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Copyright of Ardahan University Journal of the Faculty of Economics & Administrative Sciences / Ardahan Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi is the property of Ardahan University Journal of the Faculty of Economics & Administrative Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The focus of developing economies in recent years has shifted from the growth of per capita national income to sustainability. A sustainable economy is now possible with a sustainable environment. Therefore, energy utilization rates of countries have become a very important issue with the sustainability framework. In this study, the energy consumption convergence of the 10 European countries with the highest per capita energy consumption is analyzed using the data set covering the period between 1965 and 2022. Conventional unit root tests and many recent unit root tests with extended residuals are used to detect energy convergence. Conventional unit root tests did not provide sufficient evidence for convergence, and the classical unit root tests were found to be very weak in rejecting the null hypothesis. When the residuals obtained from the classical unit root tests are analyzed, it is found that the residuals of many countries are not normally distributed. Therefore, RALS-type unit root tests with extended residuals were applied to the data sets. Although no convergence was detected for any country because of classical unit root tests, it was found that some European countries showed convergence behavior in the results of RALS-type unit root tests. Since the data set covers 58 years, it is known that many economic fluctuations have been experienced in this long period. For this reason, the most recent RALS type unit root test, which considers structural breaks, was applied to the data sets. No convergence was detected in the classical unit root tests, and because of the unbroken RALS-type unit root tests, it was found that three countries converged to the group average. As a result of the latest RALS-type unit root test with breaks found that 7 out of 10 selected European countries (Germany, Belgium, France, Netherlands, Italy, Romania, and Greece) converged to the group average. [ABSTRACT FROM AUTHOR]

The relationship between the interestrate and stock pricesis a frequently discussed topic in the economics literature. Estimating the direction and size of the interaction between two different investment instruments is very important for economic decision units. Central banks of developing countries such as Turkey attach great importance to maintaining the optimal balance between stock returns and interest rates. This subject, which was first investigated with linear econometric time series analysis, then started to be investigated with current nonlinear techniques. The use of non-linear techniques by the economic reality is important to determine the relationship between the variables in a healthy way. In this study, the Central Bank weighted average funding cost is used for policy interest rate, and Ise100 price index data is used for the stock price. The study was carried out using monthly data between the years 2011-2023. The relationship between stock prices and interest rate Banerjee et al. (2017) Fourier ADL cointegration test was used. First of all, it was determined that both variables were I(1), and then the cointegration relationship was tested. According to the study's findings, a long-term cointegration relationship was determined between the interest rate and the Ise100 index. Based on the cointegration relationship found, the long-term coefficients were estimated with the FMOLS model. In this context, it has been determined that the 1% increase in the interest variable causes a decrease of approximately 55 points in the BIST100 index. [ABSTRACT FROM AUTHOR]