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Process of ranking countries by level of development

Račić Željko V. ()
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Račić Željko V.: University of Banja Luka, Faculty of Economics,Banja Luka, Bosnia and Herzegovina

Croatian Review of Economic, Business and Social Statistics, 2018, vol. 4, issue 1, 53-61

Abstract: The paper presents the process of ranking and classifying countries using the I-distance method. The I-distance method is a method of classification and multidimensional ranking based on the distance values between selected indicators. The selection of indicators was carried out using the principal components analysis, whereby the statistical software SPSS (Statistical Package for Social Sciences), the latest version 21th PASW Statistics, is used. The application of the I-distance determines the relative efficiency indicators. Classification and ranking are conducted based on the economic development using macroeconomic indicators for the selected European countries.

Keywords: classification; EU countries; I-distance method; principal components analysis; ranking (search for similar items in EconPapers)
Date: 2018
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Croatian Review of Economic, Business and Social Statistics is currently edited by Dragan Bagić, Ksenija Dumičić and Nataša Erjavec

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