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Author/Editor:
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Oomes, Nienke ; Minasyan, Gohar ; Stepanyan, Ara
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Publication Date:
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March 01, 2009
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Electronic Access:
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Free Full text
(PDF file size is 676KB).
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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:
This papers estimates the equilibrium exchange rate for Armenia using three different approaches: the purchasing power parity (PPP) approach, the behavioral equilibrium exchange rate (BEER) approach, and the external sustainability (ES) approach. All three approaches suggest that the dram was overvalued by about 20–30 percent prior to the devaluation of the dram in March 2009.
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Order a print copy
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Series:
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Working Paper No. 09/49
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Subject(s):
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Exchange rate appreciation | Armenia | Armenian dram | Purchasing power parity | Fiscal sustainability | Economic models
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Author's Keyword(s):
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Real exchange rate | misalignment | competitiveness | Balassa-Samuelson |
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