Optimum filtering for optimum currency areas criteria

Itir Ozer () and Ibrahim Ozkan ()
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Itir Ozer: Hacettepe University, Department of International Relations
Ibrahim Ozkan: Hacettepe University, Department of Economics

Economics Bulletin, 2007, vol. 6, issue 44, 1-18

Abstract: This study aims to analyze Turkey and the Economic and Monetary Union (EMU) countries in the light of criteria suggested by the optimum currency areas (OCA) theory and to compare the criteria obtained by an application of Hodrick-Prescott (H-P) and Baxter-King (B-K) filters. To this end, we follow a novel technique, fuzzy c-means (FCM) clustering with upper and lower levels of fuzziness. The results show that the application of the H-P filtering technique with appropriate smoothing parameter values produces sensible clusters.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 2007-12-04
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Citations: View citations in EconPapers (2)

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