Estimating Equilibrium Exchange Rates for Armenia and Georgia

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.
Publication date: April 2008
ISBN: 9781451869705
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Money and Monetary Policy , International - Economics , equilibrium exchange rates , exchange rate , real exchange rate , exchange rates , current account balance , terms of trade

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