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EMU and Accession Countries: Fuzzy Cluster Analysis of Membership

Dmitri Boreiko ()

Working Papers from Oesterreichische Nationalbank (Austrian Central Bank)

Abstract: This paper estimates the readiness of the Accession Countries of Central and East Europe for EMU or for unilateral euroisation using a fuzzy clustering algorithm. The variables to which the algorithm is applied are suggested alternately by the criteria in the Maastricht Treaty (nominal convergence) and by Optimum Currency Area theory (real convergence). The algorithm reveals that Estonia and Slovenia are the leaders in both nominal and real convergence, whereas the other countries from the 1998 Accession Wave have achieved substantial results only in real convergence. Moreover, Poland is excluded from the leading group in the most recent years due to its worsened economic performance.

Keywords: CEECs; Optimum currency area; EMU; fuzzy cluster analysis; nominal and real convergence. (search for similar items in EconPapers)
Pages: 42
Date: 2002-08-12
New Economics Papers: this item is included in nep-cba, nep-eec, nep-ifn and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (27) Track citations by RSS feed

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Journal Article: EMU and accession countries: Fuzzy cluster analysis of membership (2003) Downloads
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