The Causality Relationship Between The Stock Market Indices Of Countries with Different Economies and Financial Markets

In this study, Turkey stock market (XU100), American stock market (SP500), Japan stock market (NIKKEI225) and German stock markets (DAX) causal relationship between tested. In order to test the normality test, unit root test and the causality relationship of different indices, Granger causality test was applied in the study consisting of the weekly averages of four different country indices selected between 03.01.2010 and 31.12.2017. The results are that the XU100 index is on the DAX index, the SP500 index is on the NIKKIE225 index and the DAX index has a one-way and significant reason on the NIKKEI225 index, whereas there is no significant causality between the remaining indices