Formulation of Transitional Impact Index (TII) : A Cross - Country Analysis

Formulation of Transitional Impact Index (TII): A
Cross – Country Analysis
Debasish Roy
Research Scholar
Department of Management
Sikkim University
6th Mile, Samdur, Tadong
Gangtok - 737102 , India.
Email (s): debasish2000@yahoo.com, debasish2000@gmail.com

Abstract
Over a quarter of a century has elapsed since the disintegration of former Union of Soviet
Socialist Republics (USSR) and former socialist nations from the Eastern Bloc. The erstwhile
countries from East Europe, Central and East Asia have gradually adopted economic
globalization for transition towards market economies. There has been a plethora of research
works in the academic world regarding the apparent success or failure of globalization and
transition economies as a whole containing strong arguments in favor and against of
globalization. This research paper is aimed at identifying the major prospective markets
among the economies in transition across the world. For this purpose, an attempt has been
made to formulate an index of transition from socialist to market economy by means of a
combination of conventional econometrical and statistical methods based on time - series
study for a period of 21 years (1995 – 2015) on 19 major countries in the East European,
Central and East Asia (including Russian Federation) which adopted the path of economic
globalization by shedding the rigid structures of socialistic or command economy since 1990.
The Transitional Impact Index (TII) would help to classify the countries in transition broadly
into four categories, viz., countries with Low, Medium, High and Very High levels of
‘transitional effect’ en - route to transformation from socialist to market economy - which
will enable us to detect the potentialities of the economies in transition to emerge as the
future market leaders in an era of continuing global recession.

Keywords
Trade to GDP Ratio (TGDPR); Gross Capital Formation Ratio (GCFR); Net Foreign Direct
Investment to GDP Ratio (FDIGDPR); Product Concentration Index (PCI); Product
Diversification Index (PDI); Transitional Impact Index (TII).
JEL Classifications
C10; C32; C43; C53; P20; P27
Introduction
Since globalization is an inseparable part of transition process from planned economy to
market economy, hence an introductory discussion about the globalization process would be
relevant in this context. The issue of globalization is a much debated one. There is an
abundance of critics and supporters of globalization among the authors, economists, thinkers
and intellectuals. Thus in this context, we would like to put forth some of the views and
findings of a group of eminent researchers across the world as a mixed bag of reactions.
Nobel laureate economist Joseph Stiglitz (2008) has openly criticized globalization for the
disastrous economic performances of regions like South America and sub – Saharan Africa.
Brown (2008) has affirmed that globalization in its current form has clearly failed to serve the
poor as the absolute poverty has increased across the world in the post – globalization
scenario. Collier (2008) has admitted that globalization has helped to increase the income
levels of developing countries which are homes for five billion people, but he also added that
the world’s poorest one billion people who live in sub – Saharan Africa and a few land –
locked countries elsewhere, have suffered the worst from globalization.

Bhagwati (2008) has shown his strong support for globalization to preserve its positive
effects for tackling the three major thrust areas, viz., gender discrimination, poverty reduction
and child labor – which are often cited as the major drawback areas for globalization.
De Soto (2008) has suggested that the countries fail to benefit from the globalization process
because they lack the proper infrastructural framework for smooth transitioning into market
economies.
Keeping the merits and demerits of globalization in mind, an attempt has been made to
formulate an index (with the conventional statistical merits and demerits of an index in
general) which will be able to provide a simplified and holistic measurement of the impact /
effect of transition for the different countries in transition regardless of their demographical
positioning in the world. In order to approach that goal, the most important issue is related to
choosing of the appropriate (independent) variables which will encompass and highlight the
major features related to transition to market economies from planned economies. These
features are described below as:
 Increased share of trade in GDP – An increased share of trade in GDP (as a
percentage) would denote that the country in question is proceeding strongly in the
path of transition to market economy,
 Increased share of Net Foreign Direct Investment (FDI) in GDP – An increased
share of positive Net Foreign Direct Investment (FDI) inflow in GDP (BOP surplus at
current US Dollar, as a percentage) would also denote that the country in question is
proceeding strongly in the path of transition to market economy,
 Increased share of Gross Capital Formation in GDP – One of the major issues
related to transition to market economy from a planned economy is the formation of
private physical capital (K) in the said economy which helps to appreciate the level of
net investment demand (I) in the long run. Following Samuelson’s (1939) accelerator
model of investment (by ignoring the rate of depreciation of capital), we may express:
It = Kdt - Kdt – 1
where It = Net investment in time t,
Kdt = Desired capital stock in time t, and
Kdt – 1 = Desired capital stock in time t – 1,
 Product Concentration Index: Product Concentration Index, ‘also named
Herfindahl - Hirschmann Index (Product HHI), is a measure of the degree of product
concentration. The following normalized HHI is used in order to obtain values
between 0 and 1. It can be calculated as:
Hj = √ ∑i=1n (xij ∕ X) 2
where Hj = Country or Country Group Index j,
xij = Value of export for country j and product i, and
n = Number of products (SITC Revision 3 at 3-digit group level).
An index value closer to 1 indicates a country's exports or imports are highly concentrated on
a few products. On the contrary, values closer to 0 reflect exports or imports are more
homogeneously distributed among a series of products (UNCTAD)”, and

 Product Diversification Index: “The diversification index is computed by measuring
the absolute deviation of the trade structure of a country from world structure:
DXj = ∑i |hij – hi| ∕ 2
where hij = Share of product i in total exports or imports of country or country group j,
hi = Share of product i in total world exports or imports.
The diversification index takes values between 0 and 1. A value closer to 1 indicates greater
divergence from the world pattern.
This index is a modified Finger-Kreinin measure of similarity in trade. For more information,
please consult the article of Finger, J. M. and M. E. Kreinin (1979), “A measure of ‘export
similarity’ and its possible uses” in The Economic Journal, 89: 905-12 (UNCTAD)’.
The Product Concentration Index and Product Diversification Index have been included in
formulation of Transitional Impact Index (TII) primarily to gauge the effects of technological
innovation on the traded exportable goods of sample countries in transition during the post –
globalization era. For example, a country having a very low value (close to ‘0’) for Product
Concentration Index combined with a very high value (close to ‘1’) for Product
Diversification Index would be an ideal example of successful transition from planned to
market economy.
Thus a sample-size of 19 countries has been chosen consisting of Albania, Armenia,
Azerbaijan, Bulgaria, etc. which are spread across Eastern Europe, Central and Eastern Asia
in order to assess the impacts of transition by formulation of Transitional Impact Index (TII)
by using a time – series analysis for a period of 21 years (1995 – 2015) based on the data
from World Bank for the variables Gross Domestic Product (GDP) at current US Dollar,
Trade to GDP Ratio (TGDPR), Net Foreign Direct Investment Inflow to GDP Ratio
(FDIGDPR) [BOP surplus at current US Dollar], and Gross Capital Formation Ratio (GCFR)
while the data for Product Concentration Index (PCI) and Product Diversification Index were
culled from UNCTAD (United Nations Conference for Trade and Development) respectively.
When the Transitional Impact Index (TII) is estimated for each individual country under
transition, those countries would be classified into four categories on a scale from 0 to 1
where ‘0’ represents no transitional impact and ‘1’ represents complete transitional impact.
The classification of countries based on TII would be as follows:
1. 0.1 – 0.5 → Low level of transitional impact,
2. 0.51 – 0.69 → Medium level of transitional impact,
3. 0.7 – 0.79 → High level of transitional impact,
4. 0.8 and above → Very high level of transitional impact.
Literature Review
The transition phase from the planned economy to market oriented economy had been always
marked with various short and long term economic problems, especially moderate to severe
inflationary pressure coupled with contraction of GDP.
Dollar et al. (2008) have presented an empirical study that showed a positive correlation
between a country’s investment climate and trade liberalization. A favorable investment
climate is supported by the number of its customs clearances, infrastructural and logistics
facilities.
Schultz (2008) used a cross – country analysis to show that trade liberalization is associated
with strong gains in women’s economic status – which eventually helps to reduce the gender
gaps in terms of life expectancy, years of schooling, and earnings.

Fan Gang’s (2008) study attempts to decode the success story of China – which is often
treated as the “brand ambassador” of successful globalization, where he emphasizes on the
fact that without internal institutional reforms, China’s transition from a planned to a market
economy would have failed miserably. He also points out that the governmental policies
which are conducive to transformation must be local and country – specific.
Fischer and Sahay (2000) claimed that a mix of price – stabilization policy along with
structural reforms, e.g., privatization, helps to channelize the transition economies back to the
tracks of growth. Thus they concluded that higher the rate of reform, quicker is the rate of
recovery and growth.
De Melo, Denzier, and Gelb (1996) formulated the Liberalization Index (LI) primarily in
order to assess the impact of transition on the liberalized economies with respect to three
crucial factors:
a) Liberalization of private sector of the home country,
b) Liberalization of external sector of the home country, and
c) Liberalization of internal sector of the home country.
They formulated LI consisting of Private Sector Conditions Index (LIP), External
Liberalization Index (LIE), and Internal Liberalization Index (LII) by using the formula of
weighted average with weights of 40 percent, 30 percent, and 30 percent respectively.
In another study by De Melo, Denzier, Gelb, and Tenev (1997), they argued that the effect of
transition depends upon initial conditions, clusters and other factors.
Hoskisson et al. (2000) have argued that the emerging economies in post – transition phase
are progressing in divergent manner; hence the real challenge lies ahead for the policymakers
to design and implement successful market – based strategies.

Bao et al. (2014) conducted a study on nearly 4000 employees in 180 Chinese manufacturing
firms regarding market orientation. The findings of the survey showed that the consensus
between the top – level management and non – supervisory level employees positively affects
the firms’ performance levels.
Lin et al. (2014) showed in their study that for 1 percent increase in trade openness (Trade to
GDP ratio) for Small Developing Countries (SDC) under transition leads to an increase in
Government expenditure (G) to GDP (Y) ratio within the range of 0.1 – 0.2 percentage points
on average.
Misch et al. (2014) in their study have assessed the merits of using business perceptions of
growth constraints as a guide to growth – enhancing fiscal reforms. The study has revealed
the “over – estimation” of growth – enhancing effects of lower income tax regime relative to
public services and public capital.
Klimek (2012) in his study has shown that the net inflow of FDI has increased for the
emerging and transitional economies in the post – 2008 depression era.
Caporale et al. (2009) by means of a dynamic panel study over the period 1994 – 2007 have
showed that for the 10 new European Union (EU) member countries, the stock and credit
markets are underdeveloped and their contribution to economic growth is limited.
Poghosyan and Poghosyan (2010) in their study have shown that domestic and Foreign
Greenfield banks enjoy more financial power compared to foreign – acquired banks and
Foreign Greenfield banks are superior in terms of efficiency compared to domestic and
foreign – acquired banks.
Perugini and Selezneva (2015) used quintile regression method for studying gender pay -
inequality in 10 Central and Eastern European EU countries before 2007 and during the
economic recession of 2009. Their study revealed the fact that labor market deregulation
helps to increase inequality in the distribution of payments at the middle and top levels of
management and reduces inequality at the bottom level.
Babecky and Havranek (2014) performed their research on the effectiveness of structural
reforms on 26 countries in transition across the world. The findings showed that although
structural reforms have a high short – term cost, however, the reforms help to attain strong
positive growths in the long run.
Thus by summing up the findings and analyses of all the major works mentioned above, it
may be interpreted that globalization, indeed, has very strong points in its favor – although it
requires a very strong country–specific, internal framework for it successful implementation.
Objectives
The major objectives of formulation of Transitional Impact Index (TII) are discussed below:
a) To construct an indicator which would be able to provide a simplified and holistic
picture about the effects of transition from a socialist to market economy,
b) To readily evaluate the impact of transition for a sample country under four broad
categories, that is, low, medium, high and very high respectively,
c) To analyze the economic performance of the countries in transition by means of
ranking those countries in terms of the TII values, and
d) To identify the countries which have gained most from economic transition and those
which have lagged in doing so, or simply, the ‘poor performers’.
In order to fulfill the objectives mentioned above, the time - series datasets for five major
variables for 19 countries1 are considered and the necessary model for analysis is
supplemented by rigorous mathematical approach.

1. Data available at: http://databank.worldbank.org/data/home.aspx;
http://unctadstat.unctad.org/wds/ReportFolders/reportFolders.aspx?
sCS_ChosenLang=en
Methodology
First step:
In an attempt to formulate Transitional Impact Index (TII), the traditional statistical method is
used to express it as the Geometric Mean (GM) of five individual independent variables, that
is, Trade to GDP Ratio (TGDPR), Net Foreign Direct Investment to GDP Ratio (FDIGDPR),
Gross Capital Formation Ratio (GCFR), Product Concentration Index (PCI), and Product
Diversification Index (PDI).
Formally, we may express:
TII = (TGDPR * FDIGDPR * GCFR * PCI * PDI)1 ∕ 5 …………… (1)
Second step:
In the second step, by using equation: (1), the individual country – wise values of TII are
calculated;
Third step:
Since by assumption, TII is directly correlated to the individual independent variables, hence
we may express it in a Cobb – Douglas functional form as below:
TII = TGDPRβ1 FDIGDPR β2 GCFR β3 PCI β4 PDI β5 ……………… (2)
where β1 = Coefficient of TGDPR, β2 = Coefficient of FDIGDPR,
β3 = Coefficient of GCFR, β4 = Coefficient of PCI, and
β5 = Coefficient of PDI respectively;

