Abstract:

Based on the basis of technological developments improved in the global structure of the new world order, geographic borders form an obscure line for the economic system. National and international markets offer a more embedded structure due to the enlargement of the international trade and commercial alternatives in the new formation shaped by financial and economic integration. It is vitally important for the market participants to explain the interaction between the markets in a mathematical way. This study, also, is a product of the purpose of explaining these relations and the route was determined by the financial crisis. Mathematical measure in the context of the national markets for a shock occurring in an international market in the interwoven structure was evaluated as the main descriptor of the relations between the markets. While Granger causality test, VAR and impulse response analysis were used in the study including the period of 1990-2000 within its scope, the interaction between the markets was considered in terms of developed and under-developed market differentiation.

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