Membership of EMU: A Fuzzy Clustering Analysis of Alternative Criteria

Michael Artis and W. Zhang
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W. Zhang: Manchester Metropolitan University

Journal of Economic Integration, 2002, vol. 17, 54-79

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”.

Keywords: Optimal Currency Area; Maastricht Treaty Criteria; EMU; Fuzzy Clustering (search for similar items in EconPapers)
JEL-codes: C14 E32 F15 F31 (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (39)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:integr:0184

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