Financial Soundness Performance in Member Countries of the Organization of Turkic States: an Application Using Multiple MCDA Methods for the Period of 2018-2022

Year 2025, Volume: 25 Issue: 3, 523 - 554, 06.08.2025

Yusuf Pala , Hakan Yıldırım

https://doi.org/10.21121/eab.20250305

Abstract

The growing significance of cooperation between nations has become increasingly evident in recent years, largely due to the accelerating impact of globalization. Bilateral agreements and regional partnerships have been observed more frequently. One of the recent successful examples of such efforts is the Organization of Turkic States, which includes Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, and Türkiye. This study examines the financial soundness performance of Organization of Turkic States member countries with sufficient data from the period of 2018 to 2022. Using data from the International Monetary Fund database, an integrated approach of CRITIC, GRA, and SAW methods is employed. The results, consolidated using the Borda Count technique, provide a ranking of the financial soundness of these countries during the specified period. According to the analysis findings, the financial soundness performance rankings are as follows: Kazakhstan, Türkiye, Uzbekistan, and Kyrgyzstan. This study is the first to comparatively examine the financial soundness performances of member countries of the Organization of Turkic States, and as such, it contributes to the literature in this area.

Keywords

Financial Soundness , Financial Stability , Organization of Turkic States , CRITIC , GRA Method , SAW Method.

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