04613oam 22011174 450 991097078270332120250426110038.0978661284271997814623527531462352758978145273090514527309039781451871975145187197X97812828427171282842714(CKB)3170000000055227(EBL)1608227(SSID)ssj0000941478(PQKBManifestationID)11473994(PQKBTitleCode)TC0000941478(PQKBWorkID)10964264(PQKB)10758672(OCoLC)712987821(IMF)WPIEE2009049(MiAaPQ)EBC1608227(IMF)WPIEA2009049WPIEA2009049(EXLCZ)99317000000005522720020129d2009 uf 0engur|n|---|||||txtccrIn Search of a Dramatic Equilibrium : Was the Armenian Dram Overvalued? /Nienke Oomes, Vahram Stepanyan, Gohar Minasyan, Ara Stepanyan1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (22 p.)IMF Working Papers"March 2009".9781451916324 1451916329 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 Papers; Working Paper ;No. 2009/049Foreign exchange ratesArmeniaDevaluation of currencyArmeniaCurrencyimfDeflationimfExchange ratesimfForeign ExchangeimfForeign exchangeimfIndustrial productivityimfInflationimfMacroeconomicsimfMacroeconomics: ProductionimfPrice LevelimfProduction and Operations ManagementimfProductionimfProductivityimfPurchasing power parityimfReal effective exchange ratesimfReal exchange ratesimfArmenia, Republic ofimfForeign exchange ratesDevaluation of currencyCurrencyDeflationExchange ratesForeign ExchangeForeign exchangeIndustrial productivityInflationMacroeconomicsMacroeconomics: ProductionPrice LevelProduction and Operations ManagementProductionProductivityPurchasing power parityReal effective exchange ratesReal exchange rates338.28135Oomes Nienke1816466Minasyan Gohar1816513Stepanyan Ara1815931Stepanyan Vahram1816514International Monetary Fund.Middle East and Central Asia Dept.DcWaIMFBOOK9910970782703321In Search of a Dramatic Equilibrium4372645UNINA