In Search of a Dramatic Equilibrium: Was the Armenian Dram Overvalued?
AbstractThis 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.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 09/49.
Date of creation: 01 Mar 2009
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-05-02 (All new papers)
- NEP-CBA-2009-05-02 (Central Banking)
- NEP-IFN-2009-05-02 (International Finance)
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