Following the pioneering work of Irving Fisher, this article assesses the uncovered interest-parity (UIP) condition by comparing Indian interest and exchange rates during the 1869 to 1906 period. The Indian case provides a good example of the UIP condition, since Indian rupee and sterling bonds were simultaneously traded in the London financial market and subject to negligible default risks. Large deviations from the UIP condition arose when India suffered from pervasive levels of uncertainty about the future of its silver-based currency system. Otherwise, a relatively close correlation arises between sterling-to-rupee interest-rate differences and exchange-rate changes.

中文翻译：

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以欧文·费雪 (Irving Fisher) 的例子检验 1869-1906 年伦敦金融市场上的印度卢比和英镑债券的利率平价条件

在 Irving Fisher 的开创性工作之后，本文通过比较 1869 年至 1906 年期间的印度利率和汇率来评估未覆盖的利息平价 (UIP) 条件。印度的案例是 UIP 条件的一个很好的例子，因为印度卢比和英镑债券同时在伦敦金融市场交易，违约风险可以忽略不计。当印度对其以白银为基础的货币体系的未来普遍存在不确定性时，出现了与 UIP 条件的巨大偏差。否则，英镑兑卢比的利率差异和汇率变化之间会出现相对密切的相关性。