Fourth step:
The next step requires formulation of a log – linear regression equation for equation: (2) as:
ln TII = α + β1 ln TGDPR + β2 ln FDIGDPR + β3 ln GCFR + β4 ln PCI + β5 ln PDI + ε
………………… (3)
where α = Slope / Intercept of the regression line,
ε = Residual term (βi ≠ 0, i = 1, 2, …., 5).
If the assumptions of Classical Linear Regression Model (CLRM) are fulfilled, the
parameters of equation: (3) can be estimated by Ordinary Least Squares (OLS) method as
below (Gujarati et al. 2009):
TII* = α + β1 TGDPR* + β2 FDIGDPR* + β3 GCFR* + β4 PCI* + β5 PDI* + ε ……. (4)
where TII* = ln TII, TGDPR* = ln TGDPR, FDIGDPR* = ln FDIGDPR,
GCFR* = ln GCFR, PCI* = ln PCI, and PDI* = ln PDI.
The individual country – wise econometrical and statistical summarized results derived by
using the software GRETL v.1.9.4 for equation: (4) are shown on Table: 1 – Table: 19, and
Table: 1(a) – Table: 19(a) respectively.
From the data of Table: 1 to Table: 19, it may be clearly interpreted that all the values of the
coefficients of the regressors along with the intercept (wherever applicable) are statistically
significant. From the derived p – values, it may be inferred that the coefficients of the slope /
intercept of the regression line, TGDPR, FDIGDPR, GCFR, PCI and PDI are statistically
significant at 5 percent level or better. No regression equation is formulated with coefficients
of the regressors (with derived p – values) at less than 5 percent level of significance.
An additional independent variable SAFDIGDPR (Statistically Adjusted net FDI to GDP
Ratio) is included in the analysis for the countries Kyrgyzstan and Slovenia in order to tackle
the problem of negative net FDI inflow or BOP deficit at current US Dollar.
Note:
In order to comply with the feature of Geometric Mean (GM), only positive values of the
independent variables are considered for calculation – especially, for the variable Net Foreign
Direct Investment to GDP Ratio (FDIGDPR). In case of net FDI inflow, only the BOP
surplus values at current US Dollar (in millions) for the sample nations are taken into
account. Some countries’ datasets are also duly modified to take care of the missing
observations. For example, datasets for Bosnia & Herzegovina, Georgia, Kazakhstan,
Lithuania, Turkmenistan and Uzbekistan are truncated for the time – periods (1998 – 2014),
(1997 – 2015), (1995 – 2014), (1995 – 2014), and (1996 – 2012) respectively since the
omitted years in the time – series of 21 years (1995 – 2015) did not contain data for one or
more independent variables like GDP, Trade to GDP Ratio (TGDPR), and Gross Capital
Formation Ratio (GCFR) [Source: Data bank of World Bank].
In this manner, TIIs’ are computed and log – linear regression equations are formed for 17
countries. However, for the remaining 2 countries, that is, Kyrgyzstan and Slovenia, the two
negative entries under FDI columns (for BOP deficits at current US$) are converted into
exactly equal positive entries by means of mathematical adjustments without changing the
sum of net FDI values for the given time – series by an experimental method.
The adjustment technique is fairly simple to execute. First, exactly the double positive value
of the negative observation is added to it in order to yield an absolute positive value of the
negative observation.
In the second step, the double positive value of the negative observation is subtracted from
the value of FDI preceding or succeeding the negative observation so that the sum of the
observations remains unchanged.
For example, let there be 3 entries under the net FDI column as $300, (-) $100, and $400
respectively and hence the sum of observations is $600.
Now when (+) $200 is added to the negative observation, it becomes (+) $100. So in terms of
adjustment, $200 may be deducted from either the preceding or succeeding observation, that
is, $300 or $400 so that the adjusted new set of observations becomes $300, $100, and $200
respectively (in case of adjusted third observation) and the sum of entries remain unchanged
at $600. This technique works fine for a single negative entry, however, for multiple negative
entries; the necessary adjustments could be done by choosing multiple positive observations
randomly under the net FDI column with values greater than the adjusting factor ($200 in the
cited example).
In order to do the necessary adjustments and related calculations, two additional columns are
created for the variables SAFDI (Statistically Adjusted Net Foreign Direct Investment) and
SAFDIGDPR (Statistically Adjusted Net Foreign Direct Investment to GDP Ratio) for
Kyrgyzstan and Slovenia (Refer to TII).

Results and Findings
1. For Albania, all the coefficients of five independent variables, that is, TGDPR,
FDIGDPR, GCFR, PCI and PDI are statistically significant at 1 percent level or
better. Even the coefficient term for the slope / intercept is also statistically significant
at 1 percent level or better (Refer to Table: 1).
Hence the log – linear form of regression equation for Albania may be expressed as:
TII* = -0.155667 + 0.0960945 TGDPR* + 1.06346 FDIGDPR* + 0.198219 GCFR* +
0.215789 PCI* + 0.276472 PDI* …………………………… (1)
Equation: (1) may be approximated as:
TII* = -0.155 + 0.1 TGDPR* + 1.06 FDIGDPR* + 0.2 GCFR* + 0.2 PCI* + 0.28 PDI*
…………… 1(a)
The Cobb – Douglas functional form of equation: 1(a) may be expressed as:
TII = -0.155 TGDPR0.1 FDIGDPR1.06 GCFR0.2 PCI0.2 PDI0.28 …….. (2)
The statistical summary for the TII dataset of Albania may be expressed as below [Refer to
Table: 1(a)]:
 The TII dataset for Armenia reflects a negatively skewed platykurtic distribution;
 The mean and median of TII for Albania are 0.278706 and 0.296161 respectively with
a moderate Coefficient of Variation (C.V.) at approximately 18 percent;
 From equation: (2) it may be inferred that FDIGDPR, GCFR, PCI, and PDI combined
play more significant role in influencing the value of TII for the said country; and
 The straight line trend equation for Albania (1995 – 2015) between TII (dependent
variable) and FDIGDPR (independent variable) may be expressed as [Refer to Figure:
1]:
TII = 0.207 + 1.31 FDIGDPR ………………………. (3)
2. For Armenia, all the coefficients of five independent variables, that is, TGDPR,
FDIGDPR, GCFR, PCI and PDI are statistically significant at 5 percent level or
better. The coefficient term for the slope / intercept is also statistically significant at
10 percent level or better and hence it is omitted (Refer to Table: 2).
Hence the log – linear form of regression equation for Armenia may be expressed as:
TII* = 0.114259 TGDPR* + 1.0378 FDIGDPR* + 0.256282 GCFR* + 0.236956 PCI* +
0.145964 PDI* …………………………… (4)
TII* = 0.11TGDPR* + 1.04 FDIGDPR* + 0.26 GCFR* + 0.24 PCI* + 0.15 PDI*
…………… 4(a)
TII = TGDPR0.11 FDIGDPR1.04 GCFR0.26 PCI0.24 PDI0.15 …….. (5)
The statistical summary for the TII dataset of Armenia may be expressed as below [Refer to
Table: 2(a)]:
 The TII dataset for Armenia reflects a negatively skewed platykurtic distribution;
 The mean and median of TII for Armenia are 0.274112 and 0.291562 respectively
with a moderate Coefficient of Variation (C.V.) at approximately 17 percent;

 From equation: (5) it may be inferred that FDIGDPR, GCFR, PCI, and PDI combined
play more significant role in influencing the value of TII for the said country; and
 The straight line trend equation for Armenia (1995 – 2015) between TII (dependent
2]:
TII = 0.196 + 1.47 FDIGDPR ………………………. (6)
3. For Azerbaijan, the coefficients of only two independent variables, that is, TGDPR,
and FDIGDPR are statistically significant at 5 percent level or better (Refer to Table:
3).
Hence the log – linear form of regression equation for Azerbaijan may be expressed as:
TII* = 0.126913 TGDPR* + 0.645186 FDIGDPR* ………………………… (7)
TII* = 0.127 TGDPR* + 0.645 FDIGDPR* …………………. 7(a)
TII = TGDPR0.127 FDIGDPR0.645...……….. (8)
The statistical summary for the TII dataset of Azerbaijan may be expressed as below [Refer
to Table: 3(a)]:
 The TII dataset for Azerbaijan reflects a positively skewed leptokurtic distribution;
 The mean and median of TII for Azerbaijan are 0.444632 and 0.402563 respectively
with a high Coefficient of Variation (C.V.) at approximately 26 percent;
 From equation: (8) it may be inferred that TGDPR and FDIGDPR combined play
significant role in influencing the value of TII for the said country; and
 The straight line trend equation for Azerbaijan (1995 – 2015) between TII (dependent
3]:
TII = 0.315 + 0.727 FDIGDPR ………………………. (9)
4. For Belarus, the coefficients of only three independent variables, that is, TGDPR,
FDIGDPR and GCFR are statistically significant at 1 percent level or better (Refer to
Table: 4).
Hence the log – linear form of regression equation for Belarus may be expressed as:
TII* = 0.0550711 TGDPR* + 2.03273 FDIGDPR* + 0.439749 GCFR* ………… (10)
TII* = 0.055 TGDPR* + 2.032 FDIGDPR* + 0.44 GCFR*…………………. 10(a)
TII = TGDPR0.055 FDIGDPR2.032 GCFR0.44 ...……….. (11)
The statistical summary for the TII dataset of Belarus may be expressed as below [Refer to
Table: 4(a)]:
 The TII dataset for Belarus reflects a positively skewed platykurtic distribution;
 The mean and median of TII for Belarus are 0.241344 and 0.226357 respectively with
a high Coefficient of Variation (C.V.) at approximately 24 percent;
 From equation: (11) it may be inferred that FDIGDPR and GCFR combined play
major role in influencing the value of TII whereas TGDPR plays a minor role for the
said country; and

 The straight line trend equation for Belarus (1995 – 2015) between TII (dependent
4]:
TII = 0.168 + 3.28 FDIGDPR ………………………. (12)
5. For Bosnia & Herzegovina, the coefficients of only three independent variables, that
is, TGDPR, FDIGDPR and PCI are statistically significant at 5 percent level or better.
The coefficient term for GCFR is also statistically significant at 10 percent level or
better and hence it is omitted (Refer to Table: 5).
Hence the log – linear form of regression equation for Bosnia & Herzegovina may be
expressed as:
TII* = 0.0984349 TGDPR* + 1.06661 FDIGDPR* + 0.214219 GCFR* ………… (13)
TII* = 0.1TGDPR* + 1.07 FDIGDPR* + 0.21 PCI*……………… 13(a)
TII = TGDPR0.1 FDIGDPR1.07 PCI 0.21 ...……….. (14)
The statistical summary for the TII dataset of Bosnia & Herzegovina may be expressed as
below [Refer to Table: 5(a)]:
 The TII dataset for Bosnia & Herzegovina reflects a negatively skewed platykurtic
distribution;
 The mean and median of TII for Bosnia & Herzegovina are 0.230309 and 0.241946
respectively with a moderate Coefficient of Variation (C.V.) at approximately 18
percent;
 From equation: (14) it may be inferred that FDIGDPR and PCI combined play major
role in influencing the value of TII whereas TGDPR plays a minor role for the said
country; and
 The straight line trend equation for Bosnia & Herzegovina (1998 – 2014) between TII
(dependent variable) and FDIGDPR (independent variable) may be expressed as
[Refer to Figure: 5]:
TII = 0.184 + 1.14 FDIGDPR ………………………. (15)
6. For Bulgaria, the coefficients of only three independent variables, that is, FDIGDPR,
GCFR, and PCI are statistically significant at 1 percent level or better (Refer to Table:
6).
Hence the log – linear form of regression equation for Bulgaria may be expressed as:
TII* = 0.367199 FDIGDPR* + 0.506029 GCFR* + 0.569658 PCI* ………… (16)
TII* = 0.37 FDIGDPR* + 0.51 GCFR* + 0.57 PCI*…………………. 16(a)
TII = FDIGDPR0.37 GCFR0.51 PCI 0.57...……….. (17)
The statistical summary for the TII dataset of Bulgaria may be expressed as below [Refer to
Table: 6(a)]:
 The TII dataset for Bulgaria reflects a positively skewed leptokurtic distribution;
 The mean and median of TII for Bulgaria are 0.234969 and 0.226160 respectively

 From equation: (17) it may be inferred that GCFR and PCI combined play major role
in influencing the value of TII whereas FDIGDPR plays a minor role for the said
country; and
 The straight line trend equation for Bulgaria (1995 – 2015) between TII (dependent
6]:
TII = 0.167 + 0.833 FDIGDPR ………………………. (18)
7. For Croatia, the coefficients of only three independent variables, that is, FDIGDPR,
GCFR, and PCI are statistically significant at 1 percent level or better. The coefficient
term of PDI is also statistically significant at 10 percent level or better and hence it is
omitted (Refer to Table: 7).
Hence the log – linear form of regression equation for Croatia may be expressed as:
TII* = 1.09736 FDIGDPR* + 0.237765 GCFR* + 0.568565 PCI*………… (19)
TII = FDIGDPR1.09 GCFR0.24 PCI 0.57 ...………….. (20)
The statistical summary for the TII dataset of Croatia may be expressed as below [Refer to
Table: 7(a)]:
 The TII dataset for Croatia reflects a negatively skewed leptokurtic distribution;
 The mean and median of TII for Croatia are 0.202712 and 0.213258 respectively with
a moderate Coefficient of Variation (C.V.) at approximately 19 percent;

role in influencing the value of TII whereas GCFR plays a minor role for the said
country; and
 The straight line trend equation for Croatia (1995 – 2015) between TII (dependent
7]:
TII = 0.141 + 1.57 FDIGDPR ………………………. (21)
8. For Czech Republic, the coefficients of four independent variables, that is, TGDPR,
FDIGDPR, GCFR, and PCI are statistically significant at 5 percent level or better.
(Refer to Table: 8).
Hence the log – linear form of regression equation for Czech Republic may be expressed as:
TII* = 0.0364828 TGDPR* + 0.94631 FDIGDPR* + 0.192829 GCFR* + 0.342488
PCI*………… (22)
TII* = 0.04 TGDPR* + 0.95 FDIGDPR* + 0.19 GCFR* + 0.34 PCI*…………… 22(a)
TII = TGDPR0.04 FDIGDPR0.95 GCFR0.19 PCI 0.34 ...………….. (23)
The statistical summary for the TII dataset of Czech Republic may be expressed as below
[Refer to Table: 8(a)]:
 The TII dataset for Czech Republic reflects a negatively skewed platykurtic
distribution;
 The mean and median of TII for Czech Republic are 0.218929 and 0.223075
respectively with a relatively low Coefficient of Variation (C.V.) at approximately
13.5 percent;
 From equation: (23) it may be inferred that FDIGDPR, GCFR and PCI combined play
said country; and
 The straight line trend equation for Czech Republic (1995 – 2015) between TII
TII = 0.179 + 0.833 FDIGDPR ………………………. (24)
9. For Georgia, the coefficients of four independent variables, that is, TGDPR,
FDIGDPR, GCFR, and PCI are statistically significant at 1 percent level or better.
The coefficient term of PDI is also statistically significant at 10 percent level or better
and hence it is omitted (Refer to Table: 9).
Hence the log – linear form of regression equation for Georgia may be expressed as:
TII* = 0.0752038 TGDPR* + 0.703173 FDIGDPR* + 0.213648 GCFR* + 0.306701
PCI*………… (25)
TII* = 0.075 TGDPR* + 0.7 FDIGDPR* + 0.21 GCFR* + 0.31 PCI*…………… 25(a)
TII = TGDPR0.075 FDIGDPR0.7 GCFR0.21 PCI0.31...………….. (26)

The statistical summary for the TII dataset of Georgia may be expressed as below [Refer to
Table: 9(a)]:
 The TII dataset for Georgia reflects a negatively skewed platykurtic distribution;
 The mean and median of TII for Georgia are 0.295458 and 0.303104 respectively
with a relatively low Coefficient of Variation (C.V.) at approximately 15 percent;
said country; and
 The straight line trend equation for Georgia (1997 – 2015) between TII (dependent
9]:
TII = 0.221 + 0.93 FDIGDPR ………………………. (27)
10. For Kazakhstan, the coefficients of all the five independent variables, that is,
TGDPR, FDIGDPR, GCFR, PCI, and PDI are statistically significant at 1 percent
level or better. (Refer to Table: 10).
Hence the log – linear form of regression equation for Kazakhstan may be expressed as:
TII* = 0.0873197 TGDPR* + 0.978229 FDIGDPR* + 0.308857 GCFR* + 0.138684 PCI* +
0.114267 PDI*………… (28)
TII* = 0.09 TGDPR* + 0.98 FDIGDPR* + 0.31 GCFR* + 0.14 PCI* + 0.11 PDI* …… 28(a)
TII = TGDPR0.09 FDIGDPR0.98 GCFR0.31 PCI0.14 PDI0.11...………….. (29)

