EMU and accession countries : fuzzy cluster analysis of membership
International journal of finance & economics, 2003, Vol. 8, No. 4, pp. 309-325
BOREIKO, Dmitri, EMU and accession countries : fuzzy cluster analysis of membership, International journal of finance & economics, 2003, Vol. 8, No. 4, pp. 309-325 - https://hdl.handle.net/1814/16404
Retrieved from Cadmus, EUI Research Repository
This paper estimates the readiness of the accession countries of Central and Eastern Europe for EMU or unilateral euroization 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. Copyright (C) 2003 John Wiley Sons, Ltd.
Cadmus permanent link: https://hdl.handle.net/1814/16404
Full-text via DOI: 10.1002/ijfe.216
Publisher: John Wiley & Sons Ltd
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