Foreign Exchange Market Efficiency Tests in Sub-Saharan Africa.
Are frequents in freely floating exchange rates attributable to stabilising speculation reflecting changes in the fundamental determinants of currencies or to destabilising behaviour of various kinds, driving prices away from fundamentals, and creating 'excess' volatility? This paper, motivated by the need to assess appropriate tests for efficiency for the growing range of liberalised and liberalising foreign exchange markets in Sub-Saharan African countries, has the following objectives: (i)...Expand abstract
- Journal of African Economies
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