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Is the PNG foreign exchange market efficient?

CollectionsPacific Economic Bulletin (1991-2010)
Title: Is the PNG foreign exchange market efficient?
Author(s): Wickremasinghe, Guneratne B.
Publisher: Crawford School of Public Policy, The Australian National University
Asia Pacific Press
This paper examines the validity of the efficient market hypothesis (EMH) for the PNG foreign exchange market. Empirical tests support the EMH in its weak form. However, various tests provide evidence that there are predictable long and short-run relationships among the spot exchange rates, refuting the validity of the EMH in its semi-strong form. Further, there is evidence that the Australian dollar plays a key role in movements of exchange rates in Papua New Guinea.
ISSN: 1834-9455 (online)
0817-8038 (print)


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