EFFICIENCY OF FLEXIBLE FOREIGN EXCHANGE MARKETS

Bradley Karmen and Jitendar S. Mann

No 276714, Staff Reports from United States Department of Agriculture, Economic Research Service

Abstract: Statistical analysis is performed on daily exchange rates of five countries to determine the efficiency of these markets. This study shows that successive one-period changes of the exchange rates are serially independent and the price changes follow a random walk.

Keywords: Agricultural and Food Policy; International Relations/Trade (search for similar items in EconPapers)
Pages: 19
Date: 1981-06
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uerssr:276714

DOI: 10.22004/ag.econ.276714

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