Assessing the Beneficial Effects of Economic Growth: The Harmonic Growth Index

Daria Mendola, Raffaele Scuderi

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In this paper we introduce the multidimensional notion of harmonicgrowth as a situation of diffused well-being associated to an increase of per capitaGDP. We say that a country experienced a harmonic growth if during the observedperiod all the key indicators, proxies of the endogenous and exogenous forcesdriving populationwell-being, showa significantly common patternwith the incomedynamics. The notion is operationalized via an index of time series harmony whichfollows the functional data analysis approach. This Harmonic Growth Index (HGI)is based on comparisons between the coefficients from cubic B-splines interpolation.Such indices are then synthesized in order to provide the global degree of harmonyin growth inside a country.With an accurate selection of the key indicators, the indexcan be used also to rank countries thus offering a useful complementary informationto the Human Development Indexes from UNDP. An exemplification is given for theIndian economy.
Lingua originaleEnglish
Titolo della pubblicazione ospiteAdvanced Statistical Methods for the Analysis of Large Data-Sets
Numero di pagine11
Stato di pubblicazionePublished - 2012

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