Equilibrium and efficiency of exchange rates in a silver-based monetary system - the cases of India and Iran

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. (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided)

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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: https://kar.kent.ac.uk/id/eprint/23568 (The current URI for this page, for reference purposes)
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