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Year 2015, Volume: 2 Issue: 3, 0 - 0, 29.09.2015

Abstract

References

  • Baş, M. (2010) İşletmelerde Finansal Başarısızlığın Öngörülmesinde Gri İlişkisel Analiz Tekniği, Tekstil ve Deri
  • Sektöründe Bir Uygulama. Dissertation, Dumlupınar University. Charnes, A., Cooper, W.W., Li, S. (1989) Using data envelopment analysis to evaluate efficiency in the economic performance of Chinese cities. Socio-Economic Planning Sciences, 23, 6:325–344.
  • Cherchye, L., (2001) Using data envelopment analysis to assess macroeconomic policy performance. Applied Economics, 2001, 33:407-416.
  • Hsieh, M.Y., Huang, C.H., Kung, C.Y., Wu, W.M. (2012) Employing the Multiple Criteria Decision Making methodology to in-depth discuss the potential of South Africa through the evaluation of ten economies.
  • Proceedings of the 2012 International Conference on Machine Learning and Cybernetics, Xian, 15-17 July, 2012.
  • Hu, Y., Li, P. (2013) A Grey Relational Analysis on Factors Affecting the Price of Commercial Housing. Proceedings ICCREM 2013, doi: 10.1061/9780784413135.088, 929-936.
  • Huang, K.Y., Jane, C.J. (2009) A hybrid model for stock market forecasting and portfolio selection based on ARX, grey system and RS theories. Expert Systems with Applications 36:5387–5392
  • IMF, (2014) World Economic Outlook Database: October 2014 Edition. http://www.imf.org/external/pubs/ft/weo/2014/02/weodata/index.aspx, Accessed 17 March 2015
  • Kung, C.Y., Wen, K.L., 820079 Applying Grey Relational Analysis and Grey Decision-Making to evaluate the relationship between company attributes and its financial performance: A case study of venture capital enterprises in Taiwan. Decision Support Systems 43: 842–852
  • OECD, (2014) Latin American Economic Outlook 2015. Accessed 20 March 2015.
  • Önder E., Taş N., Hepşen A. (2014) Economic Performance Evaluation Of Fragile 5 Countries After The Great
  • Recession Of 2008-2009 Using Analytic Network Process And TOPSIS Methods. Journal of Applied Finance and Banking (JAFB), 5, 1:1-17.
  • Tsai, C.H., Chang, C.L. ve 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. Wu, H. H. (2002) A Comparative Study of Using Grey Relational Analysis in Multiple Attribute Decision Making
  • Problems. Quality Engineering, 159, 2:209-217. Yılmaz, E. ve Güngör, F., (2010) Gri İlişkisel Analiz Yöntemine Göre Farklı Sertliklerde Optimum Takım
  • Tutucusunun Belirlenmesi. 2. Ulusal Tasarım İmalat ve Analiz Kongresi, 11-12 November 2010, Balıkesir, 1-9.
  • Zhao, D., Kuo, S.H., Wang, T.C. (2014) The Evaluation of the Business Operation Performance by Applying Grey
  • Relational Analysis, Advances in Intelligent Systems and Computing, 297:441-450. Zhu, J., (1998) Data envelopment analysis vs. principal component analysis: An illustrative study of economic performance of Chinese cities. European Journal of Operational Research, 1, 1:50-61

GREY RELATIONAL ANALYSIS BASED RANKING OF LATIN AMERICAN AND CARIBBEAN ECONOMIES

Year 2015, Volume: 2 Issue: 3, 0 - 0, 29.09.2015

Abstract

The countries of Latin America and Caribbean have had a modest performance in terms of economic growth since 2000. In addition, Latin America and the Caribbean has also been characterized as a region with a level of macroeconomic volatility much higher than developed economies. From this point of view, the aim of this study is to evaluate the economic performance of Latin American and Caribbean countries during 2003-2013 periods. 13 countries namely Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico, Panama, Peru, Uruguay, Venezuela with highest GDP hold a position of importance in the Region. Grey Relational Analysis is used for the outranking of countries using macroeconomic indicators including total investment, gross national savings, inflation, average consumer prices, volume of imports of goods and services, volume of exports of goods and services, unemployment rate, general government revenue, general government total expenditure, general government gross debt, current account balance, gross product domestic (constant). Also annual macroeconomic indicators are converted to single data set by using arithmetic mean and weighted arithmetic mean (to be focused on recent years). This combined data was also used for another economic performance evaluation. The results of the empirical analyses show that Mexico and Dominican Republic ranked as first and second. The growth in these countries was robust, lifted by strengthening activity in the United States. In contrast, Argentina, Bolivia and Venezuela were at the bottom. These countries encountered difficulties maintaining sustained growth.

