This study investigates the relationship between Internet usage, financial development, economic growth, capital and electricity consumption using quarterly data from 1993Q1 to 2014Q4. The integration order of the series is analysed using the structural break unit root test. The ARDL bounds test for cointegration in addition to the Bayer-Hanck (2013) combined cointegration test is applied to analyse the existence of cointegration among the variables. The study found strong evidence of a long-run relationship between the variables. The long-run results under the ARDL framework confirm the existence of an inverted U-shaped relationship between financial development and electricity consumption, not only in the long-run, but also in the short-run. The study also confirms the existence of a U-shaped relationship between Internet usage and electricity consumption; however, the effect is insignificant. Additionally, the influence of trade, capital and economic growth is examined in both the long run and short run (ARDL-ECM). Finally, the results of asymmetric causality suggest a positive shock in electricity consumption that has a positive causal impact on Internet usage. The authors recommend that the Turkish Government should direct financial institutions to moderate the investment in the ICT sector by advancing credits at lower cost for purchasing energy-efficient technologies. In doing so, the Turkish Government can increase productivity in order to achieve sustainable growth, while simultaneously reducing emissions to improve environmental quality.

This study empirically investigates the relationship between economic growth, electricity consumption, trade and urbanisation in Iceland, covering the period 1965-2013. The A.R.D.L. bounds testing approach to co-integration is applied to investigate the existence of the long-run relationship. The causality was investigated among the variables using Granger causality under the V.E.C.M. framework. The A.R.D.L. bounds testing approach to co-integration confirms a long-run relationship between electricity consumption and its regressors. The empirical estimation indicates the existence of a positive and statistically significant impact of economic growth, trade and urbanisation on electricity consumption for Iceland, not only in the long-run, but also in the short-run. Furthermore, electricity consumption converges to its long-run position by 45.63% speed of adjustment using the channels of urbanisation, trade and economic growth. The results of Granger causality imply the presence of a feedback causal relationship between urbanisation and electricity consumption in the long-run, thus validating the feedback hypothesis. However, economic growth is causing trade, thus validating the growth-led trade hypothesis in the short-run. Additionally, no causal relationship was found between electricity usage and economic growth, which confirms the neutrality hypothesis. Implementing the energy conservation policy will have no damaging effect on economic growth for Iceland.

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ÖzetPetrol fiyatlarında 2014 sonu itibarıyla yaşanan sert düşüşün, birçok ülke ekonomisinin makro dengelerinde oldukça ciddi etkiler oluşturması beklenmektedir. Bu sert düşüşün ülkemiz ekonomisi açısından cari açıkta düşüş ve enflasyon oranında gerileme sağlayacağı beklentisi oluşmaktadır. Ucuz enerji Avrupa bölgesi ekonomileri için de itici güç olarak büyümeye katkı sağlayabilir. Böylece ülkemiz açısından bölgeye olan ihracatımızı artırarak ülkemiz büyümesine de katkı sağlayabileceği düşünülmektedir. Bu çalışmada petrol fiyatlarındaki düşüşün Türkiye'nin ekonomisine uzun dönem etkisini analiz etmek amacıyla; dış ticaret haddi, cari açık, tüketici fiyat endeksi (tüfe) ve sanayi üretim endeksi arasındaki ilişki incelenmiştir. Çalışmada makroekonomik değişkenler ve petrol fiyatları arasında ilişki kurmak amacıyla, öncelikle değişkenlerin durağanlıkları birim kök testleri ile sınanmıştır. Petrol fiyatlarıyla temel makroekonomik değişkenler arasındaki nedensellik ise VAR Granger Causality/Block Exogeneity Wald Test ile sınanmıştır. Bu çalışma petrol fiyatlarında 2014'te başlayıp halen devam eden dramatik düşüşün etkilerini inceleyen ve güncel verilerle Türkiye'nin makroekonomik dengesindeki uzun dönem etkilerini inceleyen bir araştırma olma özelliği taşır. AbstractThe sharp fall in oil prices at the end of 2014, is expected to create significant effects on many countries macro-economic balance. These falling prices in terms of Turkey's current account deficit and inflation rate are expected to decline. Lower energy price can contribute to growth as the driving force for the European economy. It can also contribute to growth by increasing Turkey's exports to the region.

The investor's expectation of future price increases on real estate is causing to further rise of prices. In the 1990s, Turkey's real estate price / rental income ratio was around 10, now is between 17-20 years. On the other hand, as a result of insufficient innovation and incentive application of industry, some companies have left their core activity and moved to the consruction industry. Studies using time series analysis with Turkey's data show that GDP growth and interest rates have a great impact on investment decisions of consruction companies. Using Turkstat, Bloomberg and Eurostat data, the empirical part of this study present the relationship between interest rate and GDP growth and consruction investments. The analysis will continue with cross-city-time-series analysis for a sample of 4 well-developed cities of turkey, in terms of construction investments. Finally, measuring the price-to-earnings ratio, the home price-to-rent ratio, the gross rental yield and the house ownership ratio will be compared to those of the metropolitan cities in Europe, whether there is a real estate bubble in Turkey or not.