LEADER 05046oam 22010094 450 001 9910788238303321 005 20230721045652.0 010 $a1-4623-4066-0 010 $a1-4527-7431-5 010 $a9786612840647 010 $a1-282-84064-9 010 $a1-4518-6970-3 035 $a(CKB)3170000000055025 035 $a(EBL)1607870 035 $a(SSID)ssj0000944024 035 $a(PQKBManifestationID)11528594 035 $a(PQKBTitleCode)TC0000944024 035 $a(PQKBWorkID)10982915 035 $a(PQKB)10533948 035 $a(OCoLC)437266324 035 $a(MiAaPQ)EBC1607870 035 $a(IMF)WPIEE2008110 035 $a(EXLCZ)993170000000055025 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEstimating Equilibrium Exchange Rates for Armenia and Georgia /$fShuang Ding, Omar Al Shehabi 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (23 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/110 300 $aDescription based upon print version of record. 311 $a1-4519-1424-5 320 $aIncludes bibliographical references. 327 $aContents; 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 Results 327 $a6. 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 Approach 327 $a5. Armenia and Georgia: Johansen Cointegration Test and VECM Results6. Armenia and Georgia: Estimated Coefficients and Information Criteria Using Johansen's Approach; References 330 3 $aThe significant real exchange rate appreciation in Armenia and Georgia since 2003, coupled with persistent current account deficits, raises the question of whether real exchange rates have become overvalued. This paper seeks to identify possible exchange rate misalignment by applying the behavioral equilibrium exchange rate approach, complemented by an analysis of the traditional competitiveness indicators. The results indicate an undervaluation of the Armenian dram and no significant misalignment of the Georgian lari in 2006. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/110 606 $aForeign exchange rates$zArmenia (Republic)$xEconometric models 606 $aForeign exchange rates$zGeorgia (Republic)$xEconometric models 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aReal exchange rates$2imf 606 $aExchange rates$2imf 606 $aReal effective exchange rates$2imf 606 $aTerms of trade$2imf 606 $aCurrent account balance$2imf 606 $aEconomic policy$2imf 606 $anternational cooperation$2imf 606 $aBalance of payments$2imf 607 $aGeorgia$2imf 615 0$aForeign exchange rates$xEconometric models. 615 0$aForeign exchange rates$xEconometric models. 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aEmpirical Studies of Trade 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aCurrency 615 7$aForeign exchange 615 7$aInternational economics 615 7$aReal exchange rates 615 7$aExchange rates 615 7$aReal effective exchange rates 615 7$aTerms of trade 615 7$aCurrent account balance 615 7$aEconomic policy 615 7$anternational cooperation 615 7$aBalance of payments 676 $a332.45 700 $aDing$b Shuang$01485208 701 $aAl Shehabi$b Omar$01485209 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788238303321 996 $aEstimating Equilibrium Exchange Rates for Armenia and Georgia$93704212 997 $aUNINA