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Risk Assessment of Transitional Economies by Multivariate and Multicriteria Approaches


  • Neli Tomić-Plazibat

    () (Faculty of Economics, University of Split, Croatia)

  • Zdravka Aljinović

    () (Faculty of Economics, University of Split, Croatia)

  • Snježana Pivac

    () (Faculty of Economics, University of Split, Croatia)


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.

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, September.
  • Handle: RePEc:voj:journl:v:57:y:2010:i:3:p:283-302

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    References listed on IDEAS

    1. Nadeem Ul Haque & Manmohan S. Kumar & Nelson Mark & Donald J. Mathieson, 1996. "The Economic Content of Indicators of Developing Country Creditworthiness," IMF Staff Papers, Palgrave Macmillan, vol. 43(4), pages 688-724, December.
    2. Bertrand Mareschal & Jean Pierre Brans, 1990. "The PROMETHEE methods for MCDM: the PROMCALC, GAIA and BANK ADVISER software," ULB Institutional Repository 2013/9337, ULB -- Universite Libre de Bruxelles.
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    Cited by:

    1. San-Martín-Albizuri, Nerea & Rodríguez-Castellanos, Arturo, 2012. "Globalisation And The Unpredictability Of Crisis Episodes: An Empirical Analysis Of Country Risk Indexes / La Imprevisibilidad De Los Episodios De Crisis: Un Análisis Sobre Los Índices De Riesgo País ," Investigaciones Europeas de Dirección y Economía de la Empresa (IEDEE), Academia Europea de Dirección y Economía de la Empresa (AEDEM), vol. 18(2), pages 148-155.

    More about this item


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

    JEL classification:

    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • P52 - 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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