The Effect of Financial Crisis of 2007 on Business Integration (G15) Countries

World's financial crisis which began in 2007 with the collapse of New York stock market and explosion of housing bubble in America has undergone huge changes. This crisis, which started with incorrect economic policy of America Federal Reserves, has rapidly changed the economic feature of the world. In the new millennium, G15 countries must strengthen and fortify their relations to face global challenges especially economy globalization trend, architecture of international financial structures, utilizing information and communication technology and fighting against poverty, illiteracy and obstacles to development; they must also strengthen their cooperation through participation in the fields which bring them common benefits. The main aim of this study is to adjust trade policies to prevent the effect of financial crisis on countries. In this study, Gravity Model was taken as the basis of modeling to assess business effects; the aim was to study the effects of recent financial crisis on business integration of G 15 countries using possibilities of this model (econometrics and Panel Data Model) for 1995-2009. Results reveal that the effect of financial crisis on business integration of G15 countries is 75%respectively; it reflects the fact that financial crisis has integrated G15 countries for 75 %. Classification: C33 • F36 F15: JEL