Özet:

Abstract The world economy faced its first important crises after the Great Depression of 1929, originated from the US. The economic decline in the US economy in the mid-2007 has also penetrated foreign economies as a result of globalization. Shortly after, the problems in the financial markets spread to the real sector, and the crises caused a decline in growth rates and production levels, as well as raising unemployment rates in many countries of the world. The effects of the global financial crisis were noticed especially in the second half of 2008 in Turkey's economy. Aim of this study is to investigate interaction and correlation between US stock markets and the Turkish ISE stock market, during the global financial crisis. According to the data obtained by using the dynamic conditional correlation, correlation between two stock market returns volatilities was increased both positive and negative direction during the crises. Key Words: Global Financial Crises, Stock Markets, Dynamic Conditional Correlation

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