05265oam 22011054 450 991097378390332120250426110822.0978661284064797814623406681462340660978145277431214527743159781282840645128284064997814518697051451869703(CKB)3170000000055025(EBL)1607870(SSID)ssj0000944024(PQKBManifestationID)11528594(PQKBTitleCode)TC0000944024(PQKBWorkID)10982915(PQKB)10533948(OCoLC)437266324(IMF)WPIEE2008110(MiAaPQ)EBC1607870(IMF)WPIEA2008110WPIEA2008110(EXLCZ)99317000000005502520020129d2008 uf 0engur|n|---|||||txtccrEstimating Equilibrium Exchange Rates for Armenia and Georgia /Shuang Ding, Omar Al Shehabi1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (23 p.)IMF Working PapersIMF working paper ;WP/08/110Description based upon print version of record.9781451914245 1451914245 Includes bibliographical references.Contents; I. Introduction; II. Stylized Facts on External Competitiveness; Figures; 1. Armenia and Georgia: Real Effective Exchange Rates, 1995-2007; 2. Armenia and Georgia: Terms of Trade, 1995-2007; 3. Armenia and Georgia: External Current Account Balance, 1995-2007; 4. Armenia and Georgia: Real Per-Capita GDP in Local Currencies, 1995-2007; 5. Armenia and Georgia: Industrial Unit Labor Costs, 1999-2006; III. Application of the BEER; A. Theoretical Background; B. Selection of Variables; C. Econometric Methodology; D. Estimation Results6. Armenia and Georgia: Exchange Rate Misalignment, 1997-2006IV. Conclusion; 7. Armenia and Georgia: Equilibrium Real Exchange Rate Index, 1997-2006; Appendix; Methodology, Data Construction, and Results; A. Methodology and Data Construction; Tables; 1. Armenia: Estimated Coefficients for Several Lag Specifications; 2. Georgia: Estimated Coefficients for Several Lag Specifications; B. Results; 3. Armenia: Long-Run Relationship Results Using the Bound Testing Approach; 4. Georgia: Long-Run Relationship Results Using the Bound Testing Approach5. Armenia and Georgia: Johansen Cointegration Test and VECM Results6. Armenia and Georgia: Estimated Coefficients and Information Criteria Using Johansen's Approach; ReferencesThe 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. This paper seeks to identify possible exchange rate misalignment by applying the behavioral equilibrium exchange rate approach, complemented by an analysis of the traditional competitiveness indicators. The results indicate an undervaluation of the Armenian dram and no significant misalignment of the Georgian lari in 2006.IMF Working Papers; Working Paper ;No. 2008/110Foreign exchange ratesArmenia (Republic)Econometric modelsForeign exchange ratesGeorgia (Republic)Econometric modelsBalance of paymentsimfCurrencyimfCurrent Account AdjustmentimfCurrent account balanceimfEconomic policyimfEmpirical Studies of TradeimfExchange ratesimfExports and ImportsimfForeign ExchangeimfForeign exchangeimfInternational economicsimfNternational cooperationimfReal effective exchange ratesimfReal exchange ratesimfShort-term Capital MovementsimfTerms of tradeimfGeorgiaimfForeign exchange ratesEconometric models.Foreign exchange ratesEconometric models.Balance of paymentsCurrencyCurrent Account AdjustmentCurrent account balanceEconomic policyEmpirical Studies of TradeExchange ratesExports and ImportsForeign ExchangeForeign exchangeInternational economicsNternational cooperationReal effective exchange ratesReal exchange ratesShort-term Capital MovementsTerms of trade332.45Ding Shuang1815728Al Shehabi Omar1815729DcWaIMFBOOK9910973783903321Estimating Equilibrium Exchange Rates for Armenia and Georgia4371239UNINA