## Measuring Soft Power: A New Global Index

_IMF Working Papers, October 4, 2024_

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## Bibliographic details
- Authors: Serhan Cevik, Tales Padilha
- Published: October 4, 2024
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798400289576.001

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### Overview and Purpose
- 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 Framework and Structure
- GSPI is a composite index composed of six dimensions.
- The framework enables comparisons at:
  - the headline GSPI level, and
  - the level of the sub-indices (six dimensions), facilitating granular identification and study of how countries differ in soft power.
- The composite GSPI captures the matrix of soft power characteristics, offering advantages for comparative analysis across countries and over time.

### Methodology and Analytical Tools
- The paper uses composite indicator construction techniques.
- Mentioned analytical methods and tools include:
  - K-Means clustering
  - principal component analysis

### Key Findings
- 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 Areas and Keywords
- 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

### Implications
- The GSPI allows policymakers and researchers to:
  - compare soft power at both aggregate and dimension-specific levels, and
  - explore macro-financial links such as the association between soft power dimensions and exchange rate volatility.

*IMF Working Papers — Measuring Soft Power: A New Global Index (Serhan Cevik, Tales Padilha), IMF Working Paper No. 2024/212*

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_Source: https://www.imf.org/en/publications/wp/issues/2024/10/04/measuring-soft-power-a-new-global-index-555898_