PROPOSED INDEX CALCULATION FOR ECONOMICS RANKING
PROPOSED INDEX CALCULATION FOR ECONOMICS RANKING

Summary/Abstract: Index; is a display in which more than one variable is included and is used to measure the proportional variation of the movements of these variables. Indices are useful because they allow summarization and comparison by making the data simple. In this study, a new index calculation has been proposed with the help Fuzzy Clustering method. Calculation of Index prepared with 10 index values used in the literature. The indices are; Open Market, Budget Transparency, European 2020-Competitiveness, Economic Freedom (by Heritage Foundation), Economic Freedom (by Fraser Institute), Depth of credit information, Financial Stability, Trade Facilitation, Financial Innovation and Global competition. FCM Calculations are made with Matlab.2016 and other calculations are made with Microsoft Excel.2017 programmes. There are variables which have different numbers and structures used in each index calculation. These variables have different weights within themselves. In this study, weights were calculated for the new index value, which will be created by using the sequences created because of these indices. The weights of each index value obtained by the Fuzzy Clustering Analysis are multiplied by the index values to create a new index order. European countries were re-ordered under the title “Economy”. It can interpret this new index order as a general summation of all other orders. Thus, the order of the countries under different subject headings will be calculated together with the orders in a specific area (economy, law etc.).

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