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- Title
The prices of silver and exchange rates in a metallic monetary system—the cases of India and Iran.
- Authors
Hasan, Mohammad
- Abstract
Using the notion of co-integration theory and a vector error correction modelling approach, this paper examines in retrospect the long-run relationship between the exchange rate of silver-based currencies and the intrinsic value of silver in India and Iran in a bivariate model. The results based on unit root and co-integration tests indicate a reliable long-run relationship between the price of silver and the exchange rate of silver-based currencies. Our findings also suggest a bi-directional relationship between the price of silver and exchange rate of pound per rupee in the case of India and a feedback relationship between the intrinsic value of qiran and the exchange rate of pound per qiran in the case of Iran.
- Subjects
INDIA; IRAN; FOREIGN exchange rates; SILVER question; MATHEMATICAL models of economics; MONETARY systems; MATHEMATICAL models; RESEARCH methodology
- Publication
Empirical Economics, 2006, Vol 31, Issue 1, p195
- ISSN
0377-7332
- Publication type
Article
- DOI
10.1007/s00181-005-0037-2