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ANALYSIS OF THE MACROECONOMIC PERFORMANCES OF EUROPEAN COUNTRIES BY GRAY RELATIONAL ANALYSIS

Year 2020, , 198 - 213, 30.09.2020
https://doi.org/10.17261/Pressacademia.2020.1288

Abstract

Purpose - A macroeconomic analysis is a statistical analysis showing the current situation of the economy. Thanks to this analysis, individuals, investors, companies, states, and the public can perceive the strengths and weaknesses of the economy and make decisions accordingly. In this study, the macroeconomic performances of forty-four European countries was analyzed.
Methodology- The Gray relational analysis method was used in the study.
Findings- As evaluation criteria, nine macroeconomic variables were determined and thus two important results were obtained. The first was the indication of the Grey relational analysis (GRA) method application, an analysis method consisting of six stages. The second result was the macroeconomic performances of European countries.
Conclusion- According to the obtained findings, the ten countries with the most successful macroeconomic performance were Ireland, Russia, Germany, Azerbaijan, Malta, Luxembourg, Netherlands, United Kingdom, Armenia, and Poland, and the ten countries with the lowest macroeconomic performance were France, Serbia, Finland, Portugal, Italy, Bosnia and Herzegovina, Croatia, Belgium, Montenegro, Ukraine, and Greece. Turkey ranked thirty-third among the forty-four countries

References

  • Al-Refaie, A., Al-Durgham, L., and Bata, N. (2010). Optimal parameter design by regression technique and grey relational analysis. In Proceedings of the World Congress on Engineering (Vol. 3. pp. 2091-2095).
  • Chang, C. L., Tsai, C. H., and Chen, L. (2003). Applying grey relational analysis to the decathlon evaluation model. Int J Comput Internet Manage, 11(3), 54-62.
  • Chen, H. Y., and Lee, C. H. (2019). Electricity consumption prediction for buildings using multiple adaptive network-based fuzzy inference system models and gray relational analysis. Energy Reports, 5, 1509-1524. doi.org/10.1016/j.egyr.2019.10.009
  • Hashemi, S. H., Karimi, A., and Tavana, M. (2015). An integrated green supplier selection approach with analytic network process and improved Grey relational analysis. International Journal of Production Economics, 159, 178-191. doi.org/10.1016/j.ijpe.2014.09.027
  • Hou, J. (2010). Grey relational analysis method for multiple attribute decision making in intuitionistic fuzzy setting. J. Convergence Inf. Technol., 5(10), 194-199.
  • Hsu, L. C.. and Wang, C. H. (2009). Forecasting integrated circuit output using multivariate grey model and grey relational analysis. Expert Systems with Applications, 36(2), 1403-1409. doi:10.1016/j.eswa.2007.11.015
  • Kao, P. S., and Hocheng, H. (2003). Optimization of electrochemical polishing of stainless steel by grey relational analysis. Journal of Materials Processing Technology, 140(1-3), 255-259. Doi: 10.1016/S0924-0136(03)00747-7