The statistical summary for the TII dataset of Kazakhstan may be expressed as below [Refer
to Table: 10(a)]:
 The TII dataset for Kazakhstan reflects a negatively skewed platykurtic distribution;
 The mean and median of TII for Kazakhstan are 0.354030 and 0.348098 respectively
major role in influencing the value of TII whereas TGDPR and PDI play a minor role
for the said country; and
 The straight line trend equation for Kazakhstan (1995 – 2014) between TII (dependent
10]:
TII = 0.233 + 1.53 FDIGDPR ………………………. (30)
11. For Kyrgyzstan, the coefficients of only two independent variables, that is, TGDPR,
and SAFDIGDPR are statistically significant at 5 percent level or better. (Refer to
Table: 11).
Hence the log – linear form of regression equation for Kazakhstan may be expressed as:
TII* = 0.0834905 TGDPR* + 1.57897 SAFDIGDPR* ……………….. (31)
TII* = 0.08 TGDPR* + 1.58 SAFDIGDPR* ……………………… (31a)
TII = TGDPR0.08 SAFDIGDPR1.58 ....………….. (32)

The statistical summary for the TII dataset of Kyrgyzstan may be expressed as below [Refer
to Table: 11(a)]:
 The TII dataset for Kyrgyzstan reflects a negatively skewed leptokurtic distribution;
 The mean and median of TII for Kyrgyzstan are 0.270686 and 0.298058 respectively
 From equation: (32) it may be inferred that SAFDIGDPR (Statistically Adjusted net
FDI to GDP Ratio) plays the major role in influencing the value of TII ; and
 The straight line trend equation for Kazakhstan (1995 – 2014) between TII (dependent
variable) and SAFDIGDPR (independent variable) may be expressed as [Refer to
Figure: 11]:
TII = 0.178 + 1.92 SAFDIGDPR ………………… (33)
12. For Lithuania, the coefficients of four out of five independent variables, that is,
TGDPR, FDIGDPR, GCFR, and PCI are statistically significant at 5 percent level or
better. The coefficients of the intercept and PDI are statistically significant at 10
percent level or better and hence they are omitted. (Refer to Table: 12).
Hence the log – linear form of regression equation for Lithuania may be expressed as:
TII* = 0.0802996 TGDPR* + 1.36827 FDIGDPR* + 0.419284 GCFR* + 0.271051 PCI* ….
(34)
TII* = 0.08 TGDPR* + 1.37 FDIGDPR* + 0.42 GCFR* + 0.27 PCI* ….……….. 34(a)
TII = TGDPR0.08 FDIGDPR1.37 GCFR0.42 PCI0.27...………….. (35)

The statistical summary for the TII dataset of Lithuania may be expressed as below [Refer to
Table: 12(a)]:
 The TII dataset for Lithuania reflects a negatively skewed leptokurtic distribution;
 The mean and median of TII for Lithuania are 0.218599 and 0.221026 respectively
with a high Coefficient of Variation (C.V.) at approximately 21.5 percent;
said country; and
 The straight line trend equation for Lithuania (1995 – 2014) between TII (dependent
12]:
TII = 0.161 + 1.8 FDIGDPR ………………………. (36)
13. For Republic of Moldova, the coefficients of three independent variables, that is,
TGDPR, FDIGDPR, and PDI are statistically significant at 5 percent level or better.
The coefficient of PCI is statistically significant at 10 percent level or better and
hence it is omitted. (Refer to Table: 13).
Hence the log – linear form of regression equation for Republic of Moldova may be
expressed as:
TII* = 0.092481 TGDPR* + 1.11945 FDIGDPR* + 0.220981 PDI* ……………. (37)
TII* = 0.09 TGDPR* + 1.12 FDIGDPR* + 0.22 PDI* ….…………….. 37(a)
TII = TGDPR0.09 FDIGDPR1.12 PDI0.22…………….. (38)

The statistical summary for the TII dataset of Republic of Moldova may be expressed as
below [Refer to Table: 13(a)]:
 The TII dataset for Republic of Moldova reflects a positively skewed platykurtic
distribution;
 The mean and median of TII for Republic of Moldova are 0.288995 and 0.277341
respectively with a low Coefficient of Variation (C.V.) at approximately 15 percent;
 From equation: (38) it may be inferred that FDIGDPR, and PDI combined play major
country; and
 The straight line trend equation for Republic of Moldova (1995 – 2015) between TII
TII = 0.221 + 1.34 FDIGDPR ………………………. (39)
14. For Russian Federation, the coefficients of all the five independent variables, that is,
TGDPR, FDIGDPR, GCFR, PCI and PDI along with the coefficient of the intercept
are statistically significant at 5 percent level or better. (Refer to Table: 14).
Hence the log – linear form of regression equation for Russian Federation may be expressed
as:
TII* = -0.132689 + 0.0679618 TGDPR* + 2.14355 FDIGDPR* + 0.0716983 GCFR*+
0.263258 PCI* + 0.25053 PDI* ……………. (40)
TII* = -0.132 + 0.07 TGDPR* + 2.14 FDIGDPR* + 0.07 GCFR* + 0.26 PCI* + 0.25 PDI* ….
…………….. 40(a)
TII = -0.132 TGDPR0.07 FDIGDPR2.14 GCFR0.07 PCI0.26 PDI0.25 ...………….. (41)
The statistical summary for the TII dataset of Russian Federation may be expressed as below
 The TII dataset for Russian Federation reflects a positively skewed platykurtic
distribution;
 The mean and median of TII for Russian Federation are 0.210104 and 0.216194
 From equation: (41) it may be inferred that FDIGDPR, PCI and PDI combined play
major role in influencing the value of TII whereas TGDPR and GCFR play a minor
role for the said country; and
 The straight line trend equation for Russian Federation (1995 – 2015) between TII
TII = 0.158 + 2.57 FDIGDPR ………………………. (42)
15. For Slovakia, the coefficients of only three independent variables, that is, FDIGDPR,
GCFR, and PCI are statistically significant at 5 percent level or better (Refer to
Table: 15).
Hence the log – linear form of regression equation for Slovakia may be expressed as:
TII* = 1.34849 FDIGDPR* + 0.267603 GCFR* + 0.599934 PCI*………… (43)

TII = FDIGDPR1.35 GCFR0.27 PCI0.6...………….. (44)
The statistical summary for the TII dataset of Slovakia may be expressed as below [Refer to
Table: 15(a)]:
 The TII dataset for Slovakia reflects a negatively skewed platykurtic distribution;
 The mean and median of TII for Slovakia are 0.232004 and 0.230091 respectively
role in influencing the value of TII whereas GCFR plays a minor role for the said
country; and
 The straight line trend equation for Slovakia (1995 – 2015) between TII (dependent
15]:
TII = 0.176 + 1.49 FDIGDPR ………………………. (45)
16. For Slovenia, the coefficients of only two independent variables, that is, AFDIGDPR
and GCFR are statistically significant at 5 percent level or better. (Refer to Table: 16).
Hence the log – linear form of regression equation for Slovenia may be expressed as:
TII* = 1.77744 SAFDIGDPR* + 0.308238 GCFR* ……………….. (46)
TII* = 1.77 SAFDIGDPR* + 0.31 GCFR* ……………………… (46a)
TII = SAFDIGDPR1.77 GCFR0.31 ....………….. (47)

The statistical summary for the TII dataset of Slovenia may be expressed as below [Refer to
Table: 16(a)]:
 The TII dataset for Slovenia reflects a positively skewed platykurtic distribution;
 The mean and median of TII for Slovenia are 0.186317 and 0.185216 respectively
 From equation: (47) it may be inferred that SAFDIGDPR (Statistically Adjusted net
FDI to GDP Ratio) plays the major role in influencing the value of TII ; and
 The straight line trend equation for Slovenia (1995 – 2015) between TII (dependent
variable) and SAFDIGDPR (independent variable) may be expressed as [Refer to
Figure: 16]:
TII = 0.153 + 1.87 SAFDIGDPR ………………… (48)
17. For Turkmenistan, the coefficients of four out of five independent variables, that is,
better (Refer to Table: 17).
Hence the log – linear form of regression equation for Turkmenistan may be expressed as:
(49)

The statistical summary for the TII dataset of Turkmenistan may be expressed as below
 The TII dataset for Turkmenistan reflects a positively skewed platykurtic distribution;
 The mean and median of TII for Turkmenistan are 0.418803 and 0.400431
said country; and
 The straight line trend equation for Turkmenistan (1996 – 2012) between TII (dependent
17]:
TII = 0.338 + 1.10 FDIGDPR ………………………. (51)
18. For Ukraine, the coefficients of three independent variables, that is, TGDPR,
FDIGDPR, and PCI are statistically significant at 5 percent level or better. The slope
- coefficient is statistically significant at 10 percent level or better and hence it is
omitted. (Refer to Table: 18).
Hence the log – linear regression equation for Ukraine may be expressed as:
TII* = 0.0537992 TGDPR* + 1.29367 FDIGDPR* + 0.689195 PCI* ……………. (52)
TII* = 0.05 TGDPR* + 1.29 FDIGDPR* + 0.69 PCI* ….…………….. 52(a)
TII = TGDPR0.05 FDIGDPR1.29 PCI 0.69 ...………….. (53)

The statistical summary for the TII dataset of Ukraine may be expressed as below [Refer to
Table: 18(a)]:
 The TII dataset for Ukraine reflects a positively skewed platykurtic distribution;
 The mean and median of TII for Ukraine are 0.213791 and 0.214543 respectively
 From equation: (54) it may be inferred that FDIGDPR, and PCI combined play major
country; and
 The straight line trend equation for Ukraine (1995 – 2015) between TII (dependent
18]:
TII = 0.162 + 1.58 FDIGDPR ………………………. (54)
19. For Uzbekistan, the coefficients of four out of five independent variables, that is,
better (Refer to Table: 19).
Hence the log – linear form of regression equation for Uzbekistan may be expressed as:
(55)

The statistical summary for the TII dataset of Uzbekistan may be expressed as below [Refer
to Table: 19(a)]:
 The TII dataset for Uzbekistan reflects a positively skewed platykurtic distribution;
 The mean and median of TII for Uzbekistan are 0.211549 and 0.200311 respectively
with a low and robust Coefficient of Variation (C.V.) at approximately 13 percent;
 From equation: (56) it may be inferred that FDIGDPR, and GCFR combined play the
major role in influencing the value of TII for the said country, and
 The straight line trend equation for Uzbekistan (1996 – 2015) between TII (dependent
19]:
TII = 0.180 + 2.06 FDIGDPR ………………………. (57)
20. From the results and findings discussed above, it may be clearly stated that the sole
common factor which directly affects TII is the net FDI (BOP surplus inflow) to GDP
Ratio (FDIGDPR). Trade to GDP Ratio (TGDPR), Gross Capital Formation Ratio
(GCFR), and Product Concentration Index (PCI) are the other variables which play
secondary roles in affecting the magnitude of TII, however, the variable Product
Diversification Index (PDI) did not prove to a strong indicator for TII as it is
statistically significant for only 5 countries out of the sample of 19 countries;
21. The major objective for transition to market economy from a command economy is
the formation of physical capital (K) which would help to boost the domestic private
investments of respective countries in the long run. However, barring a few countries
like Bulgaria, Croatia, Kazakhstan, Lithuania, etc., majority of the 19 countries failed
to exhibit statistically significant correlation between TII and GCFR;

22. Based on the FDIGDPR elasticity of TII (ψ), the 19 sample countries may be broadly
classified into two categories as moderately sensitive to net FDI inflow (0.5 < ψ < 1)
and highly sensitive to net FDI inflow (ψ > 1), where ψ = dTII ∕ dFDIGDPR (Refer to
Chart: 1).
Country Linear trend Reference FDIGDPR / Nature
equation (OLS) SAFDIGDPR
Elasticity of
TII
(ψ)
Albania TII = 0.207 + 1.31* Equation: (3) 1.31 Highly sensitive
FDIGDPR
Armenia TII = 0.196 + 1.47 Equation: (6) 1.47 Highly sensitive
*FDIGDPR
Azerbaijan 0.315 + 0.727* Equation: (9) 0.727 Moderately
FDIGDPR sensitive
Belarus TII = 0.168 + Equation: (12) 3.28 Highly sensitive
3.28* FDIGDPR
Bosnia & TII = 0.184 + Equation: (15) 1.14 Highly sensitive
Herzegovina 1.14* FDIGDPR

Bulgaria TII = 0.167 + . Equation: (18) 0.833 Moderately
833* FDIGDPR sensitive

Czech Republic TII = 0.179 + Equation: (24) 0.833 Moderately
0.833 * FDIGDPR sensitive

Georgia TII = 0.221 + .93* Equation: (27) 0.93 Moderately
FDIGDPR sensitive
Kazakhstan TII = 0.233 + Equation: (30) 1.53 Highly sensitive

1.53* FDIGDPR
Kyrgyzstan TII = 0.178 + Equation: (33) 1.92 Highly sensitive
1.92*SAFDIGDPR
Lithuania TII = 0.161 + 1.8* Equation: (36) 1.8 Highly sensitive
FDIGDPR
Republic of TII = 0.221 + Equation: (39) 1.34 Highly sensitive
Moldova 1.34* FDIGDPR

Russian TII = 0.158 + Equation: (42) 2.57 Highly sensitive
Federation 2.57* FDIGDPR
Slovakia TII = 0.176 + Equation: (45) 1.49 Highly sensitive
1.49* FDIGDPR
Slovenia TII = 0.153 + 1.87 Equation: (48) 1.87 Highly sensitive
* SAFDIGDPR
Turkmenistan TII = 0.338 + 1.10 Equation: (51) 1.10 Highly sensitive
* FDIGDPR
Ukraine TII = 0.162 + 1.58 Equation: (54) 1.58 Highly sensitive
* FDIGDPR
Uzbekistan TII = 0.180 + 2.06 Equation: (57) 2.06 Highly sensitive
* FDIGDPR
Chart: 1
Based on the information from Chart: 1, the Transitional Impact Index (TII) of 15 out of 19
countries in transition is highly sensitive in terms of net FDI inflow (BOP surplus at current
US Dollar). In other words, majority of the countries in transition are heavily dependent on
net FDI inflow compared to any other factor for economic growth;
23. The values of the Durbin – Watson test statistic (d) are greater than the R2 (R –
squared) values for all the 19 sample countries in the respective linear regression
models by Ordinary Least Squares (OLS) method – which proves that the regression
models are not spurious as per Granger and Newbold’s (1974) Thumb rule of
Econometric Regression;
24. Barring Azerbaijan, for a sporadic period of 2 years (2003, 2004), when the TII
reached the high levels 0.703352 and 0.71268 respectively; all other countries
experienced a low level of TII over the two decades of transition. In the next two
consecutive years of 2005 and 2006, Azerbaijan experienced medium levels of TII of
0.58948 and 0.515576 respectively. Very interestingly, the Gross Capital Formation
Ratio (GCFR) for Azerbaijan was 53, 58, 42 and 30 percent (approximately) in 2003,
2004, 2005 and 2006 respectively.
Limitations
1. The inherent limitations of an index number are associated with TII also, such as, the
TII is simply a rough indication of relative changes, and since it is a specialized
average (Geometric Mean), hence all the limitations applicable for a Geometric Mean
(GM) are equally applicable for TII also. For example, the observations of a
Geometric Mean cannot be negative or zero (Das, 2008);
2. Due to non – availability or paucity of required data for one or more variables like
Trade to GDP Ratio (TGDPR), Net Foreign Direct Investment inflow (FDI), Gross
Capital Formation Ratio (GCFR) from World Bank, the original time – series of 21
years (1995 – 2015) required to be truncated within the range of 17 to 20 years for
some countries to suit the purpose accordingly (For example, Bosnia & Herzegovina,
Georgia etc.);
3. Due to presence of one negative observation each for Kyrgyzstan and Slovenia for the
net FDI inflow variable, it has to be statistically adjusted and renamed as Selectively
Adjusted net FDI (SAFDI) so that the necessary values for the variable Selectively
Adjusted net FDI to GDP Ratio (SAFDIGDPR) could be conveniently estimated
without compromising the sum of net FDI for proper execution of linear regression.
Conclusion
In this research paper, a sincere attempt has been made to formulate and implement the
concept of Transitional Impact Index (TII) on a sample set of 19 countries in transition for the
time – period of 21 years (1995 – 2015), and there remains a scope that this index may be
used for the remaining countries in transition to evaluate and analyze an overall impact of
transition on the basis of classification into four categories: low, medium, high, and very
high. From the cross – country econometrical and statistical analyses, the major finding refers
to the fruitful association between the net FDI inflow and Gross Capital Formation for the
success of an entire transitional phase from a planned economy to a market economy -
contrary to the popular belief that the Trade Share to GDP plays the pivotal role for effective
transition.
The apparent failure of all the 19 sample-countries to be in ‘low’ group of TII (below 0.5 in
the index value) after two decades of transitional phase invariably raises the question of
validity of transition and why so many nations have failed to successfully implement the
necessary economic measures so that the growth rates of stocks of physical capital were
properly channelized to increase the private investment demands along with the growth rates
of the said economies. Hence this paper, hopefully, would be able to throw some light on a
major topic related to transitional economies and open new vistas for further research.
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Appendices
Model 1: OLS, using observations 1995-2015 (T = 21)
Dependent variable: TII

