@article{MAKHILLRJAS2018131210149,
    title = {The Extreme Currency Exchange Rate in South East Asia Using
Classical and Bayesian Methods},
    journal = {Research Journal of Applied Sciences},
    volume = {13},
    number = {12},
    pages = {725-728},
    year = {2018},
    issn = {1815-932x},
    doi = {rjasci.2018.725.728},
    url = {https://makhillpublications.co/view-article.php?issn=1815-932x&doi=rjasci.2018.725.728},
    author = {Arisman,Rado,Muhammad and},
    keywords = {Extreme values,currency exchange rate,classical method,Bayesian method,three-parameters,distribution,classical approach},
    abstract = {The exchange rates of four currencies in South Asia depend on the Foreign exchange market among
those countries. In most cases, the best fitting distribution of exchange rates are found to follow the generalized
logistic distribution. Now, we seek for the best distribution to describe the extreme daily exchange rate from
1993-2013 for 4 countries in Southeast Asia using the classical and Bayesian methods. We use the maximum
likelihood method for classical approach while Generalized Extreme Value (GEV) distribution and generalized
logistic distribution for Bayesian approach. The estimate of the three-parameters of extreme values distribution
have been compared using goodness-of-fit test. The tests show us that there is no significant difference of
parameter estimated between these two distributions. Furthermore, the best distribution for fitting the model
of these exchange rates is GEV.}
    }