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| Itir Ozer and Ibrahim Ozkan |
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| ''Optimum filtering for optimum currency areas criteria'' |
| ( 2007, Vol. 6 No.44 ) |
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| 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. |
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| Manuscript Received : Dec 04 2007 | | Manuscript Accepted : Dec 04 2007 |
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