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Core and Periphery in EMU: A Cluster Analysis

Author

Listed:
  • M J Artis
  • W Zhang

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.?

Suggested Citation

  • M J Artis & W Zhang, 2001. "Core and Periphery in EMU: A Cluster Analysis," Economic Issues Journal Articles, Economic Issues, vol. 6(2), pages 47-58, September.
  • Handle: RePEc:eis:articl:201artis
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    File URL: http://www.economicissues.org.uk/Files/2001/201dArtis.pdf
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    Cited by:

    1. Anderson, Heather M. & Dungey, Mardi & Osborn, Denise R. & Vahid, Farshid, 2011. "Financial integration and the construction of historical financial data for the Euro Area," Economic Modelling, Elsevier, vol. 28(4), pages 1498-1509, July.
    2. Heather Anderson & Mardi Dungey & Denise Osborn & Farshid Vahid, 2007. "Constructing Historical Euro Area Data," Money Macro and Finance (MMF) Research Group Conference 2006 99, Money Macro and Finance Research Group.
    3. Erdenebat Bataa & Denise R. Osborn & Marianne Sensier & Dick van Dijk, 2009. "Changes in International Business Cycle Affiliations," The School of Economics Discussion Paper Series 0924, Economics, The University of Manchester.
    4. repec:gam:jecomi:v:4:y:2016:i:2:p:8:d:68929 is not listed on IDEAS
    5. Lutfi Erden & Ibrahim Ozkan & Burak Gunalp, 2009. "What Do Productivity Shocks Tell Us About the Saving-Investment Relationship?," Prague Economic Papers, University of Economics, Prague, vol. 2009(3), pages 195-208.
    6. 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.
    7. 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.
    8. Ahlborn, Markus & Wortmann, Marcus, 2017. "Output gap similarities in Europe: Detecting country groups," Center for European, Governance and Economic Development Research Discussion Papers 305, University of Goettingen, Department of Economics.
    9. Chee-Heong Quah, 2016. "Germany versus the United States: Monetary Dominance in the Eurozone," Economies, MDPI, Open Access Journal, vol. 4(2), pages 1-16, April.
    10. Stephen G. Cecchetti & Marion Kohler & Christian Upper, 2009. "Financial crises and economic activity," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 89-135.
    11. Michal SKOREPA, 2013. "Troubles in the Euro Area Periphery: The View through the Lens of a Simple Convergence-Sensitive Optimum Currency Area Index," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 63(2), pages 129-151, May.
    12. Tsangarides, Charalambos G. & Qureshi, Mahvash Saeed, 2008. "Monetary Union Membership in West Africa: A Cluster Analysis," World Development, Elsevier, vol. 36(7), pages 1261-1279, July.
    13. Erden, Lutfi & Ozkan, Ibrahim, 2014. "Determinants of international transmission of business cycles to Turkish economy," Economic Modelling, Elsevier, vol. 36(C), pages 383-390.
    14. Timothy Adedapo Falade-Obalade & Jacinta Agbarachi Opara, 2012. "Understanding sovereign wealth funds in the global age," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 14(1/2), pages 67-76.
    15. Wortmann, Marcus & Stahl, Markus, 2015. "Die MIP-Indikatoren zur Analyse von Kern-Peripherie-Strukturen in der EU," Center for European, Governance and Economic Development Research Discussion Papers 258, University of Goettingen, Department of Economics.
    16. Mahvash S Qureshi & Charalambos G Tsangarides, 2006. "What is Fuzzy About Clustering in West Africa?," IMF Working Papers 06/90, International Monetary Fund.
    17. repec:prg:jnlpep:v:2013:y:2013:i:4:id:431:p:391-411 is not listed on IDEAS
    18. Marcin Łupiński, 2009. "Four Years After Expansion: Are Czech Republic, Hungary and Poland Closer to Core or Periphery of EMU?," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 22.
    19. Petr Rozmahel & Ludek Kouba & Ladislava Grochová & Nikola Najman, 2013. "Integration of Central and Eastern European Countries: Increasing EU Heterogeneity?," WWWforEurope Working Papers series 9, WWWforEurope.
    20. repec:eco:journ1:2017-06-21 is not listed on IDEAS
    21. repec:ebl:ecbull:v:6:y:2007:i:44:p:1-18 is not listed on IDEAS
    22. Mirajul Haq & Karim Khan & Ayesha Parveen, 2014. "The Growth and Employment Impacts of the 2008 Global Financial Crisis on Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 19(2), pages 129-154, July-Dec.
    23. Jörg König & Renate Ohr, 2013. "Different Efforts in European Economic Integration: Implications of the EU Index," Journal of Common Market Studies, Wiley Blackwell, vol. 51(6), pages 1074-1090, November.
    24. Dumitru, Ionut, 2009. "Adoptarea euro in Romania
      [Euro adoption in Romania]
      ," MPRA Paper 18612, University Library of Munich, Germany.

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