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| Author: | Fofack, H. Nolan, J.P. |
| Title: | Distribution of parallel exchange rates in African countries |
| Journal: | Journal of International Money and Finance
2001 : DEC, VOL. 20:7, p. 987-1001 |
| Index terms: | DISTRIBUTION EXCHANGE RATES AFRICA |
| Language: | eng |
| Abstract: | This paper investigates the distribution of parallel exchange rates in African countries using exploratory data analysis techniques and model fitting. Stable laws are fitted to empirical distributions using the maximum likelihood estimation method. Empirical evidence supports the stable hypothesis these distributions are positively skewed and have tails that are much heavier than Gaussian counterparts. |
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