{
  "title": "Measuring Soft Power: A New Global Index",
  "publication": "IMF Working Papers, October 4, 2024",
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  "summary": "Soft power is difficult to measure directly, and existing indicators—mostly subjective and not always transparent—fail to take into account the multidimensional nature of soft power.",
  "sections": [
    {
      "heading": "Overview and Purpose",
      "content": "- Authors: Serhan Cevik, Tales Padilha\n- Date: October 4, 2024\n- Series: IMF Working Paper No. 2024/212\n- Pages: 24\n- DOI: https://doi.org/10.5089/9798400289576.001\n- ISBN: 9798400289576\n- ISSN: 1018-5941\n- Core objective: Introduce a new comprehensive Global Soft Power Index (GSPI) that captures the multidimensional nature of soft power for a broad sample of countries over a long span of time."
    },
    {
      "heading": "GSPI Framework and Structure",
      "content": "- GSPI is a composite index composed of six dimensions.\n- The framework enables comparisons at:\n  - the headline GSPI level, and\n  - the level of the sub-indices (six dimensions), facilitating granular identification and study of how countries differ in soft power.\n- The composite GSPI captures the matrix of soft power characteristics, offering advantages for comparative analysis across countries and over time."
    },
    {
      "heading": "Methodology and Analytical Tools",
      "content": "- The paper uses composite indicator construction techniques.\n- Mentioned analytical methods and tools include:\n  - K-Means clustering\n  - principal component analysis"
    },
    {
      "heading": "Key Findings",
      "content": "- Existing indicators are mostly subjective and not always transparent and fail to account for soft power’s multidimensional nature.\n- The composite GSPI provides a systematic approach to measure soft power along multiple dimensions.\n- A macro-financial application is presented to investigate the relationship between soft power and exchange rates.\n- Results indicate that some dimensions of the GSPI play an important role in explaining exchange rate volatility."
    },
    {
      "heading": "Subject Areas and Keywords",
      "content": "- Subject: Education, Exchange rate modelling, Exchange rates, Foreign exchange, Real effective exchange rates, Real exchange rates\n- Keywords: comparative analysis, composite GSPI, composite indicators, comprehensive Global Soft Power Index, Exchange rate modelling, exchange rate volatility, Exchange rates, Global, GSPI score, IMF working paper No. 24/212, K-Means clustering, principal component analysis, Real effective exchange rates, Real exchange rates, Soft power"
    },
    {
      "heading": "Implications",
      "content": "- The GSPI allows policymakers and researchers to:\n  - compare soft power at both aggregate and dimension-specific levels, and\n  - explore macro-financial links such as the association between soft power dimensions and exchange rate volatility.\n\nIMF Working Papers — Measuring Soft Power: A New Global Index (Serhan Cevik, Tales Padilha), IMF Working Paper No. 2024/212\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2024/10/04/measuring-soft-power-a-new-global-index-555898"
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    "Authors: Serhan Cevik, Tales Padilha",
    "Published: October 4, 2024",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400289576.001",
    "Authors: Serhan Cevik, Tales Padilha",
    "Date: October 4, 2024",
    "Series: IMF Working Paper No. 2024/212",
    "Pages: 24",
    "DOI: https://doi.org/10.5089/9798400289576.001",
    "ISBN: 9798400289576",
    "ISSN: 1018-5941",
    "Core objective: Introduce a new comprehensive Global Soft Power Index (GSPI) that captures the multidimensional nature of soft power for a broad sample of countries over a long span of time.",
    "GSPI is a composite index composed of six dimensions.",
    "The framework enables comparisons at:",
    "The composite GSPI captures the matrix of soft power characteristics, offering advantages for comparative analysis across countries and over time.",
    "The paper uses composite indicator construction techniques.",
    "Mentioned analytical methods and tools include:",
    "Existing indicators are mostly subjective and not always transparent and fail to account for soft power’s multidimensional nature.",
    "The composite GSPI provides a systematic approach to measure soft power along multiple dimensions.",
    "A macro-financial application is presented to investigate the relationship between soft power and exchange rates.",
    "Results indicate that some dimensions of the GSPI play an important role in explaining exchange rate volatility.",
    "Subject: Education, Exchange rate modelling, Exchange rates, Foreign exchange, Real effective exchange rates, Real exchange rates",
    "Keywords: comparative analysis, composite GSPI, composite indicators, comprehensive Global Soft Power Index, Exchange rate modelling, exchange rate volatility, Exchange rates, Global, GSPI score, IMF working paper No. 24/212, K-Means clustering, principal component analysis, Real effective exchange rates, Real exchange rates, Soft power",
    "The GSPI allows policymakers and researchers to:",
    "**Working Paper**"
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