IDEAS home Printed from https://ideas.repec.org/a/eee/ecmode/v38y2014icp604-608.html
   My bibliography  Save this article

A multivariate approach in measuring socio-economic development of MENA countries

Author

Listed:
  • Milenkovic, Nemanja
  • Vukmirovic, Jovanka
  • Bulajic, Milica
  • Radojicic, Zoran

Abstract

Socio-economic development of countries is a complex problem that has been constantly elaborated upon over the past few decades. An analysis of a country's welfare cannot be limited to either economic or social factors; it must be determined by combining both of these aspects. As technology has advanced, those indicators crucial for describing this phenomenon have also changed. internet connectedness has been introduced as an indicator of socio-economic development. Furthermore, the development of a health system is essential for a country's development. The aim of this paper has been to present one synthesized indicator that is able to quantitatively demonstrate any country's welfare. The statistical I-distance method is thoroughly explained and has been applied to 22 countries. Crucial indicators for ranking are also elaborated.

Suggested Citation

  • Milenkovic, Nemanja & Vukmirovic, Jovanka & Bulajic, Milica & Radojicic, Zoran, 2014. "A multivariate approach in measuring socio-economic development of MENA countries," Economic Modelling, Elsevier, vol. 38(C), pages 604-608.
    • Handle: RePEc:eee:ecmode:v:38:y:2014:i:c:p:604-608
    DOI: 10.1016/j.econmod.2014.02.011
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0264999314000558
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.econmod.2014.02.011?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Suleiman Abu‐Bader & Aamer S. Abu‐Qarn, 2008. "Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries," Review of Development Economics, Wiley Blackwell, vol. 12(4), pages 803-817, November.
    2. Sassi, Seifallah & Goaied, Mohamed, 2013. "Financial development, ICT diffusion and economic growth: Lessons from MENA region," Telecommunications Policy, Elsevier, vol. 37(4), pages 252-261.
    3. Clemens Breisinger & Xinshen Diao & Marie‐Helen Collion & Pierre Rondot, 2011. "Impacts of the Triple Global Crisis on Growth and Poverty: The Case of Yemen," Development Policy Review, Overseas Development Institute, vol. 29(2), pages 155-184, March.
    4. Maria Cracolici & Miranda Cuffaro & Peter Nijkamp, 2010. "The Measurement of Economic, Social and Environmental Performance of Countries: A Novel Approach," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 95(2), pages 339-356, January.
    5. Niels Lind, 2010. "A Calibrated Index of Human Development," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 98(2), pages 301-319, September.
    6. Kar, Muhsin & NazlIoglu, Saban & AgIr, Hüseyin, 2011. "Financial development and economic growth nexus in the MENA countries: Bootstrap panel granger causality analysis," Economic Modelling, Elsevier, vol. 28(1-2), pages 685-693, January.
    7. Neumayer, Eric, 2001. "The human development index and sustainability -- a constructive proposal," Ecological Economics, Elsevier, vol. 39(1), pages 101-114, October.
    8. Veljko Jeremic & Milica Bulajic & Milan Martic & Zoran Radojicic, 2011. "A fresh approach to evaluating the academic ranking of world universities," Scientometrics, Springer;Akadémiai Kiadó, vol. 87(3), pages 587-596, June.
    9. Alan B. Krueger, 2009. "Attitudes and Action: Public Opinion and the Occurrence of International Terrorism," Working Papers 1100, Princeton University, Department of Economics, Center for Economic Policy Studies..
    10. Jeroen Klomp & Jakob Haan, 2010. "Measuring Health: A Multivariate Approach," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 96(3), pages 433-457, May.
    11. Dastjerdi, Rasul Bakhshi & Isfahani, Rahim Dalali, 2011. "Equity and economic growth, a theoretical and empirical study: MENA zone," Economic Modelling, Elsevier, vol. 28(1-2), pages 694-700, January.
