The determinants of official and free-market exchange rates in Albania during transition

Muco, M. and Papapanagos, Harry and Sanfey, Peter (1999) The determinants of official and free-market exchange rates in Albania during transition. Journal of Comparative Economics, 27 (3). pp. 534-552. ISSN 0147-5967. (The full text of this publication is not available from this repository)

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Official URL
http://dx.doi.org/10.1006/jcec.1999.1600

Abstract

This paper uses high-frequency data to examine the relation between official and free-market exchange rates in Albania. We present econometric evidence that the official and free markets are efficient, in the sense that one cannot use exchange rate movements denominated in one currency to predict movements in another currency and that movements in the free-market rate cause movements in the official rate. Using survey results from the free-market, we also show that country-specific Factors are perceived to be more important determinants of exchange rate movements in Albania than fluctuations in the international exchange market.

Item Type: Article
Uncontrolled keywords: exchange rates; informal market; Albania
Subjects: H Social Sciences
Divisions: Faculties > Social Sciences > School of Economics
Depositing User: I.T. Ekpo
Date Deposited: 21 Sep 2009 07:12
Last Modified: 17 Jul 2014 11:43
Resource URI: http://kar.kent.ac.uk/id/eprint/16950 (The current URI for this page, for reference purposes)
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