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Core and Periphery in EMU: A Cluster Analysis

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  • M J Artis
  • W Zhang
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    Abstract

    The paper looks for inhomogeneities in the actual and prospective membership of the EMU by applying techniques of cluster analysis to a set of variables suggested by the theory of Optimal Currency Areas (OCA). The analysis reveals that the member countries may be divided into those belonging to the core (Germany, France, Austria, Belgium and the Netherlands) or to one of two peripheries, Northern or Southern (respectively, the Scandinavian countries, the UK, Ireland and Finland; and Spain, Italy, Portugal and Greece). These groups appear to be relatively well-defined; if the criteria of OCA theory are taken seriously this correspondingly implies a potential problem of ?fit? of the single monetary policy to the needs of the member countries.?

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    File URL: http://www.economicissues.org.uk/Files/2001/201dArtis.pdf
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    Bibliographic Info

    Article provided by Economic Issues in its journal Economic Issues.

    Volume (Year): 6 (2001)
    Issue (Month): 2 (September)
    Pages: 47-58

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    Handle: RePEc:eis:articl:201artis

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    Web page: http://www.economicissues.org.uk
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    Cited by:
    1. Alexandra Ferreira-Lopes & Álvaro Pina, 2011. "Business Cycles, Core, and Periphery in Monetary Unions: Comparing Europe and North America," Open Economies Review, Springer, vol. 22(4), pages 565-592, September.
    2. Stephen G. Cecchetti & Marion Kohler & Christian Upper, 2009. "Financial Crises and Economic Activity," NBER Working Papers 15379, National Bureau of Economic Research, Inc.
    3. Heather M. Anderson & Mardi Dungey & Denise R Osborn & Farshid Vahid, 2010. "Financial Integration and the Construction of Historical Financial Data for the Euro Area," Centre for Growth and Business Cycle Research Discussion Paper Series 152, Economics, The Univeristy of Manchester.
    4. Mahvash Saeed Qureshi & Charalambos G. Tsangarides, 2006. "What is Fuzzy About Clustering in West Africa?," IMF Working Papers 06/90, International Monetary Fund.
    5. repec:ebl:ecbull:v:6:y:2007:i:44:p:1-18 is not listed on IDEAS
    6. Dumitru, Ionut, 2009. "Adoptarea euro in Romania
      [Euro adoption in Romania]
      ," MPRA Paper 18612, University Library of Munich, Germany.

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