  • Kuo, Y., Yang. T., and Huang, G. W. (2008). The use of grey relational analysis in solving multiple attribute decision-making problems. Computers and Industrial Engineering, 55(1), 80-93. doi:10.1016/j.cie.2007.12.002
  • Lin, J. L., and Lin, C. L. (2002). The use of the orthogonal array with grey relational analysis to optimize the electrical discharge machining process with multiple performance characteristics. International Journal of Machine Tools and Manufacture, 42(2), 237-244. PII: S0890-6955(01)00107-9
  • Lin, H. H., Cheng, J. H., and Chen, C. H. (2020). Application of Gray Relational Analysis and Computational Fluid Dynamics to the Statistical Techniques of Product Designs. Symmetry, 12(2), 227. doi:10.3390/sym12020227
  • Liu, G., Baniyounes, A. M., Rasul, M. G., Amanullah, M. T. O., and Khan, M. M. K. (2013). General sustainability indicator of renewable energy system based on grey relational analysis. International Journal of Energy Research, 37(14), 1928-1936.
  • Singh, P. N., Raghukandan, K., and Pai, B. C. (2004). Optimization by Grey relational analysis of EDM parameters on machining Al–10% SICP composites. Journal of Materials Processing Technology, 155, 1658-1661. doi:10.1016/j.jmatprotec.2004.04.322
  • Tan, Y. S., Chen, H., and Wu, S. (2019). Evaluation and implementation of environmentally conscious product design by using AHP and grey relational analysis approaches. Ekoloji, 28(107), 857-864.
  • Tosun, N. (2006). Determination of optimum parameters for multi-performance characteristics in drilling by using grey relational analysis. The International Journal of Advanced Manufacturing Technology, 28(5-6). 450-455. Doi: 10.1007/s00170-004-2386-y
  • Tsai, C. H., Chang. C. L., and Chen, L. (2003). Applying grey relational analysis to the vendor evaluation model. International Journal of the Computer. the Internet and Management, 11(3), 45-53.
  • Wang, T. K., Zhang, Q., Chong, H. Y., and Wang. X. (2017). Integrated supplier selection framework in a resilient construction supply chain: An approach via analytic hierarchy process (AHP) and grey relational analysis (GRA). Sustainability, 9(2), 289. Doi: 10.3390/su9020289
  • Wu, C. H. (2007). On the application of grey relational analysis and RIDIT analysis to Likert scale surveys. In International Mathematical Forum (Vol. 2, No. 14, pp. 675-687).
  • Wu, H. H. (2002). A comparative study of using grey relational analysis in multiple attribute decision making problems. Quality Engineering, 15(2), 209-217.
  • Xiao, X. C., Wang, X. Q., Fu, K. Y., and Zhao, Y. J. (2012). Grey relational analysis on factors of the quality of web service. Physics Procedia, 33, 1992-1998.
  • Yıldırım, F.B. (2018) Operasyonel. Yönetsel ve Stratejik Problemlerin Çözümünde Çok Kriterli Karar Verme Yöntemleri. Gri İlişkisel Analiz, 229-236. Dora Yayıncılık, 3. Baskı.
  • Zhai, L. Y., Khoo, L. P., and Zhong, Z. W. (2009). Design concept evaluation in product development using rough sets and grey relation analysis. Expert Systems with Applications. 36(3). 7072-7079
Year 2020, , 198 - 213, 30.09.2020
https://doi.org/10.17261/Pressacademia.2020.1288