    12. Ben Naceur, Samy & Ghazouani, Samir & Omran, Mohammed, 2008. "Does stock market liberalization spur financial and economic development in the MENA region?," Journal of Comparative Economics, Elsevier, vol. 36(4), pages 673-693, December.
    13. repec:pri:cepsud:179krueger is not listed on IDEAS
    14. Dastjerdi, Rasul Bakhshi & Isfahani, Rahim Dalali, 2011. "Equity and economic growth, a theoretical and empirical study: MENA zone," Economic Modelling, Elsevier, vol. 28(1), pages 694-700.
    15. Jeremic Veljko Milojko & Radojicic Zoran, 2010. "A New Approach in the Evaluation of Team Chess Championships Rankings," Journal of Quantitative Analysis in Sports, De Gruyter, vol. 6(3), pages 1-11, July.
    16. Andreano, M. Simona & Laureti, Lucio & Postiglione, Paolo, 2013. "Economic growth in MENA countries: Is there convergence of per-capita GDPs?," Journal of Policy Modeling, Elsevier, vol. 35(4), pages 669-683.
    17. Alan B. Krueger, 2009. "Attitudes and Action: Public Opinion and the Occurrence of International Terrorism," Working Papers 1100, Princeton University, Department of Economics, Center for Economic Policy Studies..
    18. Abid, Fathi & Bahloul, Slah, 2011. "Selected MENA countries' attractiveness to G7 investors," Economic Modelling, Elsevier, vol. 28(5), pages 2197-2207, September.
    19. Srinivasan, T N, 1994. "Human Development: A New Paradigm or Reinvention of the Wheel?," American Economic Review, American Economic Association, vol. 84(2), pages 238-243, May.
    20. Riccardo Natoli & Segu Zuhair, 2011. "Measuring Progress: A Comparison of the GDP, HDI, GS and the RIE," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 103(1), pages 33-56, August.
    21. Louis Leung, 2010. "Effects of Internet Connectedness and Information Literacy on Quality of Life," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 98(2), pages 273-290, September.
    22. Christopher J. Coyne & Adam Pellillo, 2011. "Economic reconstruction amidst conflict: Insights from Afghanistan and Iraq," Defence and Peace Economics, Taylor & Francis Journals, vol. 22(6), pages 627-643, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Zhao, Shixiu & He, Xiaoyi & Faxritdinovna, Kenjayeva Umriya, 2023. "Does industrial structure changes matter in renewable energy development? Mediating role of green finance development," Renewable Energy, Elsevier, vol. 214(C), pages 350-358.
    2. Daryaei , Abbas Ali & Haghighat , Hamid, 2017. "Financial Freedom and Socially Responsible Market Economy: An Analysis from Rawls’s Theory of Justice," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 12(3), pages 251-275, July.
    3. Katarzyna Pawlewicz & Iwona Cieślak, 2022. "The Use of Level Based Weight Assessment (LBWA) for Evaluating Public Participation on the Example of Rural Municipalities in the Region of Warmia and Mazury," Sustainability, MDPI, vol. 14(20), pages 1-18, October.
    4. Litwiński Michł, 2019. "The Influence of Income Inequalities on Socio-Economic Development in the European Union," Econometrics. Advances in Applied Data Analysis, Sciendo, vol. 23(1), pages 45-60, March.
    5. Maiti, Moinak, 2022. "Does improvement in green growth influence the development of environmental related technology?," Innovation and Green Development, Elsevier, vol. 1(2).
    6. Litwiński Michł, 2019. "The Influence of Income Inequalities on Socio-Economic Development in the European Union," Econometrics. Advances in Applied Data Analysis, Sciendo, vol. 23(1), pages 45-60, March.
    7. Hsu, Ching-Chi & Chau, Ka Yin & Chien, FengSheng, 2023. "Natural resource volatility and financial development during Covid-19: Implications for economic recovery," Resources Policy, Elsevier, vol. 81(C).
    8. Seyithan Ahmet Ates & Kursad Derinkuyu, 2021. "Green growth and OECD countries: measurement of country performances through distance-based analysis (DBA)," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(10), pages 15062-15073, October.
