Efficiency of Socio-Economic Reforms -The assessment through Integral Index
Journal Title: Advance Research Journal of Multidisciplinary Discoveries - Year 2019, Vol 39, Issue 39
Abstract
For the purpose of increasing prosperity, welfare and competitiveness of the national economy, authorities of various countries carry out political, economic, social and other reforms. During this process, a number of key issues arise (i.e. how effective, interrelated and interdependent, how complex these reforms are, what comparative efficiency do they provide to other countries, etc [1]. To overcome the challenges associated with solving the above-mentioned problems, as well as to implement the multidimensional reforms within the countries, to develop and implement coherent programs of transformation, the assessment of the effectiveness of various reforms gains great importance. With this regard, many national, international organizations develop a large number of indexes representing separate directions of transformations in different countries. Meanwhile, the many indexes of different national and non-governmental organizations, reflect quantitative and qualitative features of some particular parts of socio-economic reforms in different countries. However, even the superficial analysis of the findings of different estimates reveals the methodological defects concerning the inclusion of the indicators included in them. The existence of such issues and the need to find an effective solution suggests the development of a new methodology that will exclude the above-mentioned shortcomings, and will be based on a single general index, which will include as many possible indicators as possible. This new methodology and the new composite index will give a more comprehensive assessment of the different directions of socio-economic reforms. Thus, we have developed an integral index, that quantitatively assesses the reforms implemented in more than 66 countries of the world for 2014-2018. With the help of 20 partial indexes included in the integral index we have assessed and analyzed various and multidimensional reforms in three countries of South Caucasus: Armenia, Azerbaijan and Georgia.
Authors and Affiliations
Samson Davoyan, Ashot Davoyan, Arpine Sargsyan, Davit Harutyunyan
Keywords
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