{
  "title": "In Search of a Dramatic Equilibrium: Was the Armenian Dram Overvalued?",
  "publication": "IMF Working Papers, March 1, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/in-search-of-a-dramatic-equilibrium-was-the-armenian-dram-overvalued-22783",
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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.",
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    {
      "heading": "Objective and methods",
      "content": "- Objective: Estimate the equilibrium exchange rate for Armenia.\n- Approaches used:\n  - Purchasing power parity (PPP) approach.\n  - Behavioral equilibrium exchange rate (BEER) approach.\n  - External sustainability (ES) approach."
    },
    {
      "heading": "Key findings",
      "content": "- All three approaches suggest that the dram was overvalued by about 20–30 percent prior to the devaluation of the dram in March 2009.\n- Subject areas explicitly addressed: Exchange rates, Foreign exchange, Production, Productivity, Purchasing power parity, Real effective exchange rates, Real exchange rates.\n\n---\n\n Content in this bundle\n\n- wp0949\n  - wp0949 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp0949 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/in-search-of-a-dramatic-equilibrium-was-the-armenian-dram-overvalued-22783"
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    "Authors: Nienke Oomes, Vahram Stepanyan, Gohar Minasyan, Ara Stepanyan",
    "Published: March 1, 2009",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451871975.001",
    "Objective: Estimate the equilibrium exchange rate for Armenia.",
    "Approaches used:",
    "All three approaches suggest that the dram was overvalued by about 20–30 percent prior to the devaluation of the dram in March 2009.",
    "Subject areas explicitly addressed: Exchange rates, Foreign exchange, Production, Productivity, Purchasing power parity, Real effective exchange rates, Real exchange rates.",
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