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11James Madison University Harrisonburg, VA 22807 USA Tel: 540-568-3212 Fax: 540-568-3010 Email: [email protected].
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16The literature on speculative bubbles in foreign exchange rates is voluminous, with much of it failing to reject the presence of bubbles in many exchange markets.1 Serious testing of this issue began with the work of Meese (1986), Evans (1986), and Woo (1987). Each used a different approach, and each found evidence failing to reject the presence of bubbles in at least some exchange markets.
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Gonzaga UniversityGraduate student
Spokane, Washington, United States of America