03198nam 2200625Ia 450 991046424450332120170815101919.01-4623-5275-81-4527-3090-397866128427191-4518-7197-X1-282-84271-4(CKB)3170000000055227(EBL)1608227(SSID)ssj0000941478(PQKBManifestationID)11473994(PQKBTitleCode)TC0000941478(PQKBWorkID)10964264(PQKB)10758672(OCoLC)712987821(MiAaPQ)EBC1608227(EXLCZ)99317000000005522720091013d2009 uf 0engur|n|---|||||txtccrIn search of a dramatic equilibrium[electronic resource] was the Armenian Dram overvalued? /prepared by Nienke Oomes, Gohar Minasyan and Ara Stepanyan[Washington, D.C.] International Monetary Fund, Middle East and Central Asia Department20091 online resource (22 p.)IMF working paper ;WP/09/49"March 2009".1-4519-1632-9 Contains bibliographical references.Contents; I. Introduction; Figures; 1. Estimated Real Exchange Rate Misalignment; II. Purchasing Power Parity (PPP) Approach; 2. Armenian Price Level Relative to U.S. Price Level; 3. Relative Price Levels and Relative Incomes; 4. PPP Approach Equilibrium and Atual Real Exchanges; 5. PPP Approach: Real Exchange Rate Misalignment; III. Behavioral Equilibrium Real Exchange Rate (BEER) Approach; A. Productivity measures; B. Other equilibrium exchange rate determinants; C. Results; Tables; 1. BEER Approach: Augmented Dickey-Fuller Test Results; 2. BEER Approach: Estimated Cointegrating VectorIV. External Sustainability (ES) Approach6. BEER Approach: Equilibrium and Actual REER; 7. BEER Approach: Real Exchange Rate Misalignment; 8. ES Approach: Real Exchange Rate Misalignment; V. Conclusion; 9. Estimated Real Exchange Rate Misalignment; ReferencesThis 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.IMF working paper ;WP/09/49.Foreign exchange ratesArmeniaDevaluation of currencyArmeniaElectronic books.Foreign exchange ratesDevaluation of currencyOomes Nienke862704Minasyan Gohar895006Stepanyan Ara864456International Monetary Fund.Middle East and Central Asia Dept.MiAaPQMiAaPQMiAaPQBOOK9910464244503321In search of a dramatic equilibrium1999701UNINA