HAC standard errors, bandwidth 2 (Bartlett kernel)
Coefficient Std. Error t-ratio p-value
const −0.155667 0.0272906 −5.7041 <0.0001 ***

TGDPR 0.0960945 0.0152969 6.2820 <0.0001 ***
FDIGDPR 1.06346 0.0886509 11.9961 <0.0001 ***
GCFR 0.198219 0.0239419 8.2792 <0.0001 ***
PCI 0.215789 0.0367192 5.8767 <0.0001 ***
PDI 0.276472 0.0396468 6.9734 <0.0001 ***
Mean dependent var 0.278706 S.D. dependent var 0.049051
Sum squared resid 0.000681 S.E. of regression 0.006738
R-squared 0.985846 Adjusted R-squared 0.981128
F(5, 15) 435.0540 P-value(F) 1.13e-15
Log-likelihood 78.73393 Akaike criterion −145.4679
Schwarz criterion −139.2007 Hannan-Quinn −144.1077
rho 0.137631 Durbin-Watson 1.667988
Table: 1
Summary Statistics, using the observations 1995 - 2015
for the variable TII (21 valid observations)
Mean Median Minimum Maximum
0.278706 0.296161 0.194455 0.347982
Std. Dev. C.V. Skewness Ex. kurtosis
0.0490513 0.175997 -0.700210 -0.842306
5% Percentile 95% Percentile IQ range Missing obs.

0.194478 0.346094 0.0818072 0
Table: 1 (a)

const −0.0944752 0.0470368 −2.0085 0.0629 *
TGDPR 0.114259 0.0451513 2.5306 0.0231 **
FDIGDPR 1.0378 0.114483 9.0651 <0.0001 ***

GCFR 0.256282 0.0411128 6.2336 <0.0001 ***
PCI 0.236956 0.032414 7.3103 <0.0001 ***
PDI 0.145964 0.0427657 3.4131 0.0039 ***
F(5, 15) 437.2459 P-value(F) 1.09e-15
rho −0.165646 Durbin-Watson 1.941544
Table: 2
0.274112 0.291562 0.169466 0.324648
0.0457756 0.166996 -0.859504 -0.261848

0.170903 0.324580 0.0708483 0
Table: 2 (a)
const 0.0794493 0.134973 0.5886 0.5649
TGDPR 0.126913 0.0569287 2.2293 0.0415 **

FDIGDPR 0.645186 0.122246 5.2778 <0.0001 ***
GCFR 0.0167697 0.1056 0.1588 0.8759
PCI 0.0764537 0.0477619 1.6007 0.1303
PDI 0.108635 0.174097 0.6240 0.5420
F(5, 15) 408.1540 P-value(F) 1.81e-15
Table: 3
0.444632 0.402563 0.281552 0.712680

0.114856 0.258318 1.11359 0.446233
0.287346 0.711747 0.133301 0
Table: 3 (a)


const −0.0558646 0.100777 −0.5543 0.5875
TGDPR 0.0550711 0.0165929 3.3189 0.0047 ***
FDIGDPR 2.03273 0.208151 9.7657 <0.0001 ***
GCFR 0.439749 0.0945531 4.6508 0.0003 ***
PCI 0.031725 0.119422 0.2657 0.7941
PDI 0.074526 0.203477 0.3663 0.7193

F(5, 15) 73.57382 P-value(F) 5.17e-10
Table: 4
0.241344 0.226357 0.148878 0.368876

0.0590124 0.244515 0.336486 -0.761585
0.149600 0.363637 0.0925812 0
Table: 4 (a)

const −0.00811045 0.0470443 −0.1724 0.8663
TGDPR 0.0984349 0.0198499 4.9590 0.0004 ***
FDIGDPR 1.06661 0.0840015 12.6975 <0.0001 ***
GCFR 0.0983885 0.048071 2.0467 0.0653 *
PCI 0.214219 0.0783322 2.7348 0.0194 **
PDI 0.074371 0.0917415 0.8107 0.4348
F(5, 11) 148.5160 P-value(F) 1.03e-09
Table: 5
0.230309 0.241946 0.149000 0.287924

0.0421521 0.183024 -0.341590 -1.07288
undefined undefined 0.0757003 0
Table: 5 (a)

const −0.0476019 0.057531 −0.8274 0.4210
TGDPR −0.00198535 0.0202984 −0.0978 0.9234
FDIGDPR 0.367199 0.0401343 9.1493 <0.0001 ***
GCFR 0.506029 0.0510691 9.9087 <0.0001 ***
PCI 0.569658 0.161729 3.5223 0.0031 ***
PDI 0.164483 0.0984145 1.6713 0.1154
F(5, 15) 199.7951 P-value(F) 3.60e-13
Table: 6
Summary Statistics, using the observations 1995 – 2015
0.234969 0.226160 0.0684826 0.383815

Std. Dev. C.V. Skewness Ex. Kurtosis
0.0721517 0.307069 0.185700 0.593278
0.0752592 0.381485 0.0518568 0
Table: 6 (a)

const −0.0416534 0.0372688 −1.1176 0.2813
TGDPR 0.0511152 0.0308779 1.6554 0.1186
FDIGDPR 1.09736 0.0991467 11.0681 <0.0001 ***
GCFR 0.237765 0.0419746 5.6645 <0.0001 ***
PCI 0.568565 0.0756775 7.5130 <0.0001 ***
PDI 0.0819987 0.0395856 2.0714 0.0560 *
F(5, 15) 46.00125 P-value(F) 1.43e-08
Table: 7
0.202712 0.213258 0.111456 0.251216

0.0381765 0.188328 -0.876485 0.285162
0.112593 0.251167 0.0460939 0
Table: 7 (a)
const −0.0996289 0.0832428 −1.1968 0.2499

TGDPR 0.0364828 0.0142512 2.5600 0.0218 **
FDIGDPR 0.94631 0.0615887 15.3650 <0.0001 ***
GCFR 0.192829 0.0890548 2.1653 0.0469 **
PCI 0.342488 0.119351 2.8696 0.0117 **
PDI 0.35574 0.223 1.5953 0.1315
F(5, 15) 182.9576 P-value(F) 6.88e-13
Table: 8
0.218929 0.223075 0.162203 0.262525

0.0295981 0.135195 -0.465081 -0.875296
0.162536 0.262002 0.0453814 0
Table: 8 (a)
const −0.00921085 0.0261771 −0.3519 0.7306

TGDPR 0.0752038 0.0131606 5.7143 <0.0001 ***
FDIGDPR 0.703173 0.0574871 12.2318 <0.0001 ***
GCFR 0.213648 0.0183587 11.6374 <0.0001 ***
PCI 0.360701 0.0665615 5.4191 0.0001 ***
PDI 0.0811472 0.0388199 2.0904 0.0568 *
F(5, 13) 269.0892 P-value(F) 1.20e-12
Table: 9
0.295458 0.303104 0.218114 0.367526

0.0450555 0.152493 -0.228606 -1.19755
undefined 0.367526 0.0876763 0
Table: 9 (a)
const −0.0287051 0.0247915 −1.1579 0.2663

TGDPR 0.0873197 0.00758866 11.5066 <0.0001 ***
FDIGDPR 0.978229 0.0378616 25.8370 <0.0001 ***
GCFR 0.308857 0.0249121 12.3979 <0.0001 ***
PCI 0.138684 0.00835607 16.5968 <0.0001 ***
PDI 0.114267 0.0298526 3.8277 0.0018 ***
F(5, 14) 2951.827 P-value(F) 1.22e-20
Table: 10
0.354030 0.348098 0.258686 0.436235

0.0593986 0.167779 -0.105584 -1.32951
0.259033 0.435788 0.112520 0
Table: 10 (a)
const 0.0160919 0.057963 0.2776 0.7854

TGDPR 0.0834905 0.0315034 2.6502 0.0190 **
SAFDIGDPR 1.57897 0.297577 5.3061 0.0001 ***
GCFR 0.190875 0.122256 1.5613 0.1408
PCI 0.0950878 0.133419 0.7127 0.4877
PDI 0.0251954 0.0774606 0.3253 0.7498
F(5, 14) 35.63267 P-value(F) 1.76e-07
Table: 11
0.270686 0.298058 0.0988199 0.357995

0.0708567 0.261767 -0.962679 0.0759771
0.101265 0.357391 0.0827478 0
Table: 11 (a)

const −0.3205 0.16709 −1.9181 0.0757 *
TGDPR 0.0802996 0.0353259 2.2731 0.0393 **
FDIGDPR 1.36827 0.214251 6.3863 <0.0001 ***
GCFR 0.419284 0.0867153 4.8352 0.0003 ***
PCI 0.271051 0.0921896 2.9401 0.0108 **
PDI 0.525556 0.247681 2.1219 0.0522 *
F(5, 14) 129.3100 P-value(F) 3.33e-11
Table: 12
0.218599 0.221026 0.0878315 0.292174

0.0470701 0.215327 -1.00524 1.14223
0.0910830 0.290991 0.0637784 0
Table: 12 (a)

const −0.0935831 0.0604778 −1.5474 0.1426
TGDPR 0.092481 0.0210085 4.4021 0.0005 ***
FDIGDPR 1.11945 0.0976412 11.4649 <0.0001 ***
GCFR 0.0943354 0.0495085 1.9054 0.0761 *
PCI 0.149526 0.0871892 1.7150 0.1069
PDI 0.220981 0.0910236 2.4277 0.0282 **
F(5, 15) 211.2675 P-value(F) 2.38e-13
Table: 13
0.288995 0.277341 0.228936 0.378056

0.0446445 0.154482 0.608748 -0.700190
0.229214 0.377511 0.0682988 0
Table: 13 (a)

const −0.132689 0.0451754 −2.9372 0.0102 **
TGDPR 0.0679618 0.0169273 4.0149 0.0011 ***
FDIGDPR 2.14355 0.132788 16.1427 <0.0001 ***
GCFR 0.0716983 0.026354 2.7206 0.0158 **
PCI 0.263258 0.0213932 12.3057 <0.0001 ***
PDI 0.25053 0.0611643 4.0960 0.0010 ***
F(5, 15) 543.0718 P-value(F) 2.16e-16
Table: 14
0.210104 0.216194 0.159980 0.267971

0.0328243 0.156229 0.0525956 -1.16265
0.160593 0.267198 0.0483225 0
Table: 14 (a)

const 0.0056233 0.0544841 0.1032 0.9192
TGDPR 0.0174137 0.0129087 1.3490 0.1974
FDIGDPR 1.34849 0.193824 6.9573 <0.0001 ***
GCFR 0.267603 0.0986981 2.7113 0.0161 **
PCI 0.599934 0.116273 5.1597 0.0001 ***
PDI −0.0214883 0.077918 −0.2758 0.7865
F(5, 15) 223.2203 P-value(F) 1.59e-13
Table: 15
0.232004 0.230091 0.120604 0.309384

0.0527751 0.227475 -0.375342 -0.861703
0.124478 0.308010 0.0883844 0
Table: 15 (a)

const 0.0234346 0.108375 0.2162 0.8317
TGDPR 0.0518043 0.0457079 1.1334 0.2748
SAFDIGDPR 1.77744 0.364205 4.8803 0.0002 ***
GCFR 0.308238 0.116393 2.6483 0.0183 **
PCI 0.125684 0.31371 0.4006 0.6943
PDI −0.053751 0.223589 −0.2404 0.8133
F(5, 15) 28.54427 P-value(F) 3.70e-07
Table: 16
0.186317 0.185216 0.108138 0.255541

0.0393279 0.211081 0.0711145 -0.645827
0.110963 0.255283 0.0568580 0
Table: 16 (a)

const −0.14973 0.0995458 −1.5041 0.1607
TGDPR 0.0742306 0.00810681 9.1566 <0.0001 ***
FDIGDPR 0.921317 0.0623383 14.7793 <0.0001 ***
GCFR 0.271738 0.0183282 14.8262 <0.0001 ***
PCI 0.219328 0.0278754 7.8681 <0.0001 ***
PDI 0.227159 0.139168 1.6323 0.1309
F(5, 11) 436.5654 P-value(F) 2.94e-12
Table: 17

0.418803 0.400431 0.313257 0.542520
0.0648936 0.154950 0.718263 -0.474315
5% Perc. 95% Perc. IQ range Missing obs.
undefined undefined 0.0805514 0
Table: 17 (a)

const 0.0832086 0.0443221 1.8774 0.0801 *
TGDPR 0.0537992 0.0106379 5.0573 0.0001 ***
FDIGDPR 1.29367 0.159115 8.1304 <0.0001 ***
GCFR 0.065465 0.078504 0.8339 0.4174
PCI 0.689195 0.260981 2.6408 0.0185 **
PDI −0.113822 0.0733348 −1.5521 0.1415
F(5, 15) 109.0559 P-value(F) 3.03e-11
Table: 18

0.213791 0.214543 0.151091 0.283415
0.0371880 0.173946 0.175677 -0.723094
0.151395 0.282469 0.0519214 0
Table: 18 (a)

const 0.0320191 0.0532035 0.6018 0.5569
TGDPR 0.0906194 0.0142522 6.3583 <0.0001 ***
FDIGDPR 2.08964 0.165464 12.6290 <0.0001 ***
GCFR 0.205548 0.0472388 4.3512 0.0007 ***
PCI 0.0870925 0.0188454 4.6214 0.0004 ***
PDI 0.0216794 0.0612155 0.3541 0.7285
F(5, 14) 108.2284 P-value(F) 1.12e-10
Table: 19

0.211549 0.200311 0.171752 0.256655
0.0267727 0.126556 0.470830 -1.17165
0.172429 0.256504 0.0484264 0
Table: 19 (a)
Figure 1
Figure 2
Figure 3
Figure 4
Figure 5
Figure 6
Figure 7
Figure 8
Figure 9
Figure 10
Figure 11
Figure 12
Figure 13
Figure 14
Figure 15
Figure 16
Figure 17
Figure 18
Figure 19
File: TII
Country: Albania
Year GDP FDI TGDP GCF TGDP

