Abstract:The purpose of this study is to investigate the validity of weak-form market efficiency by using linear and nonlinear unit root tests of the US Dollar exchange rate of the Next 11 countries over the period of January 1998-December 2019. For this purpose, we firstly performed the Harvey et al. (2008) linearity test to determine the characteristics of the series. Afterward, Kwiatkowski et al. (1992), Zivot-Andrews (1992) and Lee-Strazicich (2013) tests were applied to linear series while Kapetanios et al. (2003)… Show more
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