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Estimating Equilibrium Exchange Rates for Armenia and Georgia

Shuang Ding and Omar Al Shehabi
Authors registered in the RePEc Author Service: Omar Hesham AlShehabi ()

No 08/110, IMF Working Papers from International Monetary Fund

Abstract: The 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.

Keywords: Exchange rate appreciation; Current account deficits; Armenia; Georgia; equilibrium exchange rates, exchange rate, real exchange rate, exchange rates, current account balance, terms of trade, (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-ifn and nep-tra
Date: 2008-04-01
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