R
1995 242449900 70000000 46.9874 21 0.46987
9 2 4
1996 331489829 90100000 43.2202 21.1543 0.43220
1 3 2
1997 235990310 47500000 43.9356 20.491 0.43935
8 5 6
1998 270712377 45010000 45.4813 21.0235 0.45481
2 4 6 3
1999 341476091 41200000 48.0297 22.9863 0.48029
5 5 9 7
2000 363204390 14300000 55.9204 31.7342 0.55920
8 0 3 5 4
2001 406075880 20730000 57.4303 38.3599 0.57430
4 0 6 7 4
2002 443507864 13500000 63.9342 37.9022 0.63934
8 0 4 2 2
2003 574694591 17803640 65.4406 40.4728 0.65440
3 1 2 6 6
2004 731486517 34128511 66.3578 37.1998 0.66357
6 3 3 8
2005 815854871 26247901 70.2953 36.9851 0.70295
7 3 8 3
2006 899264234 32513831 73.4550 38.9796 0.73455
9 7 5 7
2007 107010118 65227560 82.8724 38.6555 0.82872
97 4 2 3 4
2008 128813526 12409728 86.0273 35.7784 0.86027
88 49 7 3 4
2009 120442129 13430911 83.3595 34.5577 0.83359
04 50 6 9 6
2010 119269532 10894163 85.4645 30.3086 0.85464
59 66 6 8 6
2011 128908675 10494253 90.7628 31.4135 0.90762
39 06 6 8 9
2012 123197847 92008065 85.3385 28.3285 0.85338
87 0 1 5 5
2013 127810296 12537833 88.9296 28.3586 0.88929
44 09 1 2 6
2014 132779638 11493842 75.1255 24.4833 0.75125
07 41 3 5
2015 114555957 98150005 71.3695 27.2833 0.71369
09 3 4 5
FDIGDPR GCFR PCI PDI TII

0.028872 0.21 0.19173 0.722515 0.208566
3
0.02718 0.211543 0.23291 0.711622 0.210357
4
0.020128 0.20491 0.21798 0.707976 0.194682
7
0.016627 0.210236 0.24965 0.718015 0.195417
1
0.012065 0.229864 0.28830 0.723979 0.194455
8
0.039372 0.317343 0.24621 0.754264 0.264621
5
0.05105 0.3836 0.27273 0.752998 0.296967
2
0.030439 0.379022 0.28883 0.711148 0.272953
6
0.030979 0.404729 0.28722 0.709616 0.278397
2
0.046656 0.371998 0.27672 0.714898 0.296161
7
0.032172 0.369852 0.26943 0.729581 0.277455
5
0.036156 0.389797 0.25850 0.738255 0.287835
7
0.060955 0.386555 0.21499 0.700075 0.311631
6
0.096339 0.357784 0.18266 0.712702 0.329097
5
0.111513 0.345578 0.12711 0.603012 0.300796
9
0.091341 0.303087 0.19705 0.717258 0.319784
7
0.081408 0.314136 0.21610 0.695285 0.322481
4
0.074683 0.283285 0.26113 0.699807 0.318923
0.098097 0.283586 0.28775 0.716773 0.347982
1
0.086563 0.244833 0.29421 0.712609 0.31967
5
0.085679 0.272833 0.22236 0.706665 0.304587
2
Country: Armenia

R
1995 146831735 2532000 86.1148 18.4244 0.8611
0 0 55 9 49
1996 159696891 1757000 79.2295 20.0062 0.7922
3 0 62 3 96
1997 163949242 5194000 78.5477 19.0655 0.7854
4 0 45 63 77
1998 189372643 2208300 71.8424 19.1362 0.7184
7 00 53 64 25
1999 184548218 1220400 70.5604 18.3523 0.7056
1 00 2 18 04
2000 191156366 1041885 73.9185 18.6435 0.7391
5 00 68 82 86
2001 211846791 6986850 71.6171 19.7579 0.7161
3 0 97 63 72
2002 237633504 1107253 75.9434 21.6670 0.7594
8 26 2 92 34
2003 280706100 1228529 82.1876 24.2579 0.8218
9 93 47 31 76
2004 357661524 2471406 75.0372 24.8783 0.7503
0 08 1 59 72
2005 490046951 2920732 72.0389 30.4663 0.7203
5 20 25 21 89
2006 638445160 4665319 62.6091 35.9061 0.6260
6 92 93 31 92
2007 920630170 6676715 58.3364 37.7825 0.5833
0 62 58 67 65
2008 116620407 9437330 55.7028 40.8711 0.5570
14 59 62 43 29
2009 864793674 7600407 58.4788 34.6697 0.5847
8 46 7 13 89
2010 926028493 5293213 66.1472 32.8692 0.6614
8 92 87 33 73
2011 101421113 6532197 71.1108 27.2806 0.7111
34 56 65 44 09
2012 106193200 4966367 75.9667 25.3279 0.7596
49 01 43 06 67
2013 111214657 3460923 76.5561 22.2635 0.7655
67 94 96 33 62
2014 116444384 4043449 75.3848 21.0653 0.7538
23 51 99 47 49
2015 105614011 1784529 70.9968 20.3802 0.7099
85 20 34 73 68
FDIGD GCFR PCI PDI TII
PR
0.01724 0.1842 0.1284 0.5976 0.1838
4 45 37 5 45
0.01100 0.2000 0.1347 0.5949 0.1694
2 62 09 53 66
0.03168 0.1906 0.2256 0.6505 0.2336
1 56 08 44 48
0.11661 0.1913 0.2457 0.6879 0.3066
1 63 29 09 15
0.06612 0.1835 0.3457 0.7116 0.2915
9 23 47 23 62
0.05450 0.1864 0.3019 0.7223 0.2772
4 36 02 83 49
0.03298 0.1975 0.2276 0.7179 0.2379
1 8 72 71 51
0.04659 0.2166 0.3691 0.7472 0.2917
5 71 97 55 91
0.04376 0.2425 0.3779 0.7729 0.3028
6 79 75 02 84
0.06909 0.2487 0.3094 0.7579 0.3134
9 84 98 24 52
0.05960 0.3046 0.3546 0.7774 0.3246
1 63 21 21 48
0.07307 0.3590 0.2720 0.7688 0.3215
3 61 36 36 18
0.07252 0.3778 0.2586 0.7544 0.3153
3 26 56 8 67
0.08092 0.4087 0.2639 0.7339 0.3239
3 11 51 33 74
0.08788 0.3466 0.2186 0.7301 0.3096
7 97 43 64 04
0.05716 0.3286 0.2246 0.7370 0.2901
92 22 62 82
0.06440 0.2728 0.2261 0.7526 0.2921
7 06 45 3 04
0.04676 0.2532 0.1915 0.7114 0.2616
7 79 74 75 57
0.03111 0.2226 0.2164 0.7442 0.2434
9 35 47 47 08
0.03472 0.2106 0.2229 0.7583 0.2476
4 53 26 14 85
0.01689 0.2038 0.2531 0.7907 0.2177
7 03 45 64 38
Country: Azerbaijan

R
1995 305246752 33005000 69.4108 23.7791 0.69410
2 0 9 7 9
1996 317674959 62727700 85.0633 28.9983 0.85063
3 0 6 3 4
1997 396271016 11148380 82.0462 34.2350 0.82046
3 00 5 9 2
1998 444639621 10229670 77.2335 33.3678 0.77233
8 00 8 2 6
1999 458122244 51031700 69.8612 26.4958 0.69861
2 0 2 6 2
2000 527261719 12993700 77.4194 20.674 0.77419
6 0 5 5
2001 570761824 81957900 78.2409 20.6753 0.78241
7 0 7 7
2002 623602495 20245770 92.8174 34.5761 0.92817
1 00 6 8 5
2003 727576611 40073300 107.561 53.1695 1.07561
1 00 4 2 4
2004 868051191 47191070 121.503 57.9904 1.21503
8 00 4 6 4
2005 132454218 44763960 115.833 41.5348 1.15833
81 00 4 4 4
2006 209830199 44859660 105.265 29.8593 1.05265
24 00 6 4 6
2007 330503437 45942340 96.6446 21.5250 0.96644
83 00 4 1 6
2008 488524829 39868070 89.2429 18.6936 0.89242
60 00 3 9
2009 442914904 29000300 74.7440 18.9486 0.74744
21 00 4 4
2010 529027033 33529970 74.9859 18.0595 0.74986
76 00 9 8
2011 659516272 44851200 80.5080 20.2678 0.80508
00 00 5 5
2012 687309063 52932500 79.3484 21.9538 0.79348
14 00 6 8 5
2013 735604843 26194370 75.5937 24.7077 0.75593
85 00 6 5 8
2014 751980109 44304660 69.5092 25.7596 0.69509
65 00 1 9 2
2015 530471403 40476300 72.6387 28.6859 0.72638
47 00 8 2 8
PR
0.10812 0.2377 0.4164 0.7104 0.3503
6 92 22 7 7
0.19745 0.2899 0.5526 0.7560 0.4588
9 83 05 31 91
0.28133 0.3423 0.4539 0.7392 0.4838
2 51 63 99 58
0.23006 0.3336 0.3690 0.7194 0.4359
7 78 79 7 37
0.11139 0.2649 0.4975 0.7802 0.3807
3 59 01 05 63
0.02464 0.2067 0.5707 0.7859 0.2815
4 4 47 02 52
0.14359 0.2067 0.7089 0.8219 0.4229
4 54 14 84 57
0.32465 0.3457 0.6818 0.8165 0.5658
8 62 73 24 5
0.55077 0.5316 0.6782 0.8057 0.7033
8 95 45 17 52
0.54364 0.5799 0.6073 0.7902 0.7126
4 05 82 26 8
0.33795 0.4153 0.5728 0.7642 0.5894
8 48 19 22 8
0.21379 0.2985 0.6997 0.7747 0.5155
93 58 48 76
0.13900 0.2152 0.7356 0.7723 0.4396
7 5 38 8 74
0.08160 0.1869 0.8940 0.7851 0.3945
9 36 84 92 23
0.06547 0.1894 0.8362 0.7875 0.3607
6 86 79 86 26
0.06338 0.1805 0.8636 0.7852 0.3572
96 82 5 74
0.06800 0.2026 0.8920 0.7970 0.3796
6 78 07 5 73
0.07701 0.2195 0.8630 0.7790 0.3899
4 39 29 09 76
0.03560 0.2470 0.8624 0.7861 0.3394
9 78 9 3 89
0.05891 0.2575 0.8617 0.7847 0.3721
7 97 81 22 07
0.07630 0.2868 0.8148 0.8160 0.4025
3 59 85 15 63
Country: Bosnia & Herzegovina

R
1998 411669943 66736468. 125.66 38 1.2566
7 4 66 66
1999 468572973 17678059 121.82 28 1.2182
9 5 06 06
2000 550598445 14607561 104.19 20.551 1.0419
6 1 06 28 06
2001 574899066 11849522 104.31 19.077 1.0431
6 0 89 44 89
2002 665122617 26776956 95.276 18.559 0.9527
9 9 77 87 68
2003 837002019 38178463 113.45 18.844 1.1345
6 7 78 48 78
2004 100228406 88959729 109.74 19.4 1.0974
35 5 01 01
2005 112251382 62381285 103.24 27.202 1.0324
97 2 48 95 48
2006 128665249 84596287 98.028 21.632 0.9802
18 6 94 72 89
2007 157764226 18419722 83.564 25.370 0.8356
73 30 28 17 43
2008 191014544 10048526 86.213 26.657 0.8621
64 60 78 58 38
2009 176006307 13851102 73.802 19.354 0.7380
27 0 83 87 28
2010 171631175 44384020 81.027 15.910 0.8102
51 7 19 25 72
2011 186280227 47161099 87.908 18.345 0.8790
43 2 85 65 89
2012 172073676 39197694 88.075 18.831 0.8807
26 6 56 82 56
2013 181542902 33675890 87.846 17.835 0.8784
72 6 45 83 65
2014 185214760 49676425 90.802 18.383 0.9080
55 1 84 1 28

PR
0.01621 0.38 0.1933 0.65897 0.2504
12 16 83 9
0.03772 0.28 0.1859 0.62459 0.2722
74 19 84 03
0.02653 0.20551 0.2086 0.66326 0.2393
03 28 59 5 9
0.02061 0.19077 0.1834 0.66588 0.2187
15 44 64 78 71
0.04025 0.18559 0.1852 0.65446 0.2438
87 87 06 87 9
0.04561 0.18844 0.1635 0.66638 0.2542
33 48 26 39 64
0.08875 0.194 0.1602 0.63897 0.2866
7 46 56 34
0.05557 0.27202 0.1355 0.65751 0.2683
28 95 55 38 32
0.06574 0.21632 0.1370 0.68254 0.2649
91 72 95 97 12
0.11675 0.25370 0.1276 0.62622 0.2879
47 17 56 42 24
0.05260 0.26657 0.1161 0.59023 0.2419
61 58 79 77 46
0.00786 0.19354 0.1067 0.61194 0.149
97 87 56 7
0.02586 0.15910 0.1075 0.57828 0.1833
01 25 29 84 67
0.02531 0.18345 0.1061 0.62228 0.1932
73 65 65 11 81
0.02277 0.18831 0.1045 0.60326 0.1885
96 82 87 61 63
0.01854 0.17835 0.1037 0.56559 0.1763
98 83 39 89 44
0.02682 0.18383 0.1050 0.61426 0.1959
1 1 18 57 4
Country: Bulgaria

R
1995 130634226 90400000 101.827 15.6985 1.0182
19 17 95 72
1996 101094041 109000000 104.368 0.29864 1.0436
60 01 39 8
1997 111956305 504800000 87.3932 8.86890 0.8739
37 41 66 32
1998 146309747 537317256. 79.1500 18.4939 0.7915
78 2 96 62 01
1999 134950628 818788154. 90.9577 19.3314 0.9095
50 9 7 22 78
2000 131480991 100150384 78.3236 19.1978 0.7832
85 2 19 15 36
2001 141353938 812942202 79.3504 21.3950 0.7935
76 9 06 05
2002 163603466 904659791. 75.4651 20.5588 0.7546
54 1 41 51 51
2003 210747752 209678870 79.2771 22.1492 0.7927
06 0 07 19 71
2004 260946225 307255096 93.2895 23.4806 0.9328
64 2 45 15 95
2005 298216625 409812293 99.8734 27.7626 0.9987
37 1 42 79 34
2006 343044481 787447625 111.291 32.1493 1.1129
50 5 41 44 14
2007 447657333 138752704 122.613 33.3624 1.2261
80 57 85 48 38
2008 546666427 102967206 124.266 36.8023 1.2426
34 34 18 48 62
2009 517834541 389666455 93.1223 28.6235 0.9312
84 9 38 21 23
2010 499391681 124191000 110.198 22.8684 1.1019
33 0 14 2 81
2011 569498350 209977000 123.673 21.6469 1.2367
52 0 85 79 39
2012 535766708 178798000 129.624 22.0756 1.2962
28 0 37 79 44
2013 556263592 198904000 134.534 21.3906 1.3453
56 0 5 91 45
2014 567170546 197116000 131.094 21.4413 1.3109
74 0 06 11 41
2015 489529590 177385548 131.481 21.3421 1.3148
80 3 29 89 13

