Download PDF More Formats on IMF eLibrary Order a Print Copy Create Citation This paper addresses a key puzzle in international finance: whether exchange rates follow a random walk or exhibit ...

Random walk theory proposes that stock prices move unpredictably, making it impossible to predict future movements based solely on past trends. This financial theory, first popularized by economist ...

Tim Smith has 20+ years of experience in the financial services industry, both as a writer and as a trader. Gordon Scott has been an active investor and technical analyst or 20+ years. He is a ...