Testing The Foreign Exchange Market Efficiency For Euro / Albanian Lekë During The Period 01 January 2002 – 31 December 2012
Testing The Foreign Exchange Market Efficiency For Euro / Albanian Lekë During The Period 01 January 2002 – 31 December 2012

Summary/Abstract: The main purpose of the study is to test the foreign exchange market efficiency for euro / Albanian lekë during the period 01 January 2002 – 31 December 2012 in Albanian currency market. The results of this study include: 1. The informational efficiency is rejected for daily exchange rate euro / Albanian lekë during the period January 2004 – December 2012 at the 99.99% level of confidence. 2. The Albanian foreign exchange market was inefficient regarding to the relative changes in the daily nominal exchange rate euro / Albanian lekë during the period January 2004 – December 2012 at the 99.99% level of confidence. 3. The Albanian foreign exchange market was inefficient regarding to the monthly exchange rate euro / Albanian lekë during the period January 2002 – December 2012 at the 99.7% level of confidence. 4. The Albanian foreign exchange market was inefficient regarding to the relative changes in the monthly exchange rate euro / Albanian lekë during the period January 2002 – December 2012 at the 99.8 % level of confidence. These findings are noteworthy because it has long been through of that the movements the euro / Albanian lekë nominal exchange rates must be a fair game.

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