Dünyada Yaşanan Son Ekonomik Krizlerin Ortak Paydası: Yayılma Etkisi Ve Belirleyicileri Üzerine Bir Değerlendirme
The Common Denominator of the Past and Possible Future Economic Crises: Contagion Effect and its Determinants

Summary/Abstract: In this study, by focusing on the concept of contagion, factors that increase contagion effect will be determined. For this purpose, recent crises occurred in the world were analyzed and their common denominators were tried to be determined. The findings point that they have similar characteristics. The most important common characteristic is the fact that crisis is not limited to the country of origin but has a tendency to spread to other countries. The factors that increase the effect of contagion are countries’ adoption of financial liberalization policies, financial globalization, regional integration, the sanctions of supranational institutions, technology, developments in communication, and innovations in finance. These factors increase mutual commercial, financial connections among countries and thus interdependence, and cause crises to spread to other countries. In case there is no change in these dynamics, it is highly likely that possible future crises will show a similar tendency to spread.

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