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International Journal of Economics and Finance Studies

Yıl 2011 , Cilt 3 , Sayı 1

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Başlık :

3on pak rupee exchange rates: whether stock or flow matters?

Yazarlar :
Yazar kurumları :
Bang of College of Business Kazakhstan Institute of Economics, Management and Strategic Research1
Görüntülenme :
162
DOI :
Özet Türkçe :

This paper examines whether the monetary model or the flow model of exchange rate explains the long-run movements in Pak rupee exchange rates vis-à-vis the four major currencies – the US dollar, British pound, Swiss franc and Japanese yen – over the period 1983q1-2009q4. Results obtained by employing the Johansen and Juselius (1990) technique of cointegration are supportive of the monetary model in two Pak rupee exchange rates vis-à-vis the US dollar and the Swiss franc when both short- and long-run interest rates are used and of the flow model in three exchange rates vis-à-vis the British pound, Swiss franc and Japanese yen when the short-run interest rate is used. These results show that both stock equilibrium in capital markets and flow equilibrium in foreign exchange markets determine Pak rupee exchange rates.

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