PR
0.00692 0.15698 0.0876 0.4844 0.1362
59 16 49 49
0.01078 0.00298 0.0881 0.5086 0.0684
2 64 25 06 83
0.04508 0.08868 0.0961 0.5002 0.1758
9 91 11 27 21
0.03672 0.18493 0.0833 0.5029 0.1864
5 96 16 3 38
0.06067 0.19331 0.0958 0.5240 0.2217
3 42 12 81 09
0.07617 0.19197 0.1274 0.5330 0.2388
1 82 54 11 94
0.05751 0.21395 0.1178 0.5141 0.2261
1 01 58 66 6
0.05529 0.20558 0.1050 0.5055 0.2146
6 85 75 06 51
0.09949 0.22149 0.1017 0.4893 0.2442
3 22 12 49 63
0.11774 0.23480 0.1090 0.4922 0.2680
7 62 77 65 93
0.13742 0.27762 0.1204 0.4948 0.2959
1 68 21 37 55
0.22954 0.32149 0.1525 0.4861 0.3605
7 34 24 6 16
0.30995 0.33362 0.1304 0.5035 0.3838
3 45 68 12 15
0.18835 0.36802 0.1363 0.4895 0.3563
5 35 63 16 96
0.07524 0.28623 0.1061 0.4516 0.2492
9 52 96 28 49
0.02486 0.22868 0.1156 0.4458 0.2004
8 42 78 93 05
0.03687 0.21646 0.1253 0.4327 0.2217
1 98 94 53 04
0.03337 0.22075 0.1396 0.4442 0.2262
2 68 38 17 13
0.03575 0.21390 0.1337 0.4842 0.2316
7 69 16 78 01
0.03475 0.21441 0.1052 0.4416 0.2145
4 31 7 79 11
0.03623 0.21342 0.0930 0.4657 0.2132
6 19 64 43 23
Country: Croatia
Year GDP FDI TGDP GCF TGDPR

1995 223875618 108053139 63.5058 16.83901 0.635058
45 .7 79 9 79
1996 236780126 492528182 67.9889 20.10766 0.679889
97 .7 95 6 95
1997 238220870 541135803 75.5462 25.62996 0.755462
53 .7 76 7 76
1998 254321444 940830562 65.7634 21.60661 0.657634
06 .2 04 4 04
1999 233869455 145238627 66.9676 21.26234 0.669676
97 8 94 6 94
2000 217742738 105678125 76.0569 20.15082 0.760569
32 5 44 9 44
2001 232896711 984168063 80.8447 22.11252 0.808447
02 74 3 74
2002 268784992 953751427 83.2189 25.85353 0.832189
06 .3 94 94
2003 346581134 182622397 85.2191 27.98534 0.852191
97 5 44 4 44
2004 415745308 129308552 84.9248 27.53406 0.849248
16 2 78 4 78
2005 454160766 179431762 84.7278 27.93838 0.847278
81 0 41 4 41
2006 504535778 329903809 86.0656 29.80770 0.860656
98 2 74 3 74
2007 600931555 456737735 85.2684 29.70299 0.852684
33 9 56 7 56
2008 704814518 518784480 84.9946 31.43427 0.849946
14 9 41 8 41
2009 627030957 319881503 72.7617 25.03881 0.727617
51 7 96 7 96
2010 596806244 142410832 75.8976 21.35008 0.758976
22 8 3 6 3
2011 622495653 141760025 81.2732 20.62795 0.812732
59 9 19 3 19
2012 564853019 146510004 82.6755 19.26939 0.826755
67 5 79 79
2013 577708847 937309759 85.5963 19.10547 0.855963
29 .6 04 3 04
2014 571362418 395985773 90.5123 18.19322 0.905123
67 7 35 5 35
2015 487320036 158968737 96.0172 18.27862 0.960172
74 .6 08 9 08

0.0048265 0.16839 0.10187 0.531529 0.122819
0.0208011 0.201077 0.11413 0.538874 0.177238
2
0.0227157 0.2563 0.09537 0.534505 0.186267
7
0.0369938 0.216066 0.15273 0.551712 0.213438
7
0.0621024 0.212623 0.15164 0.566226 0.237727
2
0.0485335 0.201508 0.13853 0.553945 0.224544
6
0.0422577 0.221125 0.14332 0.52315 0.224196
5
0.0354838 0.258535 0.11701 0.493769 0.213258
2
0.0526925 0.279853 0.11642 0.468659 0.232929
4
0.0311028 0.275341 0.12799 0.501203 0.215666
3
0.0395084 0.279384 0.10968 0.458082 0.215974
5
0.0653876 0.298077 0.11820 0.499706 0.250727
5
0.076005 0.29703 0.11528 0.444556 0.250509
1
0.0736058 0.314343 0.12102 0.420381 0.251216
7
0.0510153 0.250388 0.09369 0.428304 0.206224
7
0.0238622 0.213501 0.12549 0.446846 0.185023
6
0.0227729 0.20628 0.12036 0.459629 0.184056
9
0.0259377 0.192694 0.10405 0.454659 0.181229
9
0.0162246 0.191055 0.08523 0.481568 0.161219
9
0.0693055 0.181932 0.07785 0.473432 0.211244
4
0.0032621 0.182786 0.06899 0.435399 0.111456
9
Country: Czech Republic

R
1995 5953711379 256756464 84.2311 33.8641 0.84231
1 2 5 2 1
1996 6677504678 143527912 81.7504 35.6863 0.81750
5 8 1 2 4
1997 6162136498 128649287 85.3099 32.3715 0.8531
1 3 7
1998 6637259457 370016938 84.8388 30.3522 0.84838
5 8 9 8 9
1999 6471946125 631259667 86.4585 29.2324 0.86458
5 6 4 2 5
2000 6147426513 498707912 98.5131 31.5014 0.98513
5 9 3 6 1
2001 6737562342 564070723 99.5281 31.6192 0.99528
7 6 5 9 2
2002 8169665165 849660903 91.7658 30.2133 0.91765
9 6 6 7 9
2003 9930032968 202127574 95.3279 29.1667 0.95327
2 6 1 9
2004 1.18976E+1 497779518 114.046 29.3876 1.14046
1 3 5 7 5
2005 1.3599E+11 116019773 122.275 29.1687 1.22275
06 9 3 9
2006 1.55213E+1 552176193 127.838 30.1015 1.27838
1 1 7 6 7
2007 1.88818E+1 106060631 130.655 32.1290 1.30655
1 22 2 2 2
2008 2.35205E+1 881539302 124.560 31.1155 1.24560
1 2 3 3 3
2009 2.0573E+11 527161370 113.741 26.5151 1.13741
2 1 7 1
2010 2.07016E+1 101678343 129.254 27.1743 1.29254
1 75 6 6
2011 2.27313E+1 418873649 139.281 27.0310 1.39281
1 1 9 5 9
2012 2.06442E+1 943319980 148.324 26.2577 1.48324
1 5 6 3 6
2013 2.08328E+1 735757865 148.741 24.7629 1.48741
1 3 1 6 1
2014 2.0527E+11 808866193 160.915 25.2504 1.60915
0 9 1 9
2015 1.81811E+1 247852927 162.541 26.6556 1.62541
1 5 6 6
PR
0.043125 0.3386 0.0445 0.3668 0.1822
4 41 91 81 82
0.021494 0.3568 0.0478 0.3741 0.1622
2 63 56 44 03
0.020877 0.3237 0.0577 0.3732 0.1655
4 15 64 16 35
0.055748 0.3035 0.0707 0.3812 0.2077
5 23 05 94 52
0.097537 0.2923 0.0791 0.3860 0.2373
8 24 84 59 71
0.081124 0.3150 0.0841 0.4077 0.2439
7 15 87 79 66
0.083720 0.3161 0.0874 0.3899 0.2458
3 93 47 33 63
0.104001 0.3021 0.1098 0.3938 0.2625
9 34 46 25
0.020355 0.2916 0.0898 0.3807 0.1808
2 67 75 81 92
0.041838 0.2938 0.0901 0.4030 0.2194
6 77 49 44 96
0.085314 0.2916 0.0931 0.3977 0.2572
8 87 59 84 95
0.035575 0.3010 0.0997 0.4046 0.2230
4 16 19 46 75
0.056170 0.3212 0.0966 0.4130 0.2481
8 9 46 1 62
0.037479 0.3111 0.0921 0.4006 0.2217
6 55 63 2 62
0.025624 0.2651 0.1009 0.4089 0.1998
52 2 93 71
0.049116 0.2717 0.1052 0.4128 0.2371
2 43 16 41 04
0.018427 0.2703 0.1057 0.4362 0.1999
2 11 23 14 94
0.045694 0.2625 0.1068 0.4349 0.2418
3 77 62 39 34
0.035317 0.2476 0.1057 0.4344 0.2266
2 3 92 6 33
0.039405 0.2525 0.1129 0.4287 0.2387
04 16 99 18
0.013632 0.2665 0.1178 0.4067 0.1951
4 56 67 24 66
Country: Georgia

R
1997 351054080 24250000 57.7527 17.8373 0.57752
9 0 27 54 7
1998 361350011 26530000 53.5666 27.1704 0.53566
7 0 41 38 6
1999 280002431 82300000 57.1519 26.4530 0.57151
4 16 15 9
2000 305745348 13146667 62.6618 26.5815 0.62661
3 8 43 05 8
2001 321948782 10987163 63.3299 30.3277 0.63329
5 5 43 55 9
2002 339577867 16039866 71.6288 28.5010 0.71628
4 0 76 84 9
2003 399137454 33497229 78.2597 31.3207 0.78259
9 1 26 12 7
2004 512527388 49273294 79.7380 31.9081 0.79738
1 0 48 83
2005 641094101 45310729 85.3159 33.4872 0.85315
3 2 27 52 9
2006 774540620 11702923 89.8822 30.8581 0.89882
1 93 29 36 2
2007 101728696 18776157 89.1562 32.0559 0.89156
80 56 99 05 3
2008 127950444 15913003 87.0235 25.9588 0.87023
73 25 49 54 5
2009 107668090 65292130 78.6736 13.0260 0.78673
99 0 18 6 6
2010 116385368 86911564 87.7155 21.5861 0.87715
91 6 97 07 6
2011 144346199 10843495 91.0164 26.1584 0.91016
82 76 92 3 5
2012 158464745 83125488 95.9488 28.9498 0.95948
96 4 47 6 8
2013 161400470 95632349 102.330 24.7805 1.02330
72 0 61 12 6
2014 165093058 17498165 103.413 29.8068 1.03413
28 67 77 93 8
2015 139653858 13419123 109.954 32.1244 1.09954
02 29 19 62 2
PR
0.06907 0.1783 0.1534 0.6388 0.23373
8 74 57 01 21
0.07341 0.2717 0.1588 0.6688 0.25763
9 04 13 68 53
0.02939 0.2645 0.1614 0.6881 0.21811
3 3 34 49 43
0.04299 0.2658 0.1629 0.7038 0.24149
9 15 47 04 46
0.03412 0.3032 0.1815 0.7250 0.24388
7 78 58 84 79
0.04723 0.2850 0.2063 0.7871 0.27476
5 11 2 66 64
0.08392 0.3132 0.1973 0.7757 0.31596
4 07 53 06 54
0.09613 0.3190 0.2115 0.774 0.33153
8 82 64 48
0.07067 0.3348 0.1983 0.7468 0.31274
7 73 8 85 34
0.15109 0.3085 0.1721 0.7022 0.34749
5 81 86 05 69
0.18457 0.3205 0.1762 0.7211 0.36752
1 59 87 07 63
0.12436 0.2595 0.2168 0.7430 0.33974
8 89 06 84 12
0.06064 0.1302 0.1804 0.7141 0.24028
2 61 91 1 55
0.07467 0.2158 0.2149 0.7068 0.29269
6 61 29 77 41
0.07512 0.2615 0.2309 0.7037 0.31094
1 84 51 57 78
0.05245 0.2894 0.2509 0.6961 0.30280
7 99 49 81 22
0.05925 0.2478 0.2453 0.6938 0.30310
2 05 92 75 39
0.10599 0.2980 0.2215 0.7017 0.34767
69 58 67 04
0.09608 0.3212 0.1829 0.6452 0.33156
8 45 72 59 41
Country: Kazakhstan

1995 20374307047 964200000 82.52240 19.888532 0.825224
7
1996 21035357833 1137000000 71.27357 20.525493 0.712736
3
1997 22165932063 1321400000 72.35955 19.62816 0.723596
1
1998 22135245413 1151400000 65.20418 20.460859 0.652042
3
1999 16870817135 1587000000 82.57915 13.70423 0.825792
1
2000 18291990619 1370521199 105.6996 18.139048 1.056997
9
2001 22152689130 2816823050 92.84906 26.876423 0.928491
9
2002 24636598581 2588491060 94.03168 27.287723 0.940317
6
2003 30833692831 2483253230 91.46333 25.703913 0.914633
2
2004 43151647003 5615262947 96.4092 26.31109 0.964092
2005 57123671734 2546065710 97.76250 30.969768 0.977625
3
2006 81003884545 7611168450 91.45352 33.900791 0.914535
7
2007 1.0485E+11 11972842989 92.16163 35.526699 0.921616
3
2008 1.33442E+11 16818890680 94.29480 27.506484 0.942948
5
2009 1.15309E+11 14275888207 75.76606 29.414565 0.757661
7
2010 1.48047E+11 7456117901 74.13826 25.373549 0.741383
6
2011 2.00379E+11 13760291529 70.28870 21.118747 0.702887
5
2012 2.15902E+11 13648134374 71.2161 23.340029 0.712161
2013 2.43775E+11 9946760285 63.00189 22.759127 0.630019
2014 2.27437E+11 7597703264 63.24898 24.052437 0.63249
9

0.047324 0.198885 0.20370 0.732157 0.258686
4
0.054052 0.205255 0.23036 0.726034 0.265633
8
0.059614 0.196282 0.27080 0.767281 0.281233
5
0.052017 0.204609 0.29396 0.817181 0.278221
0.094068 0.137042 0.38285 0.823451 0.320013
6
0.074925 0.18139 0.47500 0.825297 0.354915
4
0.127155 0.268764 0.48287 0.807234 0.415397
7
0.105067 0.272877 0.50220 0.808661 0.405388
6
0.080537 0.257039 0.52226 0.790928 0.379013
6
0.130129 0.263111 0.54827 0.781944 0.426737
5
0.044571 0.309698 0.60535 0.757893 0.361707
8
0.093961 0.339008 0.59876 0.746466 0.419686
9
0.11419 0.355267 0.56861 0.743105 0.436235
2
0.126039 0.275065 0.59109 0.73723 0.427305
9
0.123806 0.294146 0.58641 0.775423 0.416586
6
0.050363 0.253735 0.62760 0.76545 0.340117
7
0.068671 0.211187 0.60728 0.747899 0.341281
4
0.063214 0.2334 0.59234 0.73659 0.340611
3
0.040803 0.227591 0.65831 0.745823 0.310209
8
0.033406 0.240524 0.65667 0.74806 0.301622
1
Country: Kyrgyzstan
Year GDP FDI SAFDI TGDP GCF TGDPR

