Development of capital market instruments in the world and Turkey

The aim of this study is to review the impact of the globalization process and global crises on the capital market instruments in the world and in Turkey and consequences of such process and crises and to evaluate the development thereof. The capital market instruments were reviewed and the concept of globalization and the global crises, which have impact on the capital market and are multidimensional, were tried to be analyzed. As markets that encountered mid- and long-term fund demand and fund supply, the capital markets have experienced significant changes since the early '70s. The economic instability and uncertainty developed in the new economic system, the evolution of information technologies and the development of new financial products are among the most prominent features of the capital markets. The removal of the obstacles before the international capital has increased the efficiency of the capital market instruments. The opportunity to do transactions in different countries all day round, with the effect of globalization process, has accelerated and deepened the financial interaction. In addition to these developments, the reforms, which are introduced into the capital market instruments by the new Turkish Trade Law and Capital Market Law, and the outcomes and risks thereof were researched.