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Membership of EMU: A Fuzzy Clustering Analysis of Alternative Criteria

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Author Info

  • Artis, M.J.

    ()
    (European University Institute and CEPR)

  • Zhang, W.

    (Manchester Metropolitan University)

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    Abstract

    The paper applies fuzzy clustering techniques to the member countries of the European Union in order to arrive at an identification of preferred monetary union groupings. The statistical criteria employed are those suggested, alternatively, by the traditional Optimal Currency Area theory or the Treaty of Maastricht. Both criteria sets identify well-identified sub-groups, where a distinction can be made between a “core group” and one or more peripheral goups. Despite some differences, the similarity between the groups distinguished by the alternative sets of criteria is quite striking. On the whole this is good news for the sustainability of the current “Euro-zone”.

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    Bibliographic Info

    Article provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.

    Volume (Year): 17 (2002)
    Issue (Month): ()
    Pages: 54-79

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    Handle: RePEc:ris:integr:0184

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    Web page: http://econo.sejong.ac.kr/
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    Related research

    Keywords: Optimal Currency Area; Maastricht Treaty Criteria; EMU; Fuzzy Clustering;

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    Cited by:
    1. Peter Wilson & Keen Meng Choy, 2007. "Prospects for enhanced exchange rate cooperation in East Asia: some preliminary findings from generalized PPP theory," Applied Economics, Taylor & Francis Journals, vol. 39(8), pages 981-995.
    2. M.J. Artis, 2003. "Reflections on the optimal currency area (OCA) criteria in the light of EMU," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(4), pages 297-307.
    3. repec:onb:oenbwp:y::i:69:b:1 is not listed on IDEAS
    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. Sousa, Pedro, 2009. "Do ECB Council Decisions represent always a Real Euro Consensus?," Working Papers 9/2009, Universidade Portucalense, Centro de Investigação em Gestão e Economia (CIGE).
    6. Alexandra Ferreira-Lopes & Álvaro M. Pina, 2008. "Business Cycles, Core and Periphery in Monetary Unions: Comparing Europe and North America," Working Papers Series 1 ercwp1908, ISCTE-IUL, Business Research Unit (BRU-IUL).
    7. Peter Wilson & Keen Meng Choy, 2006. "Prospects For Enhanced Exchange Rate Cooperation In East Asia : Some Preliminary Findings From Generalized Ppp Theory," Macroeconomics Working Papers 22585, East Asian Bureau of Economic Research.
    8. repec:ebl:ecbull:v:6:y:2007:i:44:p:1-18 is not listed on IDEAS
    9. repec:prg:jnlpep:v:2013:y:2013:i:4:id:431:p:391-411 is not listed on IDEAS
    10. Erden, Lutfi & Ozkan, Ibrahim, 2014. "Determinants of international transmission of business cycles to Turkish economy," Economic Modelling, Elsevier, vol. 36(C), pages 383-390.
    11. Itir Ozer & Ibrahim Ozkan, 2007. "Optimum filtering for optimum currency areas criteria," Economics Bulletin, AccessEcon, vol. 6(44), pages 1-18.
    12. Chee-Heong Quah & Patrick M. Crowley, 2012. "China and the Dollar: An Optimum Currency Area View," Prague Economic Papers, University of Economics, Prague, vol. 2012(4), pages 391-411.

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