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Risk Assessment of Transitional Economies by Multivariate and Multicriteria Approaches

Author

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  • Neli Tomić-Plazibat
  • Zdravka Aljinović
  • Snježana Pivac

Abstract

This article assesses country-risk of sixteen Central, Baltic and South-East European transition countries, for 2005 and 2007, using multivariate cluster analysis. It was aided by the appropriate ANOVA (analysis of variance) testing and the multicriteria PROMETHEE method. The combination of methods makes for more accurate and efficient country-risk assessment. Country risk classifications and ratings involve evaluating the performance of countries while considering their economic and socio-political characteristics. The purpose of the article is to classify, and then find the comparative position of each individual country in the group of analyzed countries, in order to find out to which extent development of market economy and democratic society has been achieved. Key words: Country-risk, Transition countries, Multivariate cluster analysis, PROMETHEE method.JEL: O57, P52, C10, C60.

Suggested Citation

  • Neli Tomić-Plazibat & Zdravka Aljinović & Snježana Pivac, 2010. "Risk Assessment of Transitional Economies by Multivariate and Multicriteria Approaches," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(3), pages 283-302.
    • Handle: RePEc:voj:journl:v:57:y:2010:i:3:p:283-302:id:189
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    More about this item

    Keywords

    Country-risk; Transition countries; Multivariate cluster analysis; PROMETHEE method;
    All these keywords.

    JEL classification:

    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies
    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General

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