Institutional, Economic, and Social Impacts of Globalization and Liberalization: Financial Performance Analysis in the Context of Globalization – An Analysis for the EU and Turkey

Institutional, Economic, and Social Impacts of Globalization and Liberalization: Financial Performance Analysis in the Context of Globalization – An Analysis for the EU and Turkey

Dilek Murat (Bursa Uludag University, Turkey) and Simla Güzel (Tekirdag Namık Kemal University, Turkey)
DOI: 10.4018/978-1-7998-4459-4.ch010
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Abstract

The present study aimed to rank the financial development levels of European Union (EU) nations and Turkey based on selected financial and economic indicators. Thus, the most recent annual data for these countries (2017) were analyzed with grey relational analysis (GRA). In the analysis, the decision criteria for 24 EU member nations and Turkey were determined as public debt, public expenditure, unemployment rate, Gini coefficient, and GDP growth. The grey coefficient scores obtained in the analysis revealed the financial performance ranking for the analyzed nations. Based on the entropy weighting method (EM) ranking, the top three countries with highest scores were Ireland, Czech Republic, and Slovakia, while the countries with the lowest scores were Spain, Italy, and Greece.
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Background

Globalization introduced both challenges and opportunities. Responding to these novelties falls into the realm of both governments and citizens. The globalized economy required the acceptance of certain conditions. These conditions created an environment that favored developed nations.

Key Terms in this Chapter

Income Inequality: Unequal distribution of income.

Public Expenditures: The cost of public services.

Globalization: It is dependency and interconnectedness.

Public Debt: Aggregated domestic and foreign debts of a state.

Developed Country: The countries with high development levels.

Developing Country: Those other than the developed countries.

Economic Growth: The increase in the production volume of a country.

Unemployment: Inability to find a job despite the desire for employment.

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