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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Foreign exchange market efficiency tests in sub-Saharan Africa
Authors:Aron, JanineISNI
Ayogu, MelvinISNI
Year:1997
Periodical:Journal of African Economies
Pages:150-192
Language:English
Geographic term:Subsaharan Africa
Subjects:monetary policy
exchange rates
Abstract:There is an apparent need to assess appropriate tests for efficiency for the growing range of liberalized and liberalizing foreign exchange markets in sub-Saharan Africa. This paper first briefly surveys the empirical methodology for testing market efficiency in the foreign exchange market, with an emphasis on integrating the new cointegration methodology. It proceeds by highlighting the significant data difficulties in empirical work, given controls and frequent structural breaks, for the use of these techniques in Africa. The way in which some of these techniques can be applied is illustrated on the basis of a sample of five sub-Saharan African countries - Ghana, Nigeria, South Africa, Uganda and Zambia. In the final section the author presents some policy implications of his findings. Bibliogr., notes, sum.
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