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In Search of a Dramatic Equilibrium: Was the Armenian Dram Overvalued?

Author/Editor: Oomes, Nienke | Minasyan, Gohar | Stepanyan, Ara
Authorized for Distribution: March 1, 2009
Electronic Access: Free Full Text (PDF file size is 693KB)
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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.

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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Series: Working Paper No. 09/49
Subject(s): Exchange rate appreciation | Armenia | Armenian dram | Purchasing power parity | Fiscal sustainability | Economic models
Author's keyword(s): Real exchange rate; misalignment; competitiveness; Balassa-Samuelson
 
English  
    Published:   March 1, 2009        
            Format:   Paper
    Stock No:   WPIEA2009049   Pages:   20
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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