Muco, M. and Papapanagos, H. and Sanfey, P. (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.
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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.
|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:||21 Sep 2009 07:12|
|Resource URI:||http://kar.kent.ac.uk/id/eprint/16950 (The current URI for this page, for reference purposes)|
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