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Journals / Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi / 2026 / Cilt: 28 Sayı: Özel Sayı Özel Sayı

Assessment of the Financial Development of CIVETS Countries Using the MAXC-CRISUS-Based RAWEC Model

CIVETS Ülkelerinde Finansal Gelişmişliğin MAXC-CRISUS Tabanlı RAWEC Modeli ile Değerlendirilmesi

Yusuf Kahreman(SİVAS CUMHURİYET ÜNİVERSİTESİ, ZARA VEYSEL DURSUN UYGULAMALI BİLİMLER YÜKSEKOKULU, FİNANS VE BANKACILIK BÖLÜMÜ)0000-0001-5968-5081
Pages
407–422
Publication Date
2026-10-21
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Furthermore, when the years were analyzed separately, it was observed that the resulting performance rankings largely aligned with the structural breaks and cyclical performance changes reflected by the IMF methodology.

📌 3 Key Takeaways

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Objective & Hypothesis:Given the decisive role of financial systems in economic growth, investment, and resource allocation, the comparative assessment of financial development levels is considered a key indicator in analyzing countries’ development processes.
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Key Findings & Data:This study aims to analyze the financial development performance of CIVETS countries for the 2000–2020 period using the integrated MAXC-CRISUS-RAWEC-Borda Count model.
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Conclusion & Impact:Furthermore, when the years were analyzed separately, it was observed that the resulting performance rankings largely aligned with the structural breaks and cyclical performance changes reflected by the IMF methodology.
🔬Design:Modeling & Simulation
📍Scope:2000–2020 Verileri
⚙️Variables:CIVETS Ülkeleri · Finansal Gelişim · MAXC

Abstract

Given the decisive role of financial systems in economic growth, investment, and resource allocation, the comparative assessment of financial development levels is considered a key indicator in analyzing countries’ development processes. This study aims to analyze the financial development performance of CIVETS countries for the 2000–2020 period using the integrated MAXC-CRISUS-RAWEC-Borda Count model. To this end, the six core sub-indices comprising the financial development index published by the IMF were used as evaluation criteria in the study. To determine the importance levels of the evaluation criteria, a common objective weighting model based on the integrated structure of the MAXC and CRISUS methods was employed, while the RAWEC method was used to determine the annual financial development performance rankings of the countries. In addition, the Borda Count method was applied to comprehensively evaluate annual performance results. The study found that the financial market efficiency index was the most important criterion among the evaluation criteria. When the annual financial development performance rankings were aggregated using the Borda Count method, South Africa ranked first, followed by Türkiye in second place. Vietnam and Colombia shared third place with 35 points each, while Indonesia ranked fifth with 30 points. Egypt ranked sixth with 27 points. Furthermore, when the years were analyzed separately, it was observed that the resulting performance rankings largely aligned with the structural breaks and cyclical performance changes reflected by the IMF methodology.

Özet

Finansal sistemlerin ekonomik büyüme, yatırım ve kaynak dağılımındaki belirleyici rolü göz önüne alındığında, finansal gelişmişlik düzeylerinin karşılaştırmalı değerlendirmesi, ülkelerin kalkınma süreçlerini analiz etmede kilit bir gösterge olarak kabul edilmektedir. Bu çalışma, entegre MAXC-CRISUS-RAWEC-Borda Sayımı modelini kullanarak 2000–2020 dönemi için CIVETS ülkelerinin finansal gelişmişlik performansını analiz etmeyi amaçlamaktadır. Bu amaçla, çalışmada IMF tarafından yayınlanan finansal gelişmişlik endeksini oluşturan altı temel alt endeks değerlendirme kriteri olarak kullanılmıştır. Değerlendirme kriterlerinin önem düzeylerini belirlemek için, MAXC ve CRISUS yöntemlerinin entegre yapısına dayanan ortak bir objektif ağırlıklandırma modeli uygulanmış, ülkelerin yıllık finansal gelişmişlik performans sıralamalarını belirlemek için ise RAWEC yöntemi kullanılmıştır. Buna ek olarak, yıllık performans sonuçlarını kapsamlı bir şekilde değerlendirmek üzere Borda Sayımı yöntemi uygulanmıştır. Çalışma, değerlendirme kriterleri arasında finansal piyasa verimlilik endeksinin en önemli kriter olduğunu ortaya koymuştur. Yıllık finansal gelişme performans sıralamaları Borda Sayımı yöntemi kullanılarak toplandığında, Güney Afrika birinci sırada yer alırken, Türkiye ikinci sırada yer almıştır. Vietnam ve Kolombiya, her biri 35 puanla üçüncü sırayı paylaşırken, Endonezya 30 puanla beşinci sırada yer almıştır. Mısır ise 27 puanla altıncı sırada yer aldı. Ayrıca, yıllar ayrı ayrı analiz edildiğinde, ortaya çıkan performans sıralamalarının büyük ölçüde IMF metodolojisinde yansıtılan yapısal kırılmalar ve döngüsel performans değişiklikleriyle uyumlu olduğu gözlemlendi.

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Cite This Article

Kahreman, Y. (2026). Assessment of the Financial Development of CIVETS Countries Using the MAXC-CRISUS-Based RAWEC Model. Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Cilt: 28 Sayı: Özel Sayı Özel Sayı, 407–422. https://doi.org/10.33707/akuiibfd.1970539

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