Testing The Foreign Exchange Market Efficiency For Euro / Albanian Leke During The Period 01 January 2002 – 31 December 2012

Ornela Shalari () and Areti Stringa ()
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Ornela Shalari: University of Tirana, Faculty of Economy, Mathematics, Statistics & Applied Informatics Department
Areti Stringa: University of Tirana, Faculty of Economy, Mathematics, Statistics & Applied Informatics Department

EuroEconomica, 2013, issue 1(32), 126-135

Abstract: The main purpose of the study is to test the foreign exchange market efficiency for euro / Albanian leke during the period 01 January 2002 – 31 December 2012 in Albanian currency market. The results of this study include: 1. The informational efficiency is rejected for daily exchange rate euro / Albanian leke during the period January 2004 – December 2012 at the 99.99% level of confidence. 2. The Albanian foreign exchange market was inefficient regarding to the relative changes in the daily nominal exchange rate euro / Albanian leke during the period January 2004 – December 2012 at the 99.99% level of confidence. 3. The Albanian foreign exchange market was inefficient regarding to the monthly exchange rate euro / Albanian leke during the period January 2002 – December 2012 at the 99.7% level of confidence. 4. The Albanian foreign exchange market was inefficient regarding to the relative changes in the monthly exchange rate euro / Albanian leke during the period January 2002 – December 2012 at the 99.8 % level of confidence. These findings are noteworthy because it has long been through of that the movements the euro / Albanian leke nominal exchange rates must be a fair game.

Keywords: exchange rate; euro; Albanian leke; foreign exchange market efficiency; fair game (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (1)

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