Abstract
This chapter aims to test the efficient market hypothesis, in its weak form, in the capital markets of Germany (DAX), USA (Dow Jones), France (CAC 40), UK (FTSE 100), Italy (FTSE MIB), Russia (MOEX), Japan (NIKKEI 225), Canada (S&P TSX), China (Shanghai and Shenzhen), as well as the exchange rates Rouble/Canadian, Rouble/Euro, Rouble/Swiss, Rouble/UK, Rouble/US, over the period from January 2, 2017 to May 6, 2022. The time series do not exhibit normal distributions and are stationary in first differences. To answer the research question, the authors use the detrended fluctuation analysis (DFA) method, which allows evidence of an increase in DFA exponents. Capital markets and exchange rates, for the most part, moved from equilibrium to persistent, while Russia's market in the tranquil period shows signs of equilibrium and moves to anti-persistent in the crisis period.
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