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

_IMF Working Papers, March 1, 2009_

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## Bibliographic details
- 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

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### Objective and methods
- Objective: Estimate the equilibrium exchange rate for Armenia.
- Approaches used:
  - Purchasing power parity (PPP) approach.
  - Behavioral equilibrium exchange rate (BEER) approach.
  - External sustainability (ES) approach.

### Key findings
- 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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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/31/in-search-of-a-dramatic-equilibrium-was-the-armenian-dram-overvalued-22783_