The changing pattern of European country groups: Economic, financial, and health indicators, 2000-2015

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ACTA OECONOMICA, vol.71, no.4, pp.609-626, 2021 (SSCI) identifier identifier

  • Publication Type: Article / Article
  • Volume: 71 Issue: 4
  • Publication Date: 2021
  • Doi Number: 10.1556/032.2021.00042
  • Journal Name: ACTA OECONOMICA
  • Journal Indexes: Social Sciences Citation Index (SSCI), Scopus, International Bibliography of Social Sciences, Periodicals Index Online, EconLit, Geobase, Index Islamicus
  • Page Numbers: pp.609-626
  • Keywords: economic growth, financial development, health, European countries, k-means, clustering, GROWTH, DISEASE, SYSTEMS, CRISIS
  • Hacettepe University Affiliated: Yes


This study compares the European country groups using economic, financial and health indicators in 2000 and 2015. The "Core" European Union (EU) countries, which are the main progenitors of the deterioration processes within the EU, have changed their cluster memberships from higher-order clusters to lower-order ones. Deposits in banks (assets) to GDP (%) and inflation at consumer prices (annual %) have played a leading role in the formation of EU country groups for 2000 and 2015. The study emphasized the importance of political cohesion and financial stance to mitigate European countries' financial risks and welfare states.