| مشخصات مقاله | |
| ترجمه عنوان مقاله | رژیم های نرخ تبدیل ارز و بهره وری قیمت: بررسی تجربی تاثیر بحران مالی |
| عنوان انگلیسی مقاله | Exchange Rate Regimes and Price Efficiency: Empirical Examination of the Impact of Financial Crisis |
| انتشار | مقاله سال 2021 |
| تعداد صفحات مقاله انگلیسی | 39 صفحه |
| هزینه | دانلود مقاله انگلیسی رایگان میباشد. |
| پایگاه داده | نشریه الزویر |
| نوع نگارش مقاله |
مقاله پژوهشی (Research Article) |
| مقاله بیس | این مقاله بیس میباشد |
| نمایه (index) | Scopus – Master Journals List – JCR |
| نوع مقاله | ISI |
| فرمت مقاله انگلیسی | |
| ایمپکت فاکتور(IF) |
4.211 در سال 2020 |
| شاخص H_index | 58 در سال 2020 |
| شاخص SJR | 1.317 در سال 2020 |
| شناسه ISSN | 1042-4431 |
| شاخص Quartile (چارک) | Q1 در سال 2020 |
| فرضیه | دارد، بخش 2، صفحه 8 |
| مدل مفهومی | دارد |
| پرسشنامه | ندارد |
| متغیر | ندارد |
| رفرنس | دارد |
| رشته های مرتبط | اقتصاد، حسابداری |
| گرایش های مرتبط | اقتصاد مالی، حسابداری مالی |
| نوع ارائه مقاله |
ژورنال |
| مجله | مجله پول، موسسات و بازارهای مالی بین المللی – Journal of International Financial Markets, Institutions and Money |
| دانشگاه | University of Texas at Arlington, Arlington, United States |
| کلمات کلیدی | بهره وری بازار، نرخ تبدیل ارز خارجی، نظریه چند فراکتالی، بحران مالی |
| کلمات کلیدی انگلیسی | Market Efficiency, Foreign Exchange Rate, Multifractal Theory, Financial Crisis |
| شناسه دیجیتال – doi |
https://doi.org/10.1016/j.intfin.2021.101361 |
| کد محصول | E15799 |
| وضعیت ترجمه مقاله | ترجمه آماده این مقاله موجود نمیباشد. میتوانید از طریق دکمه پایین سفارش دهید. |
| دانلود رایگان مقاله | دانلود رایگان مقاله انگلیسی |
| سفارش ترجمه این مقاله | سفارش ترجمه این مقاله |
| فهرست مطالب مقاله: |
| Abstract Keywords Introduction Literature review and hypotheses Data and methodology Results Discussion and conclusion CRediT authorship contribution statement Acknowledgements References Further reading |
| بخشی از متن مقاله: |
| Abstract We analyze how different currency regimes influence the price efficiency of exchange rates. Based on an analysis of a sample of 20 exchange rates (covering 39 countries) over a 15- year period using MF-DFA (Multifractal Detrended Fluctuation Analysis), we find that currencies of countries following a Free Float regime show greater price efficiency than currencies of countries following a Managed Float regime. We also examined the impact of the financial crisis of 2008-09 on the price efficiency of these currencies. Our results suggest that currencies following the Free Float exchange regime experienced significantly greater deterioration in their price efficiency than currencies under Managed Float regimes. Even more interestingly, the efficiency of the currencies of the Free Float countries have not fully recovered even a decade after the crisis. Introduction One of the foundational theories of modern finance is the efficient market hypothesis (Fama, 1970). Based on the degree to which available information is reflected in security prices, efficient market hypothesis (EMH) classifies market efficiency into three forms: weak, semi-strong, and strong. The trading of a financial asset is considered efficient in the weak form if market prices fully reflect the available information. A number of studies have attempted to empirically verify the extent to which markets are efficient (Fama & French, 1988; Lo & Mackinlay, 1988; Cheung & Coutts, 2001; Kim & Shamsuddin, 2008). Although such studies have mostly focused on the efficiency of stock markets, there have also been attempts to test the efficiency of other markets such as foreign exchange markets (Liu and He, 1991; Belaire-Franch & Opong, 2005; Stosic, et al., 2016), cryptocurrency markets (Al-Yahyaee, Mensi, & Yoon, 2018; Silva Filho, Maganini, & Almeida, 2018), oil markets (Arshad, Rizvi, Haroon, Mehmood & Gong, 2020), and gold markets (Ntim, English, Nwachukwu, & Wang, 2015). |