1995 1661018519 96090000 96090000 71.82613 19.888532 0.7182613
1996 1827570586 47238000 47238000 87.29577 20.525493 0.8729577
1997 1767864036 83820000 83820000 84.47713 19.62816 0.8447713
1998 1645963750 109228485 109228485 94.50929 20.460859 0.9450929
1999 1249062025 44412800 44412800 99.19945 13.70423 0.9919945
2000 1369691955 -2360125 2360125 89.43063 18.139048 0.8943063
2001 1525113501 5006732.8 286482.877 73.74711 26.876423 0.7374711
8
2002 1605640633 4661963.5 4661963.54 82.92086 27.287723 0.8292086
4
2003 1919012781 45544627. 45544627.8 83.93258 25.703913 0.8393258
8
2004 2211535312 175458810 175458810 93.8157 26.31109 0.938157
2005 2460246796 42565248. 42565248.3 95.084 30.969768 0.95084
3
2006 2834168889 182022903 182022903 120.75 33.900791 1.2074998
2007 3802566171 207919478 207919478 137.0584 35.526699 1.3705839
2008 5139957785 376992152 376992152 146.1061 27.506484 1.4610608
2009 4690062255 189377400 189377400 133.3792 29.414565 1.3337915
2010 4794357795 419995000 419995000 133.2329 25.373549 1.3323285
2011 6197766119 697411600 697411600 136.1798 21.118747 1.3617984
2012 6605139933 308532100 308532100 139.6759 23.340029 1.3967594
2013 7335027592 633130000 633130000 134.0268 22.759127 1.3402679
2014 7468096567 352896700 352896700 125.1262 24.052437 1.2512618
SAFDIGD GCFR PCI PDI TII
PR
0.05785005 0.1988 0.1390 0.6885 0.2397
85 9 34 08
0.02584743 0.2052 0.1657 0.7055 0.2222
55 63 67 01
0.04741315 0.1962 0.1952 0.6858 0.2537
82 71 81 94
0.06636142 0.2046 0.3415 0.7347 0.3173
09 85 78 9
0.03555692 0.1370 0.2580 0.7372 0.2470
42 9 34 21
0.00172311 0.1813 0.3263 0.7708 0.1477
9 79 77 15
0.00018784 0.2687 0.3385 0.7475 0.0988
64 83 56 2
0.00290349 0.2728 0.2291 0.7105 0.1606
77 65 96 44
0.02373336 0.2570 0.2661 0.6977 0.2486
39 64 31 71
0.07933801 0.2631 0.2909 0.7176 0.3329
11 37 37 05
0.01730121 0.3096 0.2410 0.7187 0.2449
98 46 41 96
0.06422444 0.3390 0.1676 0.7010 0.3147
08 72 88 79
0.05467873 0.3552 0.2054 0.7074 0.3292
67 52 58 59
0.07334538 0.2750 0.2736 0.7290 0.3579
65 05 95 95
0.04037844 0.2941 0.2631 0.7303 0.3138
46 43 49 37
0.08760193 0.2537 0.1821 0.6817 0.3259
35 16 25 06
0.11252629 0.2111 0.1502 0.6485 0.3160
87 12 57 37
0.04671091 0.2334 0.2263 0.5903 0.2895
11 15 25
0.08631597 0.2275 0.2974 0.6325 0.3459
91 14 52 23
0.0472539 0.2405 0.2857 0.6666 0.3065
24 27 59 91
Country: Lithuania

1995 7870782261 72557500 84.91689 22.887723 0.849169
8
1996 8385109020 152400000 93.17435 21.22945 0.9317435
4
1997 10120274493 354502500 100.0093 24.751788 1.0000938
8
1998 11240360898 925525000 89.65180 24.564234 0.8965181
8
1999 10972878636 486457500 74.81266 21.604476 0.7481267
9
2000 11539211480 380272500 83.27429 19.001879 0.8327429
5
2001 12252498921 442400000 93.55018 19.207289 0.9355018
1
2002 14278357284 660790498 100.3598 20.832785 1.0035988
8
2003 18802576988 217398840 98.12595 22.018135 0.9812595
2004 22649930576 796137342 101.8149 22.8872 1.0181499
9
2005 26125575942 845877872 115.0161 24.224953 1.1501612
2
2006 30216060233 2067073985 121.5943 26.927055 1.2159434
4
2007 39738180077 2293483539 113.9130 32.261618 1.1391306
6
2008 47850551149 1907529763 125.8494 28.11248 1.2584942
2
2009 37440673478 17988257.2 105.5585 12.609819 1.0555858
8
2010 37132564255 865316052 132.5617 18.210119 1.3256178
8
2011 43505562065 1537976948 152.6008 21.914417 1.5260089
9
2012 42852204396 575641354 162.4530 19.249923 1.6245303
3
2013 46418255975 708290851 166.8614 19.130575 1.6686146
6
2014 48353937110 350938699 160.5128 18.329581 1.6051286
6

0.0092186 0.228877 0.08769 0.531224 0.152863
3
0.0181751 0.212295 0.10444 0.496307 0.179501
2
0.0350289 0.247518 0.12214 0.508407 0.22194
9
0.0823394 0.245642 0.13197 0.523125 0.262732
4
0.0443327 0.216045 0.11374 0.555494 0.214372
2
0.0329548 0.190019 0.16070 0.551826 0.215284
5
0.0361069 0.192073 0.17477 0.524105 0.22636
6
0.0462792 0.208328 0.15621 0.545703 0.2417
9
0.0115622 0.220181 0.15919 0.551311 0.185432
2
0.0351497 0.228872 0.19612 0.554596 0.245452
4
0.0323774 0.24225 0.21308 0.530235 0.252148
3
0.0684098 0.269271 0.1885 0.504283 0.292174
0.0577149 0.322616 0.11003 0.474188 0.256334
5
0.0398643 0.281125 0.20188 0.490195 0.268509
0.0004804 0.126098 0.16947 0.482287 0.087831
2
0.0233034 0.182101 0.18796 0.488632 0.220112
7
0.0353513 0.219144 0.20680 0.480711 0.259435
8
0.0134332 0.192499 0.19964 0.48397 0.20974
4
0.0152589 0.191306 0.18681 0.463365 0.211344
8
0.0072577 0.183296 0.14166 0.451843 0.168711
7
Country: Republic of Moldova

1995 1752975841 25910000 107.30376 24.8761521 1.0730377
7
1996 1695130457 23740000 129.18415 24.247204 1.2918415
1
1997 1930071407 78740000 129.07345 23.8221016 1.2907346
9
1998 1639497207 75500000 123.56654 26.8011495 1.2356654
2
1999 1170785048 37890000 119.50613 22.8842479 1.1950614
8
2000 1288420223 127540000 125.20992 23.9471482 1.2520993
6
2001 1480656884 54540000 123.38847 20.0033426 1.2338848
8
2002 1661818168 84050000 130.67434 21.6601825 1.3067434
5
2003 1980901554 73750000 140.72784 23.1766719 1.4072784
2
2004 2598231467 87690000 132.70719 26.3593337 1.3270719
1
2005 2988338439 190700000 142.81605 30.8256703 1.4281606
6
2006 3408272498 258680000 137.15363 32.7478121 1.3715364
9
2007 4401154128 536020000 144.59330 38.1058609 1.4459331
8
2008 6054806101 726610000 134.42257 39.2282024 1.3442257
3
2009 5439422031 135150000 110.36332 23.1418974 1.1036333
7
2010 5811604052 211990000 117.77043 23.5244397 1.1777043
2011 7015206498 347930000 130.80042 24.1704025 1.3080042
2012 7284686576 282580000 127.42475 23.6443549 1.2742476
7
2013 7985349731 290460000 123.93990 24.6574988 1.2393991
6
2014 7983271111 349930000 120.05979 26.0615797 1.2005979
5
2015 6551161404 270960000 117.15760 22.6014641 1.1715761
7
0.014781 0.248762 0.22301 0.714743 0.228936
5
0.014005 0.242472 0.25563 0.696401 0.239069
0.040796 0.238221 0.21185 0.706534 0.284919
5
0.046051 0.268011 0.26621 0.714662 0.310831
2
0.032363 0.228842 0.20111 0.713581 0.263495
6
0.098989 0.239471 0.22200 0.715189 0.342495
8
0.036835 0.200033 0.25123 0.71838 0.277341
5
0.050577 0.216602 0.24885 0.736566 0.304645
9
0.037231 0.231767 0.25588 0.736464 0.296417
0.03375 0.263593 0.24567 0.758934 0.294126
7
0.063815 0.308257 0.25494 0.723285 0.34904
9
0.075898 0.327478 0.18078 0.689026 0.335432
7
0.121791 0.381059 0.15945 0.671143 0.372599
6
0.120005 0.392282 0.17967 0.679222 0.378056
9
0.024846 0.231419 0.15314 0.687301 0.23171
0.036477 0.235244 0.14498 0.673997 0.250558
0.049597 0.241704 0.13491 0.643795 0.267197
6
0.038791 0.236444 0.14184 0.64029 0.254202
1
0.036374 0.246575 0.15128 0.647004 0.255463
0.043833 0.260616 0.14633 0.676134 0.267004
9
0.041361 0.226015 0.16775 0.716035 0.265352
8
Country: Russian Federation

1995 3.9553E+11 2065000000 55.183759 25.439272 0.5518376
1996 3.9172E+11 2579000000 47.9231 23.667696 0.479231
1997 4.0493E+11 4864643273 47.257204 21.976520 0.472572
8
1998 2.7095E+11 2761260000 55.772741 14.964253 0.5577274
1
1999 1.9591E+11 3309430000 69.393763 14.830403 0.6939376
1
2000 2.5971E+11 2678030000 68.094339 18.693878 0.6809434
7
2001 3.066E+11 2847300000 61.110738 21.949774 0.6111074
1
2002 3.4511E+11 3473830000 59.707674 20.050569 0.5970767
8
2003 4.3035E+11 7928630000 59.128269 20.858958 0.5912827
5
2004 5.9102E+11 1540299000 56.581852 20.901275 0.5658185
0 1
2005 7.6402E+11 1550805000 56.713248 20.077496 0.5671325
0 9
2006 9.8993E+11 3759477000 54.733402 21.171591 0.547334
0 8
2007 1.2997E+12 5587368000 51.706123 24.164514 0.5170612
0
2008 1.6608E+12 7478291000 53.382466 25.501219 0.5338247
0 7
2009 1.2226E+12 3658310000 48.435061 18.926375 0.4843506
0 7
2010 1.5249E+12 4316778000 50.355505 22.615050 0.5035551
0 6
2011 2.0318E+12 5508363000 48.370035 23.086322 0.4837003
0 7
2012 2.1701E+12 5058756000 47.980285 22.941161 0.4798029
0 8
2013 2.2306E+12 6921889000 47.636945 21.130936 0.4763695
0 7
2014 2.031E+12 2203132000 48.44527 21.086131 0.4844527
0 1
2015 1.326E+12 6478400000 50.738011 20.743200 0.5073801
4
0.0052208 0.254393 0.25593 0.674244 0.166112
4
0.0065838 0.236677 0.25593 0.671515 0.166599
4
0.0120136 0.219765 0.26194 0.673882 0.185601
9
0.0101909 0.149643 0.22223 0.676519 0.166478
8
0.016893 0.148304 0.25595 0.682855 0.19794
4
0.0103117 0.186939 0.28131 0.654862 0.189102
1
0.0092866 0.219498 0.29322 0.655133 0.188707
8
0.0100659 0.200506 0.29678 0.665444 0.1885
3
0.0184238 0.20859 0.30979 0.670932 0.216194
6
0.0260619 0.209013 0.32074 0.661966 0.230765
8
0.020298 0.200775 0.35204 0.662137 0.221963
8
0.0379772 0.211716 0.35173 0.646088 0.251193
5
0.0429895 0.241645 0.34837 0.637809 0.260234
8
0.045027 0.255012 0.36324 0.620592 0.267971
9
0.0299213 0.189264 0.34748 0.643033 0.227759
7
0.0283083 0.226151 0.36626 0.654774 0.238588
4
0.0271111 0.230863 0.37653 0.638359 0.235716
3
0.0233107 0.229412 0.38240 0.609814 0.226668
3
0.0310311 0.211309 0.37743 0.608299 0.23503
3
0.0108477 0.210861 0.36959 0.622034 0.191085
7
0.0048856 0.207432 0.31622 0.644473 0.15998
5
Country: Slovakia

1995 25733043137 236132979.2 111.2383 26.41450 1.112383
1
1996 27821913815 350826240 115.2232 35.92071 1.1522328
8 9
1997 27660149541 173745483.8 119.5408 35.99748 1.1954084
4 9
1998 29828899206 562131586.6 103.9221 35.09649 1.0392219
9 1
1999 30415095887 354306697.5 99.35648 29.30403 0.9935649
6 7
2000 29114875622 2183119136 110.6994 27.59632 1.1069943
3 3
2001 30703017450 1532584052 123.6156 31.35665 1.2361564
4 7
2002 35083608131 4212437461 122.1961 30.72372 1.2219613
3 7
2003 46731767494 969200518.9 126.2829 25.78402 1.2628299
9 3
2004 57240535138 4060863687 140.1618 27.38085 1.4016182
2 7
2005 62493023256 3924682009 149.1659 29.80980 1.4916597
7 3
2006 70388970016 5696440446 166.5211 28.92885 1.6652116
6 6
2007 86072414454 5059527853 168.1224 28.55982 1.6812247
7 2
2008 1.00077E+11 4641898697 163.3241 28.72938 1.6332411
1 8
2009 88661433732 1519061242 137.1397 21.19134 1.371397
7
2010 89254437086 2117457352 154.5580 24.08116 1.5455807
7 7
2011 97919794273 5426624043 171.4537 25.03140 1.7145372
2 8
2012 93049717830 1776753941 179.8953 20.96050 1.7989533
3 8
2013 98028544875 1003810309 183.4276 20.96645 1.8342767
7 1
2014 1.00253E+11 85077801.87 180.0573 20.94215 1.8005731
1 9
2015 86581789952 2149683427 185.1638 22.90510 1.8516385
5 7

0.009176 0.264145 0.09175 0.454679 0.162264
9
0.01261 0.359207 0.06693 0.44138 0.172828
7
0.006281 0.359975 0.08613 0.441218 0.159346
9
0.018845 0.350965 0.12808 0.452483 0.208954
0.011649 0.29304 0.12583 0.445219 0.1802
0.074983 0.275963 0.15109 0.474554 0.277395
5
0.049916 0.313567 0.13024 0.459365 0.258649
2
0.120069 0.307237 0.13689 0.459343 0.309384
7
0.02074 0.25784 0.17680 0.480262 0.224747
4
0.070944 0.273809 0.14491 0.474276 0.284726
4
0.062802 0.298098 0.11934 0.396702 0.265616
6
0.080928 0.289289 0.14519 0.399015 0.295644
7
0.058782 0.285598 0.17217 0.460387 0.295084
9
0.046383 0.287294 0.16896 0.404616 0.271965
1
0.017133 0.211913 0.16773 0.467964 0.208161
4
0.023724 0.240812 0.15908 0.459122 0.230091
2
0.055419 0.250314 0.15604 0.453014 0.278695
1
0.019095 0.209605 0.16592 0.464144 0.223244
4
0.01024 0.209665 0.17205 0.461981 0.199121
9
0.000849 0.209422 0.17413 0.457902 0.120604
2
0.024828 0.229051 0.18519 0.455967 0.245358
7
Country: Slovenia
Year GDP FDI SAFDI TGDP GCF TGDPR

