Post-communist financial and economic development: cluster analysis of selected countries

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dc.contributor.authorReiff, Marian
dc.contributor.authorРайфф, М.
dc.contributor.authorTokar, Volodymyr
dc.contributor.authorТокар, Володимир Володимирович
dc.contributor.authorТокарь, Владимир Владимирович
dc.date.accessioned2017-12-18T11:29:42Z
dc.date.available2017-12-18T11:29:42Z
dc.date.issued2016
dc.description.abstractPurpose. The purpose of this paper is to disclose and explain disparities of social and economic development of twenty-eight postcommunist countries based on the World Bank’s macroeconomic indicators of the selected countries in 2000-2014. The paper questions whether post-communist countries are homogeneous within certain groupings and essentially different across different groupings. The differences are defined in accordance with World Development Indicators. Methods. We have applied cluster analysis to classify post-communist countries based on the long-term average of macroeconomic indicators including: GDP per capita, GDP per capita growth, Foreign direct investment net inflows (percentage of GDP), Agriculture value added (percentage of GDP), Industry value added (percentage of GDP), Total natural resources rents (percentage of GDP), and Value added (percentage of GDP), etc. The Kruskal-Wallis rank test procedure has been used to verify differences between clusters of evidence. Results. Taking into consideration the results obtained via Ward’s method we divided post-communist countries into three relatively homogeneous clusters. Cluster 1 consisted of Armenia, Azerbaijan, Georgia, Kyrgyz Republic, Moldova, Mongolia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan although Azerbaijan and Turkmenistan were assigned to Cluster 2 in the period of 2010-2014. Cluster 2 included Albania, Belarus, Bulgaria, Kazakhstan, FYR of Macedonia, Romania, the Russian Federation, Serbia, Bosnia and Herzegovina. The third cluster comprised Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland and Slovak Republic. The Kruskal-Wallis rank test indicates statistically significant cluster differences (0.05 level of significance) for GDP per capita, GDP per capita growth, Inflation GDP deflator, Agriculture value added, Total natural resources rents, Services etc. value added. The only exception is GDP per capita growth, which has not been significantly different in 2000-2004. The conclusions are based on p-values, which have been compared with values appropriate to the level of significance ( = 0.05). Conclusions Although all countries in our research were post-communist countries, their economic trajectory after communism was far from being identical. We have found fairly consistent evidence that post-communist countries differ with respect to their social and economic dynamics and can be grouped into three relatively homogeneous clusters.uk
dc.description.abstractДосліджено розподіл окремих посткомуністичних країн по групах на основі кластерного аналізу макроекономічних показників. Проаналізовано сучасні тенденції соціально-економічного розвитку в межах зазначених кластерів. Проведено порівняння макроекономічної динаміки між виявленими однорідними групами країн.uk
dc.description.abstractИсследовано распределение избранных посткоммунистических стран по группам на основе кластерного анализа макроэкономических показателей. Проанализированы современные тенденции социально-экономического развития в рамках указанных кластеров. Проведено сравнение макроэкономической динамики между выявленными однородными группами стран.uk
dc.identifier.citationReiff M. Post-communist financial and economic development: cluster analysis of selected countries / Reiff Marian, Tokar Volodymyr // Economic Annals-XXI. – 2016. – № 9–10. – С. 12–17.uk
dc.identifier.issn1728-6220
dc.identifier.urihttps://ir.kneu.edu.ua:443/handle/2010/23019
dc.language.isoenuk
dc.publisherІнститут суспільної трансформації та Інститут регіональних досліджень НАН Україниuk
dc.subjectCluster Analysisuk
dc.subjectPost-communist Countriesuk
dc.subjectMacroeconomic Indicatorsuk
dc.subjectEconomic Developmentuk
dc.subjectSocial and Economic Discrepanciesuk
dc.subjectкластерний аналізuk
dc.subjectпосткомуністичні країниuk
dc.subjectмакроекономічні індикаториuk
dc.subjectекономічний розвитокіuk
dc.subjectсоціально-економічні відмінностіuk
dc.subjectкластерный анализuk
dc.subjectпосткоммунистические страныuk
dc.subjectмакроэкономические индикаторыuk
dc.subjectэкономическое развитиеuk
dc.subjectсоциально-экономические различияuk
dc.subject.udc330.4uk
dc.subject.udc339.9uk
dc.subject.udc339.7uk
dc.titlePost-communist financial and economic development: cluster analysis of selected countriesuk
dc.title.alternativeПосткомуністичний фінансово-економічний розвиток: кластер ний аналіз окремих країнuk
dc.title.alternativeПосткоммунистическое финансово-экономическое развитие: кластерный анализ избранных странuk
dc.typeArticleuk
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