LEADER 04613oam 22011174 450 001 9910970782703321 005 20250426110038.0 010 $a9786612842719 010 $a9781462352753 010 $a1462352758 010 $a9781452730905 010 $a1452730903 010 $a9781451871975 010 $a145187197X 010 $a9781282842717 010 $a1282842714 035 $a(CKB)3170000000055227 035 $a(EBL)1608227 035 $a(SSID)ssj0000941478 035 $a(PQKBManifestationID)11473994 035 $a(PQKBTitleCode)TC0000941478 035 $a(PQKBWorkID)10964264 035 $a(PQKB)10758672 035 $a(OCoLC)712987821 035 $a(IMF)WPIEE2009049 035 $a(MiAaPQ)EBC1608227 035 $a(IMF)WPIEA2009049 035 $aWPIEA2009049 035 $a(EXLCZ)993170000000055227 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aIn Search of a Dramatic Equilibrium : $eWas the Armenian Dram Overvalued? /$fNienke Oomes, Vahram Stepanyan, Gohar Minasyan, Ara Stepanyan 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (22 p.) 225 1 $aIMF Working Papers 300 $a"March 2009". 311 08$a9781451916324 311 08$a1451916329 320 $aContains bibliographical references. 327 $aContents; 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 Vector 327 $aIV. 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; References 330 3 $aThis papers estimates the equilibrium exchange rate for Armenia using three different approaches: the purchasing power parity (PPP) approach, the behavioral equilibrium exchange rate (BEER) approach, and the external sustainability (ES) approach. All three approaches suggest that the dram was overvalued by about 20?30 percent prior to the devaluation of the dram in March 2009. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/049 606 $aForeign exchange rates$zArmenia 606 $aDevaluation of currency$zArmenia 606 $aCurrency$2imf 606 $aDeflation$2imf 606 $aExchange rates$2imf 606 $aForeign Exchange$2imf 606 $aForeign exchange$2imf 606 $aIndustrial productivity$2imf 606 $aInflation$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Production$2imf 606 $aPrice Level$2imf 606 $aProduction and Operations Management$2imf 606 $aProduction$2imf 606 $aProductivity$2imf 606 $aPurchasing power parity$2imf 606 $aReal effective exchange rates$2imf 606 $aReal exchange rates$2imf 607 $aArmenia, Republic of$2imf 615 0$aForeign exchange rates 615 0$aDevaluation of currency 615 7$aCurrency 615 7$aDeflation 615 7$aExchange rates 615 7$aForeign Exchange 615 7$aForeign exchange 615 7$aIndustrial productivity 615 7$aInflation 615 7$aMacroeconomics 615 7$aMacroeconomics: Production 615 7$aPrice Level 615 7$aProduction and Operations Management 615 7$aProduction 615 7$aProductivity 615 7$aPurchasing power parity 615 7$aReal effective exchange rates 615 7$aReal exchange rates 676 $a338.28135 700 $aOomes$b Nienke$01816466 701 $aMinasyan$b Gohar$01816513 701 $aStepanyan$b Ara$01815931 701 $aStepanyan$b Vahram$01816514 712 02$aInternational Monetary Fund.$bMiddle East and Central Asia Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910970782703321 996 $aIn Search of a Dramatic Equilibrium$94372645 997 $aUNINA