Measuring Regional Resilience to Economic Shocks by Index

Abstract

The article deals with the analysis of theoretical and practical aspects of measuring regional resilience to economic shocks. While the concept of regional resilience to economic shocks is still at the developent stage and the method of measuring regional resilience, which is grounded methodologically and is generally accepted, is still missing, the article presents a unique approach of the authors to the concept of regional resilience to economic shocks, including elaboration of the definition of regional resilience to economic shocks, identification of the regional resilience determining capacities in the Resilio model, specification of their quantitative and qualitative characteristics and introduction of the regional resilience to economic shocks index (Resindicis). A rapid development of globalization processes poses new challenges to the instruments of economic analysis and strategic planning. Different techniques can be used for obtaining the required information on building the regional resilience-enhancing strategies. Each of them has its own advantages and disadvantages. In order to find out the strengths and weaknesses of measuring resilience by Resilio, the newly developed index was empirically tested referring to the data of 10 Lithuanian districts in the period of 2006-2015. The assessment results, as well as the advantages and disadvantages of using Resilio are presented in the article. The newly developed Resindicis, introduced in the article, represents one of the ambitions for having a convenient tool which can be used for economic analysis, strategic planning and justification of solutions aimed at enhancing regional resilience

DOI: http://dx.doi.org/10.5755/j01.ee.29.4.18731