Hasan, Mohammad S (2006) Equilibrium and efficiency of exchange rates in a silver-based monetary system - the cases of India and Iran. Economics Letters, 93 (3). pp. 318-322. ISSN 0165-1765.
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| Official URL http://dx.doi.org/10.1016/j.econlet.2006.05.022 |
Abstract
This paper examines the issue of equilibrium and efficiency of exchange rates in a silver-based monetary system during nineteenth century India and Iran. The results based on co-integration tests indicate a reliable long-run relationship between the metallic value and the exchange value of currencies in a silver-based monetary standard. Our results also validate the necessary and sufficient conditions of the efficient market hypothesis.
| Item Type: | Article |
|---|---|
| Uncontrolled keywords: | arbitrage; efficient market hypothesis; silver standard; exchange rate |
| Subjects: | H Social Sciences |
| Divisions: | Faculties > Social Sciences > Kent Business School > Accounting and Finance |
| Depositing User: | Rebecca Stevenson |
| Date Deposited: | 06 Jan 2010 11:59 |
| Last Modified: | 29 Jan 2010 14:13 |
| Resource URI: | http://kar.kent.ac.uk/id/eprint/23568 (The current URI for this page, for reference purposes) |
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