Necati Alp ERILLI
Cumhuriyet University, Dept. of Econometrics, Sivas-Turkey
2nd International Scientific Conference – EMAN 2018 – Economics and Management: How to Cope With Disrupted Times, Ljubljana – Slovenia, March 22, 2018, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; Faculty of Management Koper, Slovenia; Doba Business School – Maribor, Slovenia; Integrated Business Faculty –  Skopje, Macedonia; Faculty of Management – Zajecar, Serbia, ISBN 978-86-80194-11-0


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 Inovation 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.).

Key words

Index Calculation, FCM, Economics

Share this

Association of Economists and Managers of the Balkans – UdEkoM Balkan
179 Ustanicka St, 11000 Belgrade, Serbia

Udekom Balkans is a dynamic non-governmental and non-profit organization, established in 2014 with a mission to foster the growth of scientific knowledge within the Balkan region and beyond. Our primary objectives include advancing the fields of management and economics, as well as providing educational resources to our members and the wider public.

Who We Are: Our members include esteemed university professors from various scientific disciplines, postgraduate students, and experts from ministries, public administrations, private and public enterprises, multinational corporations, associations, and similar organizations.

Building Bridges Together: Over the course of nine years since our establishment, the Association of Economists and Managers of the Balkans has established impactful partnerships with more than 1,000 diverse institutions across the Balkan region and worldwide.

EMAN conference publications are licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.