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An Investigation to the Daily Exchange Rate Euro/Albanian Lekë During the Period 03 January 2013 – 12 September 2014
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Presentation speakers
- Fejzi Kolaneci, University of New York in Tirana, Albania
- Alma Përmeti, Ministry of Interior Affairs of Albania
- Aurela Biçaku, University “Aleksander Moisiu” Durres, Albania
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Abstract:
The main purpose of the study is to test the fair game hypothesis as well as the foreign exchange market efficiency for daily exchange rate process Euro/Albanian Lekë over the period 03 January 2013 – 12 September 2014 in Albanian currency market. The results of this study include:
1. The daily exchange rate data Euro/Albanian Lekë during the period 03 January 2013 – 12 September 2014 contradict the Kolmogorov’s Central Limit Theorem at 99.99% level of confidence.
2. The fair game hypothesis is rejected for the daily exchange rate process Euro/Albanian Lekë over the specified period at 99.99% level of confidence.
3. The Albanian foreign exchange market was inefficient regarding to the relative exchange in the daily exchange rate Euro/Albanian Lekë during the period 03 January 2013 – 12 September 2014 at 99.99% level of confidence
These finding are shocking.
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