مجلة البحوث الاقتصادية والمالية
Volume 8, Numéro 1, Pages 638-657
2021-06-30
Informational Efficiency Of Parallel And Official Exchange Markets In Libya
Authors : Elkamel Hussein . Mossa Mosbah .
Abstract
This paper empirically examines the efficiency of the Libyan parallel and official exchange markets, using a daily dataset ranges from 1 of April2016 to 30 of December 2017. Through multiple Random Walk tests ; namely, unit root tests and variance ratio tests, the paper finds that official exchange rate strongly consistent with the efficient market hypothesis. Whereas the Libyan parallel market is informational inefficient. Our findings highlight the role of the Libyan exchange rate regime and the Central Bank of Libya’s dominant foreign currencies supply.
Keywords
Efficiency, Exchange Market, Parallel Exchange Market, Official Exchange Market
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