Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics

Bandi Kamaiah , Parameswar Nandakumar , Hemanta K. Pradhan

Abstract

The earlier studies on the random walk behaviour of exchange rates used various tests of market efficiency which were developed to analyse stock markets [Poole (1967), Burt et al (1977)], In general, these studies found that floating exchange rates had not followed a random walk, a stochastic process in which successive changes are serially correlated.

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