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Armenia: An Assessment of the Real Exchange Rate and Competitiveness
Author:
Ms. Chunfang Yang
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Series:
IMF Working Papers
Volume/Issue:
Volume 2011: Issue 020
Language:
English
Publication Date:
01 Jan 2011
DOI:
https://doi.org/10.5089/9781455211951.001
ISBN:
9781455211951
ISSN:
1018-5941
Pages:
39
Keywords:
WP; exchange rate; price index; Equilibrium exchange rate; competitiveness; panel estimations; exchange rate appreciation; panel estimation; estimation result; CCE estimation methodology; exchange rate misalignment; CA norm; Real exchange rates; Exchange rates; Current account; Real effective exchange rates; Competition; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper uses a range of different methodologies to estimate the equilibrium real exchange rate in Armenia with both single-country and panel estimation techniques. We estimate a country specific autoregressive distributed lag model and then proceed with the estimation of a cointegrated panel consisting of transition economies in Europe and Central Asia. This addresses cross section dependence by using common correlated effects estimators. While our analysis focuses on Armenia, the methods are applicable to a large number of transition economies, and the paper thus provides an overview of methods that can be used to assess a country’s equilibrium exchange rate.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund