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In Search of a Dramatic Equilibrium : Was the Armenian Dram Overvalued?
Author/Editor: Nienke Oomes, Vahram Stepanyan, Gohar Minasyan, Ara Stepanyan
Release Date: © March, 2009
ISBN : 978-1-45187-197-5
Stock #: WPIEA2009049
Stock Status: On back-order
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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.
More publications in this series: Working Papers