THE EFFICIENCY OF THE INTERNATIONAL MONEY MARKETS
用游程检验考察多个国际货币市场的弱式效率，发现多数市场有效，但三个月期德国马克存款、瑞士法郎存款、法国法郎存款和六个月期欧洲美元存单市场未能确认弱式效率。
In markets which are efficient in the weak form, investors are not able to use the information contained in historical yields to earn excess returns. Using a rum test, this paper examines the weak form efficiency of a number of international money markets. While most of the markets examined were found to be efficient in the weak form, the study was not able to confirm the weak form efficiency of the markets for three‐month German DM bank deposits, Swiss Ffr. bank deposits, French Ffr. bank deposits, and six‐month Eurodollar CDs.