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Defining and measuring the development of a country over time: a proposal of a new index

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Author Info

  • Daria Mendola

    ()

  • Raffaele Scuderi

    ()

  • Valerio Lacagnina

    ()

Abstract

This paper introduces the concept of harmonic growth as an extended acceptation of the notion of development, and discusses its measurement via the Harmonic Growth Index (HGI). The growth is seen as harmonic when the behaviour of a benchmark time series, which here is a measure of wealth, such as per capita GDP, is followed by a similar pattern in socio-economic series. Unlike most widely used indicators in the literature, which take into account the measurement of development over a single time, HGI measures the degree to which a social indicator’s time series pattern matches with the GDP’s. The index is a function, ranging in [0, 1], of the coefficients of the uniform B-splines fitted to each time series, according to the functional data framework. A case study on Mediterranean welfare countries (Greece, Italy, Portugal, and Spain), in the period 1996–2007, shows critical differences in the selected indicators which can be ascribed to their dissimilar specific development models. HGI can be also considered as a general index to measure the similarity between time patterns, or as an alternative to correlation for (non-necessarily linear) time series. Copyright Springer Science+Business Media B.V. 2013

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File URL: http://hdl.handle.net/10.1007/s11135-012-9665-8
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Bibliographic Info

Article provided by Springer in its journal Quality & Quantity.

Volume (Year): 47 (2013)
Issue (Month): 5 (August)
Pages: 2473-2494

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Handle: RePEc:spr:qualqt:v:47:y:2013:i:5:p:2473-2494

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Web page: http://www.springer.com/economics/journal/11135

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Related research

Keywords: Social and economic development; Well-being index; Multidimensional growth; Time series; Spline interpolation;

References

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  1. Severine Deneulin, 2005. "Promoting Human Freedoms under Conditions of Inequalities: a procedural framework," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 6(1), pages 75-95.
  2. Billger, Sherrilyn M. & Goel, Rajeev K., 2009. "Do existing corruption levels matter in controlling corruption?: Cross-country quantile regression estimates," Journal of Development Economics, Elsevier, vol. 90(2), pages 299-305, November.
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  4. Robert Smith, 2009. "Global human development: accounting for its regional disparities," Quality & Quantity: International Journal of Methodology, Springer, vol. 43(1), pages 1-34, January.
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  7. Dreze, Jean & Sen, Amartya, 2002. "India: Development and Participation," OUP Catalogue, Oxford University Press, edition 2, number 9780199257492.
  8. Kraay, Aart, 2006. "When is growth pro-poor? Evidence from a panel of countries," Journal of Development Economics, Elsevier, vol. 80(1), pages 198-227, June.
  9. Ravallion, Martin & Shaohua Chen, 2001. "Measuring pro-poor growth," Policy Research Working Paper Series 2666, The World Bank.
  10. Sen, Amartya, 1995. "Inequality Reexamined," OUP Catalogue, Oxford University Press, number 9780198289289.
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  12. Rudolf Andorka, 1979. "Tendencies of regional development and differentiation in Hungary, measured by social indicators," Quality & Quantity: International Journal of Methodology, Springer, vol. 13(5), pages 365-391, October.
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Cited by:
  1. Dogan Gursoy & Anna Maria Parroco & Raffaele Scuderi, 2013. "An examination of tourist arrivals dynamics using short-term time series data: a space-time cluster approach," BEMPS - Bozen Economics & Management Paper Series BEMPS06, School of Economics and Management at the Free University of Bozen.

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