{
  "title": "Estimating Equilibrium Exchange Rates for Armenia and Georgia",
  "publication": "IMF Working Papers, April 1, 2008",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/estimating-equilibrium-exchange-rates-for-armenia-and-georgia-21930",
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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.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- The paper examines whether the significant real exchange rate appreciation in Armenia and Georgia since 2003, together with persistent current account deficits, implies overvaluation of their real exchange rates.\n- Approach: Applies the behavioral equilibrium exchange rate approach, complemented by an analysis of the traditional competitiveness indicators.\n- Main result: Indicates an undervaluation of the Armenian dram and no significant misalignment of the Georgian lari in 2006."
    },
    {
      "heading": "Methodology",
      "content": "- Behavioral equilibrium exchange rate approach used to identify possible exchange rate misalignment.\n- Complementary analysis based on traditional competitiveness indicators."
    },
    {
      "heading": "Key Findings",
      "content": "- Undervaluation of the Armenian dram in 2006.\n- No significant misalignment of the Georgian lari in 2006.\n- Contextual factors motivating the analysis: significant real exchange rate appreciation since 2003 and persistent current account deficits.\n\n---\n\n Content in this bundle\n\n- Wp08110\n  - Wp08110 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp08110 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/estimating-equilibrium-exchange-rates-for-armenia-and-georgia-21930"
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    "Authors: Shuang Ding, Omar Al Shehabi",
    "Published: April 1, 2008",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451869705.001",
    "The paper examines whether the significant real exchange rate appreciation in Armenia and Georgia since 2003, together with persistent current account deficits, implies overvaluation of their real exchange rates.",
    "Approach: Applies the behavioral equilibrium exchange rate approach, complemented by an analysis of the traditional competitiveness indicators.",
    "Main result: Indicates an undervaluation of the Armenian dram and no significant misalignment of the Georgian lari in 2006.",
    "Behavioral equilibrium exchange rate approach used to identify possible exchange rate misalignment.",
    "Complementary analysis based on traditional competitiveness indicators.",
    "Undervaluation of the Armenian dram in 2006.",
    "No significant misalignment of the Georgian lari in 2006.",
    "Contextual factors motivating the analysis: significant real exchange rate appreciation since 2003 and persistent current account deficits.",
    "**Wp08110**"
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