Euro area structural convergence? A multi-criterion cluster analysis
AbstractThis paper proposes a classification of the old member countries of the euro area in a structural data rich environment and run a convergence analysis using the same framework. First, we use a clustering approach and identify two structurally distinct groups of countries that are not modified between 1995 and 2007: the South Countries Group (SCG) – composed of Greece, Italy, Portugal and Spain – and the Other Countries Group (OCG). Second, we propose a convergence metrics and reach three key findings: (i) increase over time of the between-group dispersion; (ii) diverging demographics and innovation performance into the OCG, and (iii) an unfortunate convergence towards high labour market duality in the SCG.
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Bibliographic InfoPaper provided by Banque de France in its series Working papers with number 470.
Length: 26 pages
Date of creation: 2013
Date of revision:
Cluster Analysis; European Monetary Union; Structural Policies.;
Find related papers by JEL classification:
- C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
- E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-12-29 (All new papers)
- NEP-EEC-2013-12-29 (European Economics)
- NEP-MAC-2013-12-29 (Macroeconomics)
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