Refining Vulnerability and Resilience Indexes: A Methodological Contribution and Application
Posted: 29 Jan 2015
Date Written: November 15, 2014
This article revisits the art of building composite vulnerability and resilience indexes in development economics at a macro scale. We propose a holistic index whose components result from an algorithm of graph theory (the net vulnerability and resilience index), which we compare with the standard index provided by the United Nations (the economic vulnerability index). We empirically demonstrate that a holistic conception of vulnerability and resilience in line with sustainable development has a decisive impact on the quantification of vulnerability and resilience. A worldwide application confirms that the holistic perspective contemplated in the net vulnerability and resilience index significantly changes the ranking of countries relative to that indicated by the standard economic vulnerability index provided by the United Nations.
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