%0 Journal Article
%@ 0378-4371
%A Galluccio, Stefano
%A Caldarelli, Guido
%A Marsili, Matteo
%A Zhang, Yi-Cheng
%D 1997
%F eprints:1176
%I Elsevier
%J Physica A: Statistical Mechanics and its Applications
%K PACS: 02.50.-r; 87.10.+e
%N 3–4
%P 423 - 436
%T Scaling in currency exchange
%U http://eprints.imtlucca.it/1176/
%V 245
%X We study the scaling behavior in currency exchange rates. Our results suggest that they satisfy scaling with an exponent close to 0.5, but that it differs qualitatively from that of a simple random walk. Indeed price variations cannot be considered as independent variables and subtle correlations are present. Furthermore, we introduce a novel statistical analysis for economic data which makes the physical properties of a signal more evident and eliminates the systematic effects of time periodicity.