Sensitivity and vulnerability of European countries in time of crisis based on a new approach to data clustering and curvilinear analysis
Sensitivity and vulnerability of European countries in time of crisis based on a new approach to data clustering and curvilinear analysis

Summary/Abstract: In this paper we inquire into the way the global crisis during the period 2008-2012 reflected in some macroeconomic and social indicators of the EU member states.Applying Curvilinear Component Analysis (CCA) on a dataset representing these socialindicators, a classification of EU countries is obtained. Comparing this classification withthe one resulted from a previous study with self organizing maps (SOM) it was noticed thatthe clusters are almost identical, CCA having the advantage of dimensionality reductionover SOM. CCA shows the detailed distances between the countries/year, dismissingoutliers. This allows for a case by case study both in terms of clustering and in terms oftemporal analysis. The research findings prove the sensitivity and vulnerability ofEuropean countries during the crisis and could help the policy makers to identify effectivemeasures for strengthening the protective capacity of their states in the event of a futureeconomic and social crisis.

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