Abstract
"The COVID-19 pandemic, which started in China in December 2019, caused the great economic recession for about ten years, threatening health, devastating economic activity, and hurting well-being and jobs. The COVID-19 crisis is one the largest globally public health and economic crisis. The COVID-19 pandemic has affected economic activities across various sectors, including tourism, supply of medical equipment, global supply chains, electronic and financial markets, energy, and food services, while also significantly impacting social activities. This paper investigates the impact of S&P 500 Volatility Index (VIX) on returns of the six sector indexes, informatics index, food index, real estate investment trust index, textile index, tourism index and Bank index from 11 March 2020 to 28 May 2021 in Turkey. Using the VAR analysis method, the results of the empirical study showed that the responses of the other indexes except for Bank index to VIX index are negative at the first. Contrary to these reactions, Bank index return reacts positively to the VIX index."
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