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Equilibrium and efficiency of exchange rates in a silver-based monetary system—the cases of India and Iran |
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| Affiliation: | 1. Bournemouth University, UK;2. Monash University, Australia;3. Southern Cross University, Australia;4. University of Ljubljana, Slovenia;5. Griffith University, Australia;6. University of New South Wales, Australia;1. Geology Department, Faculty of Science, Beni-Suef University, Egypt;2. Department of Ecosystem Science and Management, Materials Research Laboratory, Materials Research Institute, The Pennsylvania State University, University Park, PA 16802, USA;1. Singapore Management University, Singapore;2. Banco Central do Brasil, Brazil |
| Abstract: | This paper examines the issue of equilibrium and efficiency of exchange rates in a silver-based monetary system during nineteenth century India and Iran. The results based on co-integration tests indicate a reliable long-run relationship between the metallic value and the exchange value of currencies in a silver-based monetary standard. Our results also validate the necessary and sufficient conditions of the efficient market hypothesis. |
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