Badanie stacjonarności oraz analiza kointegracji kursów walutowych

The paper analyses fluctuations of exchange rates that base on the tests of stationarity and cointegration. It argues that the majority of distributions of tested time series is not the normal distributed. Furthermore, even though daily exchange rates are not stationarity, their increases and logarithmic increases are stationary. No cointegrational relation was confirmed apart from one case. relation between USD/PLN and EUR/USD rate.