In Search of a Dramatic Equilibrium Was the Armenian Dram Overvalued?

This 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 overva...

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Bibliographic Details
Main Author: Oomes, Nienke
Other Authors: Minasyan, Gohar, Stepanyan, Ara, Stepanyan, Vahram
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2009
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Inflation 
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653 |a Deflation 
653 |a Purchasing power parity 
653 |a Real effective exchange rates 
653 |a Production 
653 |a Industrial productivity 
653 |a Currency 
653 |a Macroeconomics: Production 
653 |a Price Level 
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653 |a Macroeconomics 
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653 |a Exchange rates 
653 |a Foreign exchange 
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700 1 |a Stepanyan, Ara 
700 1 |a Stepanyan, Vahram 
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520 |a This 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