An Investigation to the Daily Exchange Rate Euro/Albanian Lekë During the Period 03 January 2013 – 12 September 2014

• • 
  • 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
  • Download presentation
    • Fejzi Kolaneci An Investigation to the Daily Exchange Rate Euro-Albanian Lekë During the Period 03 January 2013 - 12 September 2014.pdf

  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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