    9. Svjetlana Janković Šoja & Ana Anokić & Dana Bucalo Jelić & Radojka Maletić, 2016. "Ranking EU Countries According to Their Level of Success in Achieving the Objectives of the Sustainable Development Strategy," Sustainability, MDPI, vol. 8(4), pages 1-10, March.
    10. Martin Roestamy & Mohamad Ali Fulazzaky, 2022. "A review of the water resources management for the Brantas River basin: challenges in the transition to an integrated water resources management," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(10), pages 11514-11529, October.
    11. Wang, Hanjie & Feil, Jan-Henning & Yu, Xiaohua, 2023. "Let the data speak about the cut-off values for multidimensional index: Classification of human development index with machine learning," Socio-Economic Planning Sciences, Elsevier, vol. 87(PA).
    12. Milica Maricic & Marija Jankovic & Veljko Jeremic, 2014. "Towards a Framework for Evaluating Sustainable Society Index," Romanian Statistical Review, Romanian Statistical Review, vol. 62(3), pages 49-62, September.
    13. Wenjuan, Zhu & Zhong, Kaiyang & He, Mingqiang & Pham, Thanh Huong & Nguyen, Quang Khai & Huy, Pham Quang, 2023. "Volatility challenges for natural resources during COVID-19 and its impact on economic development for sustainable economic repossession," Resources Policy, Elsevier, vol. 86(PB).
    14. Šoja Svjetlana Janković & Jelić Dana Bucalo, 2016. "Indicators of sustainable development performance: Case study of European Union countries," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 2(2), pages 1-9, December.
    15. Fligg, Robert A. & Robinson, Derek T., 2020. "Reviewing First Nation land management regimes in Canada and exploring their relationship to community well-being," Land Use Policy, Elsevier, vol. 90(C).
    16. Borys Cie?lak & Paula Nagler & Frank van Oort, 2023. "Regional Capital No More. How the Reform of the Territorial Government has Marginalized Polish Middle-sized Cities," Tinbergen Institute Discussion Papers 23-001/VIII, Tinbergen Institute.
    17. Milica Maricic & Milica Kostic-Stankovic, 2016. "Towards an impartial Responsible Competitiveness Index: a twofold multivariate I-distance approach," Quality & Quantity: International Journal of Methodology, Springer, vol. 50(1), pages 103-120, January.
    18. Du, Xiuying & Xie, Zixiong, 2020. "Occurrence of turning point on environmental Kuznets curve in the process of (de)industrialization," Structural Change and Economic Dynamics, Elsevier, vol. 53(C), pages 359-369.
    19. Katarzyna Pawlewicz & Adam Senetra & Marta Gwiaździńska-Goraj & Dovilė Krupickaitė, 2020. "Differences in the Environmental, Social and Economic Development of Polish–Lithuanian Trans-Border Regions," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 147(3), pages 1015-1038, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Awdeh Ali, 2018. "Financing for Development in the MENA Region," Review of Middle East Economics and Finance, De Gruyter, vol. 14(3), pages 1-14, December.
    2. Giménez, Víctor & Ayvar-Campos, Francisco Javier & Navarro-Chávez, José César Lenin, 2017. "Efficiency in the generation of social welfare in Mexico: A proposal in the presence of bad outputs," Omega, Elsevier, vol. 69(C), pages 43-52.
    3. Zouheir Abida & Imen Mohamed Sghaier & Nahed Zghidi, 2015. "Financial Development and Economic Growth: Evidence from North African Countries," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 2, pages 17-33, April.
    4. Ayasrah, Tha'r, 2012. "The Social Economic Development Index: A New Measurement of Development," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 46(2), pages 37-53.
    5. David, Oladipo Olalekan, 2019. "Nexus between telecommunication infrastructures, economic growth and development in Africa: Panel vector autoregression (P-VAR) analysis," Telecommunications Policy, Elsevier, vol. 43(8), pages 1-1.