References

  • Baş, M. (2010) İşletmelerde Finansal Başarısızlığın Öngörülmesinde Gri İlişkisel Analiz Tekniği, Tekstil ve Deri
  • Sektöründe Bir Uygulama. Dissertation, Dumlupınar University. Charnes, A., Cooper, W.W., Li, S. (1989) Using data envelopment analysis to evaluate efficiency in the economic performance of Chinese cities. Socio-Economic Planning Sciences, 23, 6:325–344.
  • Cherchye, L., (2001) Using data envelopment analysis to assess macroeconomic policy performance. Applied Economics, 2001, 33:407-416.
  • Hsieh, M.Y., Huang, C.H., Kung, C.Y., Wu, W.M. (2012) Employing the Multiple Criteria Decision Making methodology to in-depth discuss the potential of South Africa through the evaluation of ten economies.
  • Proceedings of the 2012 International Conference on Machine Learning and Cybernetics, Xian, 15-17 July, 2012.
  • Hu, Y., Li, P. (2013) A Grey Relational Analysis on Factors Affecting the Price of Commercial Housing. Proceedings ICCREM 2013, doi: 10.1061/9780784413135.088, 929-936.
  • Huang, K.Y., Jane, C.J. (2009) A hybrid model for stock market forecasting and portfolio selection based on ARX, grey system and RS theories. Expert Systems with Applications 36:5387–5392
  • IMF, (2014) World Economic Outlook Database: October 2014 Edition. http://www.imf.org/external/pubs/ft/weo/2014/02/weodata/index.aspx, Accessed 17 March 2015
  • Kung, C.Y., Wen, K.L., 820079 Applying Grey Relational Analysis and Grey Decision-Making to evaluate the relationship between company attributes and its financial performance: A case study of venture capital enterprises in Taiwan. Decision Support Systems 43: 842–852
  • OECD, (2014) Latin American Economic Outlook 2015. Accessed 20 March 2015.
  • Önder E., Taş N., Hepşen A. (2014) Economic Performance Evaluation Of Fragile 5 Countries After The Great
  • Recession Of 2008-2009 Using Analytic Network Process And TOPSIS Methods. Journal of Applied Finance and Banking (JAFB), 5, 1:1-17.
  • Tsai, C.H., Chang, C.L. ve 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. Wu, H. H. (2002) A Comparative Study of Using Grey Relational Analysis in Multiple Attribute Decision Making
  • Problems. Quality Engineering, 159, 2:209-217. Yılmaz, E. ve Güngör, F., (2010) Gri İlişkisel Analiz Yöntemine Göre Farklı Sertliklerde Optimum Takım
  • Tutucusunun Belirlenmesi. 2. Ulusal Tasarım İmalat ve Analiz Kongresi, 11-12 November 2010, Balıkesir, 1-9.
  • Zhao, D., Kuo, S.H., Wang, T.C. (2014) The Evaluation of the Business Operation Performance by Applying Grey
  • Relational Analysis, Advances in Intelligent Systems and Computing, 297:441-450. Zhu, J., (1998) Data envelopment analysis vs. principal component analysis: An illustrative study of economic performance of Chinese cities. European Journal of Operational Research, 1, 1:50-61
There are 18 citations in total.

Details

Journal Section Articles
Authors

Bahadir Fatih Yildirim

Ali Hepsen This is me

Emrah Onder

Publication Date September 29, 2015
Published in Issue Year 2015 Volume: 2 Issue: 3

Cite

APA Yildirim, B. F., Hepsen, A., & Onder, E. (2015). GREY RELATIONAL ANALYSIS BASED RANKING OF LATIN AMERICAN AND CARIBBEAN ECONOMIES. Journal of Economics Finance and Accounting, 2(3). https://doi.org/10.17261/Pressacademia.2015312957

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