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- Title
Foreign Exchange Market Efficiency Under Flexible Exchange Rates: Reply.
- Authors
BURT, JOHN; KAEN, FRED R.; BOOTH, G. GEOFFREY
- Abstract
The article is a reply to Marc A. Miles and D. Sykes Wilford who commented on research methods used in a study concerning efficient market theory and price changes of the Canadian dollar, German mark, and British pound in the foreign exchange market. The issues of currency substitution, economic elasticity, markets characterized by a random walk, and serial correlations of price change distribution are mentioned. The study found that the Canadian dollar is inefficient because there is an exchange market's tendency to under-respond to new information.
- Subjects
FOREIGN exchange rates; EFFICIENT market theory; MARK (German currency); POUND sterling; CANADIAN dollar; PRICE variance
- Publication
Journal of Finance (Wiley-Blackwell), 1979, Vol 34, Issue 3, p791
- ISSN
0022-1082
- Publication type
Article
- DOI
10.1111/j.1540-6261.1979.tb02144.x