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It was aimed to show the diversification possibilities that investors can catch in terms of emerging markets in the study. Within the scope of the study, the emerging markets of Turkey, Europe, Asia and America were compared. A total of 12 markets, 4 from Europe, 1 from the Americas and 7 from Asia were selected. Monthly closing values for the capital market were used for 16 years period (176 observations) for July 2002 - June 2017. The series were tested with the ADF, PP and Zivot andrews unit root tests, then Johansen Cointegration test and Wector Erroro Correction/Granger Causality test were used after it was found that there was no structural break with the Cusum test. As a result of the research, all the markets are found cointegrated in the long term. In a short term it is found that Turkey has mutual causality with Thailand, Russia, Poland, Brazil and also Taiwan, Malaysia and Czechia have one-way causality with Turkey. As a result, it can be said that there is no short-term causality relation with some emerging markets with the ISE and that it is possible to diversify in the short term in terms of investors. Extended English abstract is in the end of  PDF (TURKISH)  file . Ozet Bu calisma ile yatirimcilarin yukselen piyasalar acisindan yakalayabilecekleri cesitlendirme imkanlari ortaya konmaya calisilmistir. Calisma kapsaminda Turkiye ile Avrupa, Asya ve Amerika kitasinda yer alan yukselen piyasalar karsilastirilmistir. Bu amacla 4’u Avrupadan, 1’i Amerikadan, 7’si de Asyadan olmak uzere toplamda 12 piyasa secilmistir. Temmuz 2002 – Haziran 2017 donemine ait 16 yillik periyotta (176 gozlem) sermaye piyasasina ait aylik kapanis degerleri kullanilmistir. Gerceklestirilen calismada once ADF, PP ve Zivot-Andrews birim kok testleri ile seriler test edilmis, sonrasinda Cusum testi ile yapisal kirilma olmadigi anlasildiktan sonra, Johansen Esbutunlesme testi ve ardindan da Vektor Hata Duzeltme/Granger Nedensellik Testi kullanilmistir. Arastirma neticesinde incelenen tum piyasalarin uzun donemde esbutunlesik olduklari, kisa donemde ise Turkiye’nin Taylan, Rusya, Polonya ve Brezilya ile karsilikli, Tayvan, Malezya ve Cekya’nin ise Turkiye ile tek yonlu bir nedensellik iliskisinde oldugu tespit edilmistir. Bu cercevede, BIST’in inceleme kapsamindaki bazi yukselen piyasalarla kisa donemde nedensellik iliskisi bulunmadigi ve yatirimcilar acisindan kisa vadede hali hazirda bir cesitlendirme imkani sundugu soylenebilmektedir.

journal of human sciences

Test for cointegration and causality between ISE and emerging market ındices; diversification opportunities for ınvestors&lt;p&gt;BİST ile yükselen piyasalara ait endeksler arasındaki eş bütünleşme ve nedenselliğin test edilmesi; yatırımcılar açısından çeşitlendirme fırsatları