UGC Approved Journal no 63975(19)

ISSN: 2349-5162 | ESTD Year : 2014
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Published in:

Volume 8 Issue 6
June-2021
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

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Published Paper ID:
JETIR2106559


Registration ID:
230564

Page Number

e37-e43

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Title

Modelling Of World Development Indicators Influencing The Global Economic Movements Using Statistical Techniques.

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Abstract

World Development Indicators is a collection of internationally comparable statistics from officially-recognized international sources presenting the most accurate global development data. In this paper, the current and historical data containing nineteen prime development indicators for 96 countries are studied. Multiple linear regression analysis is used to identify the significant development indicators affecting a country’s GNI per capita and to predict its future value based on the significant indictors. The model is improved by using Stepwise variable selection method, Box-Cox transformation and removing the influential observations. Further as a remedy to multicollinearity, ridge regression is used and an optimal model satisfying all the assumptions of multiple regression with lesser residual error is obtained. All these results will help countries in policy making and achieving developmental goals.

Key Words

World Development Indicators, Gross National Income, Multiple Linear Regression Analysis, Stepwise variable selection method, Box-Cox transformation, Influential Observations, Multicollinearity, Ridge Regression.

Cite This Article

"Modelling Of World Development Indicators Influencing The Global Economic Movements Using Statistical Techniques.", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.8, Issue 6, page no.e37-e43, June-2021, Available :http://www.jetir.org/papers/JETIR2106559.pdf

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2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

"Modelling Of World Development Indicators Influencing The Global Economic Movements Using Statistical Techniques.", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.8, Issue 6, page no. ppe37-e43, June-2021, Available at : http://www.jetir.org/papers/JETIR2106559.pdf

Publication Details

Published Paper ID: JETIR2106559
Registration ID: 230564
Published In: Volume 8 | Issue 6 | Year June-2021
DOI (Digital Object Identifier):
Page No: e37-e43
Country: Nagpur, Maharashtra, India .
Area: Science & Technology
ISSN Number: 2349-5162
Publisher: IJ Publication


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