Architectonics of the European Currency Integration: Cluster and Gravity Modeling

Анотація

Regional monetary integration is traditionally considered from two perspectives: the similarity of participants and the overall efficiency of the union, with the latter favoring diversity among members. European states are both pioneers and benchmarks of currency unions, providing a good platform for research into both phenomena. A cluster analysis of indicators of nominal convergence was conducted to assess the homogeneity and heterogeneity of the European region. The effectiveness of existing currency integration was evaluated using gravity modeling. The research found that there are noticeable processes of convergence between European states according to the selected indicators. This convergence is even more evident when compared to former USSR members, who were once a single state. Additionally, the processes of currency integration in Europe have been accompanied by a significant strengthening of intra-regional trade. However, the influence of monetary integration is considered to be positive, but not crucially significant.

Класифікація

Ідентифікатори

Схожі роботи