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Author/Editor:
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Al Shehabi, Omar ; Ding, Shuang
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Publication Date:
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April 01, 2008
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Electronic Access:
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Free Full text
(PDF file size is 537KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
The significant real exchange rate appreciation in Armenia and Georgia since 2003, coupled with persistent current account deficits, raises the question of whether real exchange rates have become overvalued. This paper seeks to identify possible exchange rate misalignment by applying the behavioral equilibrium exchange rate approach, complemented by an analysis of the traditional competitiveness indicators. The results indicate an undervaluation of the Armenian dram and no significant misalignment of the Georgian lari in 2006.
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Order a print copy
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Series:
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Working Paper No. 08/110
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Subject(s):
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Armenia | Georgia | Exchange rate appreciation | Current account deficits
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Author's Keyword(s):
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equilibrium exchange rates |
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