Abstract

References

  • Al-Refaie, A., Al-Durgham, L., and Bata, N. (2010). Optimal parameter design by regression technique and grey relational analysis. In Proceedings of the World Congress on Engineering (Vol. 3. pp. 2091-2095).
  • Chang, C. L., Tsai, C. H., and Chen, L. (2003). Applying grey relational analysis to the decathlon evaluation model. Int J Comput Internet Manage, 11(3), 54-62.
  • Chen, H. Y., and Lee, C. H. (2019). Electricity consumption prediction for buildings using multiple adaptive network-based fuzzy inference system models and gray relational analysis. Energy Reports, 5, 1509-1524. doi.org/10.1016/j.egyr.2019.10.009
  • Hashemi, S. H., Karimi, A., and Tavana, M. (2015). An integrated green supplier selection approach with analytic network process and improved Grey relational analysis. International Journal of Production Economics, 159, 178-191. doi.org/10.1016/j.ijpe.2014.09.027
  • Hou, J. (2010). Grey relational analysis method for multiple attribute decision making in intuitionistic fuzzy setting. J. Convergence Inf. Technol., 5(10), 194-199.
  • Hsu, L. C.. and Wang, C. H. (2009). Forecasting integrated circuit output using multivariate grey model and grey relational analysis. Expert Systems with Applications, 36(2), 1403-1409. doi:10.1016/j.eswa.2007.11.015
  • Kao, P. S., and Hocheng, H. (2003). Optimization of electrochemical polishing of stainless steel by grey relational analysis. Journal of Materials Processing Technology, 140(1-3), 255-259. Doi: 10.1016/S0924-0136(03)00747-7
  • Kuo, Y., Yang. T., and Huang, G. W. (2008). The use of grey relational analysis in solving multiple attribute decision-making problems. Computers and Industrial Engineering, 55(1), 80-93. doi:10.1016/j.cie.2007.12.002
  • Lin, J. L., and Lin, C. L. (2002). The use of the orthogonal array with grey relational analysis to optimize the electrical discharge machining process with multiple performance characteristics. International Journal of Machine Tools and Manufacture, 42(2), 237-244. PII: S0890-6955(01)00107-9
  • Lin, H. H., Cheng, J. H., and Chen, C. H. (2020). Application of Gray Relational Analysis and Computational Fluid Dynamics to the Statistical Techniques of Product Designs. Symmetry, 12(2), 227. doi:10.3390/sym12020227
  • Liu, G., Baniyounes, A. M., Rasul, M. G., Amanullah, M. T. O., and Khan, M. M. K. (2013). General sustainability indicator of renewable energy system based on grey relational analysis. International Journal of Energy Research, 37(14), 1928-1936.
  • Singh, P. N., Raghukandan, K., and Pai, B. C. (2004). Optimization by Grey relational analysis of EDM parameters on machining Al–10% SICP composites. Journal of Materials Processing Technology, 155, 1658-1661. doi:10.1016/j.jmatprotec.2004.04.322
  • Tan, Y. S., Chen, H., and Wu, S. (2019). Evaluation and implementation of environmentally conscious product design by using AHP and grey relational analysis approaches. Ekoloji, 28(107), 857-864.
  • Tosun, N. (2006). Determination of optimum parameters for multi-performance characteristics in drilling by using grey relational analysis. The International Journal of Advanced Manufacturing Technology, 28(5-6). 450-455. Doi: 10.1007/s00170-004-2386-y
  • Tsai, C. H., Chang. C. L., and Chen, L. (2003). Applying grey relational analysis to the vendor evaluation model. International Journal of the Computer. the Internet and Management, 11(3), 45-53.
  • Wang, T. K., Zhang, Q., Chong, H. Y., and Wang. X. (2017). Integrated supplier selection framework in a resilient construction supply chain: An approach via analytic hierarchy process (AHP) and grey relational analysis (GRA). Sustainability, 9(2), 289. Doi: 10.3390/su9020289
  • Wu, C. H. (2007). On the application of grey relational analysis and RIDIT analysis to Likert scale surveys. In International Mathematical Forum (Vol. 2, No. 14, pp. 675-687).
  • Wu, H. H. (2002). A comparative study of using grey relational analysis in multiple attribute decision making problems. Quality Engineering, 15(2), 209-217.
  • Xiao, X. C., Wang, X. Q., Fu, K. Y., and Zhao, Y. J. (2012). Grey relational analysis on factors of the quality of web service. Physics Procedia, 33, 1992-1998.
  • Yıldırım, F.B. (2018) Operasyonel. Yönetsel ve Stratejik Problemlerin Çözümünde Çok Kriterli Karar Verme Yöntemleri. Gri İlişkisel Analiz, 229-236. Dora Yayıncılık, 3. Baskı.
  • Zhai, L. Y., Khoo, L. P., and Zhong, Z. W. (2009). Design concept evaluation in product development using rough sets and grey relation analysis. Expert Systems with Applications. 36(3). 7072-7079
There are 21 citations in total.

Details

Primary Language English
Subjects Finance, Business Administration
Journal Section Articles
Authors

Hakan Altın This is me 0000-0002-0012-0016

Publication Date September 30, 2020
Published in Issue Year 2020

Cite

APA Altın, H. (2020). ANALYSIS OF THE MACROECONOMIC PERFORMANCES OF EUROPEAN COUNTRIES BY GRAY RELATIONAL ANALYSIS. Journal of Economics Finance and Accounting, 7(3), 198-213. https://doi.org/10.17261/Pressacademia.2020.1288

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