1995 21273048928 150400000 150400000 93.463383 25.08095 0.9346338
2
1996 21480028329 173300000 173300000 93.627719 24.73730 0.9362772
5
1997 20749144658 334500000 334500000 96.326018 25.90533 0.9632602
3
1998 22125432776 215700000 215700000 96.775062 26.91508 0.9677506
1999 22689993408 106600000 106600000 92.629091 28.85535 0.9262909
2
2000 20342197589 135800000 135800000 103.67914 28.52062 1.0367914
5
2001 20875389931 501200000 501200000 104.53866 26.37627 1.0453866
4
2002 23563581047 184980000 1849800000 103.32717 25.34936 1.0332717
0
2003 29697443017 535600000 535600000 102.10846 26.42181 1.0210846
7
2004 34470229198 763100000 763100000 111.3771 28.60555 1.113771
7
2005 36346971770 970800000 970800000 119.79748 28.37993 1.1979748
5
2006 39587730523 691588429 691588429 129.43863 30.17777 1.2943863
2007 48114700246 188493287 1884932873 136.49175 32.87580 1.3649175
3 4
2008 55589863776 108108020 388541773 134.14437 32.69461 1.3414437
7 8
2009 50244790220 -346269217 346269217 112.61648 23.38205 1.1261648
3
2010 48016423841 319054953 319054953 127.14138 22.23963 1.2714138
1
2011 51287600778 875544802 875544802 138.9123 21.72006 1.389123
4
2012 46240004973 33548087.6 33548087.6 142.37766 18.75192 1.4237766
8
2013 47675792660 103977239 103977239 144.54863 19.35361 1.4454863
7
2014 49491396798 101929146 1019291465 145.18191 19.76720 1.4518191
5 5
2015 42746980843 168044087 1680440877 146.30311 20.19526 1.4630311
7 1
SAFDIGDPR GCFR PCI PDI TII

0.00706998 0.25081 0.09444 0.45899 0.148345
5
0.00806796 0.247373 0.101083 0.44184 0.15286
0.01612115 0.259053 0.102171 0.46860 0.180689
3
0.00974896 0.269151 0.11316 0.45664 0.167339
7
0.00469811 0.288554 0.108726 0.44302 0.143328
4
0.00667578 0.285206 0.104235 0.45360 0.156318
3
0.02400913 0.263763 0.102366 0.46967 0.199785
4
0.0785025 0.253494 0.10792 0.46680 0.252965
6
0.01803522 0.264218 0.107624 0.46941 0.189725
9
0.02213794 0.286056 0.111136 0.48305 0.206846
9
0.02670924 0.283799 0.118799 0.49699 0.221747
4
0.01746977 0.301778 0.107778 0.49721 0.20541
0.03917582 0.328758 0.140864 0.44005 0.255541
0.00698944 0.326946 0.148924 0.47745 0.185216
9
0.00689164 0.233821 0.159323 0.44069 0.166358
0.0066447 0.222396 0.166074 0.45125 0.169716
7
0.01707128 0.217201 0.16167 0.49139 0.21008
0.00072552 0.187519 0.156248 0.48859 0.108138
3
0.00218092 0.193536 0.158598 0.48769 0.136387
0.02059533 0.197672 0.155803 0.47401 0.212814
9
0.03931133 0.201953 0.166561 0.43833 0.243041
1
Country: Turkmenistan

1996 2379281768 108060000 149.9906 49.43806 1.499906
4
1997 2450084970 107860000 111.2349 38.68105 1.112349
2
1998 2605688065 62300000 103.4659 45.49482 1.03466
6
1999 2450686660 125000000 139.6343 39.66893 1.396343
3
2000 2904662605 131000000 176.4404 34.73866 1.764405
6
2001 3534771969 170000000 158.2563 31.71266 1.582563
2
2002 4462028989 276000000 122.4555 27.55968 1.224555
2003 5977440583 226000000 118.9221 25.41874 1.189221
4
2004 6838351088 353700000 121.1841 23.05362 1.211842
8
2005 8104355717 418200000 112.8035 22.91831 1.128035
4
2006 1027759815 730900000 108.0116 19.5002 1.080116
2 2
2007 1266416510 856000000 114.0935 18.6 1.140936
3 9
2008 1927152317 1277000000 104.4338 31.7 1.044339
9 8
2009 2021438596 4553000000 119.8354 46.6 1.198354
5 5
2010 2258315789 3632300000 120.7905 51.88083 1.207905
5 1
2011 2923333333 3391067000 118.2273 51.93184 1.182274
3 9
2012 3516421052 3129621000 117.6512 47.2 1.176513
6 9
0.045417 0.494381 0.54206 0.783972 0.4277
7
0.044023 0.38681 0.60105 0.803169 0.391047
9
0.023909 0.454948 0.35285 0.759594 0.313257
8
0.051006 0.396689 0.42586 0.796204 0.394705
7
0.0451 0.347387 0.48607 0.766212 0.400431
5
0.048094 0.317127 0.63892 0.805975 0.415805
0.061855 0.275597 0.62427 0.799813 0.40142
5
0.037809 0.254187 0.65488 0.776395 0.357151
9
0.051723 0.230536 0.68758 0.80255 0.380481
0.051602 0.229183 0.66331 0.769213 0.368628
7
0.071116 0.195002 0.70918 0.802318 0.385581
0.067592 0.186 0.71741 0.824691 0.385254
8
0.066264 0.317 0.66680 0.772018 0.407906
1
0.225236 0.466 0.50732 0.736514 0.54252
8
0.160841 0.518808 0.51201 0.764445 0.523858
7
0.116 0.519318 0.70425 0.793426 0.52477
3
0.089 0.472 0.76299 0.821572 0.499137
8
Country: Ukraine

1995 48214752454 267000000 97.22969 26.683208 0.972297
5
1996 44558076852 521000000 93.85664 22.670788 0.938566
3
1997 50150401354 623000000 84.24141 21.445938 0.842414
4
1998 41883242907 743000000 86.04972 20.81721 0.860497
6
1999 31580961263 496000000 101.9517 17.512954 1.019517
1
2000 31261718319 595000000 119.8582 19.630152 1.198583
9
2001 38009344577 792000000 109.2947 21.764043 1.092948
7
2002 42392896031 693000000 105.7938 20.148798 1.057938
1
2003 50132953288 1424000000 112.9327 21.970196 1.129328
8
2004 64883060726 1715000000 114.9090 21.134237 1.14909
3
2005 86142018069 7808000000 102.1191 22.584788 1.021191
4
2006 1.07753E+11 5604000000 96.09558 24.761418 0.960956
3
2007 1.42719E+11 10193000000 95.20667 24.761418 0.952067
2
2008 1.79992E+11 10700000000 101.8343 27.939594 1.018344
9
2009 1.17228E+11 4769000000 94.42477 17.059819 0.944248
9
2010 1.36419E+11 6451000000 104.3108 19.564665 1.043109
6
2011 1.6316E+11 7207000000 106.2418 22.436925 1.062418
1
2012 1.75781E+11 8175000000 104.0930 21.715507 1.040931
6
2013 1.81334E+11 4509000000 96.10081 18.094102 0.961008
6
2014 1.31805E+11 847000000 102.3951 14.077938 1.023952
8
2015 90615023324 3050000000 107.5323 15.316566 1.075323
1

PR
0.005537 0.2668 0.1058 0.5718 0.1541
7 32 77 4 31
0.011692 0.2267 0.1061 0.5716 0.1720
6 08 25 76 92
0.012422 0.2144 0.1255 0.5971 0.1758
6 59 6 12 73
0.017739 0.2081 0.1231 0.6053 0.1883
8 72 87 1 36
0.015705 0.1751 0.1300 0.6088 0.1858
7 3 09 94 94
0.019032 0.1963 0.1311 0.6061 0.2042
9 02 14 01 95
0.020837 0.2176 0.1198 0.5944 0.2039
4 66 85 87
0.016347 0.2014 0.1245 0.6066 0.1923
1 88 45 39 45
0.028404 0.2197 0.1222 0.5712 0.2179
5 02 39 01 76
0.026432 0.2113 0.1341 0.5808 0.2186
2 42 01 44 72
0.090641 0.2258 0.1437 0.6085 0.2834
48 34 63 15
0.052007 0.2476 0.1425 0.5930 0.2534
8 14 72 93 79
0.071420 0.2476 0.1382 0.5889 0.2675
1 14 22 36 35
0.059447 0.2793 0.1492 0.6111 0.2739
96 72 67 53
0.040681 0.1705 0.1155 0.6005 0.2145
5 98 04 1 43
0.047288 0.1956 0.1296 0.5688 0.2346
47 99 05 88
0.044171 0.2243 0.1323 0.5729 0.2401
5 69 88 01 41
0.046506 0.2171 0.1214 0.5971 0.2379
6 55 74 35 32
0.024865 0.1809 0.1199 0.6118 0.1996
7 41 36 36 59
0.006426 0.1407 0.1271 0.6684 0.1510
2 79 61 57 91
0.033658 0.1531 0.1349 0.6823 0.2195
9 66 18 45 71
Country: Uzbekistan

1996 13948892216 90000000 61.86253 31.7 0.6186253
2
1997 14744603774 166800000 57.04459 28.2 0.570446
8
1998 14988971211 139600000 45.29330 28.1 0.452933
2
1999 17078465982 121200000 36.55480 25.1 0.3655481
5
2000 13760374488 74700000 46.11284 22.1 0.4611284
4
2001 11401351420 82800000 55.72146 26.5 0.5572146
5
2002 9687951055 65300000 60.15719 20.8 0.601572
9
2003 10128112401 82600000 67.85074 19.1 0.6785075
8
2004 12030023548 176600000 72.85937 20.7 0.7285938
5
2005 14307509839 191600000 66.51541 17.9 0.6651542
8
2006 17030896203 173800000 68.63702 18.5 0.6863702
2
2007 22311393928 705200000 76.19873 19.44 0.7619874
5
2008 27934030937 711300000 84.30935 23.03 0.8430935
2009 32816828373 842000000 70.79685 24.88 0.7079686
7
2010 39332770929 1636448861 60.17326 23.22 0.6017326
2011 45324319955 1635145000 64.32558 24.929999 0.6432558
5
2012 51183443225 563040000 60.56493 22.2 0.6056494
6
2013 56795656325 628866000 58.39503 23.2 0.5839503
2
2014 63132848445 626195000 50.11464 23.1 0.5011464
2015 66732801393 1068393000 42.83935 23.771686 0.4283935
2

PR
0.006452 0.317 0.5443 0.7848 0.2221
04 8 09
0.011313 0.282 0.4946 0.7639 0.2330
03 23 59
0.009314 0.281 0.4816 0.7484 0.2119
12 33 05
0.007097 0.251 0.4817 0.7932 0.1901
4 9 88
0.005429 0.221 0.3543 0.7623 0.1717
72 26 52
0.007262 0.265 0.3416 0.7437 0.1936
91 25 77
0.00674 0.208 0.3360 0.7708 0.1853
59 89 05
0.008156 0.191 0.3018 0.7428 0.1883
11 64 38
0.01468 0.207 0.2809 0.7530 0.2158
8 4 41
0.013392 0.179 0.2730 0.7198 0.1991
79 72 73
0.010205 0.185 0.2742 0.7650 0.1935
05 01 78
0.031607 0.1944 0.2457 0.7024 0.2407
08 66 1
0.025464 0.2303 0.3043 0.6974 0.2536
64 25
0.025658 0.2488 0.3496 0.7048 0.2566
09 33 55
0.041605 0.2322 0.2481 0.7086 0.2522
21 83 93
0.036077 0.2493 0.2378 0.6673 0.2469
8 62 51
0.011 0.222 0.2295 0.7471 0.1909
43 78 21
0.011072 0.232 0.2814 0.7221 0.1980
89 77
0.009919 0.231 0.2460 0.7748 0.1853
27 86 75
0.01601 0.2377 0.2619 0.7767 0.2014
17 61 81 49

Formulation of Transitional Impact Index (TII) : A Cross - Country Analysis

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Formulation of Transitional Impact Index (TII) : A Cross - Country Analysis

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Formulation of Transitional Impact Index (TII): A

Cross – Country Analysis

6th Mile, Samdur, Tadong

Gangtok - 737102 , India.

Email (s): debasish2000@yahoo.com, debasish2000@gmail.com

transition economies as a whole containing strong arguments in favor and against of

made to formulate an index of transition from socialist to market economy by means of a

combination of conventional econometrical and statistical methods based on time - series

‘transitional effect’ en - route to transformation from socialist to market economy - which

future market leaders in an era of continuing global recession.

Investment to GDP Ratio (FDIGDPR); Product Concentration Index (PCI); Product

Diversification Index (PDI); Transitional Impact Index (TII).

C10; C32; C43; C53; P20; P27

Since globalization is an inseparable part of transition process from planned economy to

locked countries elsewhere, have suffered the worst from globalization.

features are described below as:

 Increased share of trade in GDP – An increased share of trade in GDP (as a

path of transition to market economy,

 Increased share of Net Foreign Direct Investment (FDI) in GDP – An increased

proceeding strongly in the path of transition to market economy,

related to transition to market economy from a planned economy is the formation of

where It = Net investment in time t,

Kdt = Desired capital stock in time t, and

Kdt – 1 = Desired capital stock in time t – 1,

 Product Concentration Index: Product Concentration Index, ‘also named

Herfindahl - Hirschmann Index (Product HHI), is a measure of the degree of product

concentration. The following normalized HHI is used in order to obtain values

between 0 and 1. It can be calculated as:

where Hj = Country or Country Group Index j,

xij = Value of export for country j and product i, and

n = Number of products (SITC Revision 3 at 3-digit group level).

homogeneously distributed among a series of products (UNCTAD)”, and

DXj = ∑i |hij – hi| ∕ 2

hi = Share of product i in total world exports or imports.

divergence from the world pattern.

Diversification Index would be an ideal example of successful transition from planned to

Thus a sample-size of 19 countries has been chosen consisting of Albania, Armenia,

The classification of countries based on TII would be as follows:

1. 0.1 – 0.5 → Low level of transitional impact,

2. 0.51 – 0.69 → Medium level of transitional impact,

3. 0.7 – 0.79 → High level of transitional impact,

4. 0.8 and above → Very high level of transitional impact.

inflationary pressure coupled with contraction of GDP.

between a country’s investment climate and trade liberalization. A favorable investment

gaps in terms of life expectancy, years of schooling, and earnings.

treated as the “brand ambassador” of successful globalization, where he emphasizes on the

which are conducive to transformation must be local and country – specific.

recovery and growth.

a) Liberalization of private sector of the home country,

b) Liberalization of external sector of the home country, and

c) Liberalization of internal sector of the home country.

They formulated LI consisting of Private Sector Conditions Index (LIP), External

weighted average with weights of 40 percent, 30 percent, and 30 percent respectively.

transition depends upon initial conditions, clusters and other factors.

to design and implement successful market – based strategies.

the firms’ performance levels.

public services and public capital.

emerging and transitional economies in the post – 2008 depression era.

markets are underdeveloped and their contribution to economic growth is limited.

foreign – acquired banks.

management and reduces inequality at the bottom level.

positive growths in the long run.

requires a very strong country–specific, internal framework for it successful implementation.