. The findings of the analyzes that showed positive effects on the returns of both stocks of the two countries also reflected the predominance of the influence of the stock markets in Europe. Moreover, the high dependency relations between the two groups of countries' stock markets and the effects of conjuncture waves on this process, the effects of the decisions taken in a financial market, can spread to other financial markets and it is also very important to show that investors can move their movements in this direction. On the other hand, the interaction between the international stock markets and the conjuncture can lead to financial bubbles by bringing speculative movements from one side to the other, and on the other hand. It can reverse the conjuncture with the bursting balloon burst. Therefore, the existence of the contagion system between financial markets can affect the economic prosperity or the crisis as a whole.

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