Speculative Efficiency and the Exchange Rate: Some Evidence Since the Float

Warren J. Tease

The Economic Record, 1988, vol. 64, issue 1, 2-13

Abstract: This paper considers whether the speculative efficiency hypothesis holds in the foreign exchange market since the floating of the Australian dollar in December 1983. For the post‐float period as a whole, the speculative efficiency hypothesis can be rejected in the 30‐day market but not in the 15‐day or 90‐day markets. Evidence of a structural change in the market in February 1985—the time of the first major depreciation ‐ was also found.

Date: 1988
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