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Purchasing Power Parity and the Efficient Markets: the Recent Empirical Evidence
The purpose of the study is to empirically determine the relevance of PPP theory under the traditional arbitrage and the efficient markets (EPPP) frameworks during the recent floating period of the 1980s. Monthly data was collected for fifteen industrial nations from January 1980 to December 1986. The models tested included the short-run PPP, the long-run PPP, the EPPP, the EPPP with deviations from expectations, the forward rates as unbiased estimators of future spot rates, the EPPP and the forward rates, and the EPPP with forward rates and lagged values. A generalized regression method called Seemingly Unrelated Regression (SUR) was employed to test the models. The results support the efficient markets approach to PPP but fail to support the traditional PPP in both the short term and the long term. Moreover, the forward rates are poor and biased predictors of the future spot rates. The random walk hypothesis is generally supported.
The History of Pirate Radio in Britain and the End of BBC Monopoly in Radio Broadcasting in the United Kingdom
This study is an historical and critical analysis of pirate radio in Europe generally and Great Britain in particular. The purpose of this study is to outline the history of pirate radio, and to assess its influence upon the British radio broadcast system. Research material employed in this study includes historical accounts of pirate radio in Europe, British Governmental documents, periodical articles, and autobiographies of relevant British politicians of the period. This study concludes that the establishment of a legal commercial radio broadcast system in 1972 was a direct result of the existence of the British off-shore "pirate" radio stations from 1964 to 1967.
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