CEEC Accession Countries and the EMU - An Assessment of Relative and Readiness for Euro-Area Membership
AbstractEastward enlargement of the Eurozone will result in transition economies sharing a currency with well-established market economies. We compare the suitability of the candidates relative to current members at a similar time before joining, as well as their readiness to comply with Maastricht criteria. Using fuzzy clustering and principal components, we assess patterns of convergence, possible inhomogeneities within the future Eurozone and create readiness and suitability indexes. We find the CEECs more suitable in terms of OCA criteria and more ready than some of the current members once were. Moreover, they are not found to follow distinct convergence paths.
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Bibliographic InfoArticle provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.
Volume (Year): 20 (2005)
Issue (Month): ()
EMU; Nominal convergence; Real convergence; OCA; Accessioncountries; CEECs;
Find related papers by JEL classification:
- C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
- F00 - International Economics - - General - - - General
- F15 - International Economics - - Trade - - - Economic Integration
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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- Itir Ozer & Ibrahim Ozkan, 2007. "Optimum filtering for optimum currency areas criteria," Economics Bulletin, AccessEcon, vol. 6(44), pages 1-18.
- Boubakri, Salem & Guillaumin, Cyriac, 2011. "Financial integration and currency risk premium in CEECs: Evidence from the ICAPM," Emerging Markets Review, Elsevier, vol. 12(4), pages 460-484.
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