    6. Ali M. Kutan & Nahla Samargandi & Kazi Sohag, 2017. "Does Institutional Quality Matter for Financial Development and Growth? Further Evidence from MENA Countries," Australian Economic Papers, Wiley Blackwell, vol. 56(3), pages 228-248, September.
    7. Ayadi, Rym & Arbak, Emrah & Ben-Naceur, Sami & De Groen, Willem Pieter, 2013. "Financial Development, Bank Efficiency and Economic Growth across the Mediterranean," CEPS Papers 7832, Centre for European Policy Studies.
    8. Panagiotis Ravanos & Giannis Karagiannis, 2021. "A VEA Benefit-of-the-Doubt Model for the HDI," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 155(1), pages 27-46, May.
    9. Amar Anwar & Ichiro Iwasaki, 2023. "The finance–growth nexus in the Middle East and Africa: A comparative meta‐analysis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 4655-4683, October.
    10. repec:agr:journl:v:3(604):y:2015:i:3(604):p:171-186 is not listed on IDEAS
    11. Massimo Buscema & Pier Luigi Sacco & Guido Ferilli, 2016. "Multidimensional Similarities at a Global Scale: An Approach to Mapping Open Society Orientations," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 128(3), pages 1239-1258, September.
    12. Pradhan, Rudra P. & Arvin, Mak B. & Norman, Neville R., 2015. "The dynamics of information and communications technologies infrastructure, economic growth, and financial development: Evidence from Asian countries," Technology in Society, Elsevier, vol. 42(C), pages 135-149.
    13. Rudra P. Pradhan & Mak B. Arvin & Sahar Bahmani & Sara E. Bennett, 2017. "Broadband penetration, financial development, and economic growth nexus: evidence from the Arab League countries," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 10(2), pages 151-171, May.
    14. Jagadish Prasad Bist & Nar Bahadur Bista, 2018. "Finance–Growth Nexus in Nepal: An Application of the ARDL Approach in the Presence of Structural Breaks," Vikalpa: The Journal for Decision Makers, , vol. 43(4), pages 236-249, December.
    15. Man Liang & Shuwen Niu & Zhen Li & Wenli Qiang, 2019. "International Comparison of Human Development Index Corrected by Greenness and Fairness Indicators and Policy Implications for China," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 142(1), pages 1-24, February.
    16. Elspeth Hazell & Kar-Fai Gee & Andrew Sharpe, 2012. "The Human Development Index in Canada: Estimates for the Canadian Provincesand Territories, 2000-2011," CSLS Research Reports 2012-02, Centre for the Study of Living Standards.
    17. Ismail Senturk & Fiaz Ahmad Sulehri & Syeda Mehak Ali, 2022. "Financial Development and Innovation Led-Growth: A Case of Selected Developing Countries," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 8(3), pages 81-97, September.
    18. ElBannan, Mona A., 2017. "Stock market liquidity, family ownership, and capital structure choices in an emerging country," Emerging Markets Review, Elsevier, vol. 33(C), pages 201-231.
    19. Yusuf Ekrem AKBAS, 2015. "Financial development and economic growth in emerging market: bootstrap panel causality analysis," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(3(604), A), pages 171-186, Autumn.
    20. Mensi, Walid & Hammoudeh, Shawkat & Tiwari, Aviral Kumar & Al-Yahyaee, Khamis Hamed, 2020. "Impact of Islamic banking development and major macroeconomic variables on economic growth for Islamic countries: Evidence from panel smooth transition models," Economic Systems, Elsevier, vol. 44(1).
    21. Roland Hodler & Paul Raschky & Anthony Strittmatter, 2018. "Religion and Terrorism: Evidence from Ramadan Fasting," Papers 1810.09869, arXiv.org, revised Mar 2020.

    More about this item

    Keywords

    I-distance method; MENA countries; Ranking; Socio-economic development;
    All these keywords.

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecmode:v:38:y:2014:i:c:p:604-608. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/30411 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.