How to Measure Globalisation? A New Globalisation Index (NGI)
AbstractIn this article, a new composite globalisation index will be presented. With its 21 variables, it accounts for the multidimensionality of this phenomenon instead of relying purely on economic indicators. As compared to other existing globalisation indices, three major innovations are introduced in this New Globalisation Index (NGI). Firstly, five variables that have until now not been used in globalisation indices enter the calculations. Secondly, geographical distances between countries are incorporated into the index in the trade variable, so as to account for the distinction between globalisation and regional integration. A final innovation is a methodological one, which concerns the use of a statistical method (principal component analysis) to form subindices according to the statistical features of the variable structure. A control for country size is employed for significantly affected variables, as was done in some other globalisation indices before. The final index contains 70 countries and covers a period between 1995 and 2005.
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Bibliographic InfoPaper provided by FIW in its series FIW Working Paper series with number 046.
Date of creation: Feb 2010
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Find related papers by JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
- F20 - International Economics - - International Factor Movements and International Business - - - General
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
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- Khaled Elmawazini & Sonny Nwankwo, 2013. "Globalisation and Income Gap between Rich and Poor Nations," Economic Issues Journal Articles, Economic Issues, vol. 18(2), pages 19-40, September.
- Parisa SAMIMI & Guan Choo LIM & Abdul Aziz BUANG, 2011. "Globalization Measurement: Notes on Common Globalization Indexes," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 1(7), pages 20, December.
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