Front Matter Page
Middle East and Central Asia Department
Authorized for distribution by Mark Horton
Contents
I. Introduction
II. Recent Developments
A. Export Performance
B. Price Competitiveness: A Descriptive Analysis
C. Non-Price Competitiveness
III. Exchange Rate Assessment
A. The Macroeconomic Balance Approach
B. The External Stability Approach
C. The Equilibrium Real Exchange Rate Approach-Single Country Analysis
D. The Equilibrium Real Exchange Rate Approach-Panel Estimation
IV. Conclusions
References
Appendix
Figures
1. Export Volume
2. Armenia’s Current Account and Non-Commodity Exports
3. Indicators of Armenia’s External Competitiveness
4. Effective Exchange Rate Developments
5. GDP Dynamics and Global Competitiveness Rankings for Armenia
6. World Bank Ease of Doing Business Indicators
7. Results from the MB Approach
8. Results from the ES Approach
9. ARDL Approach, Estimated Equilibrium Real Exchange Rates
Tables
1. Export Structure by Products
2. World Economic Forum Competitiveness Indicators
3. Enterprise Survey of Selected Transition Economies
4. Estimated Long Run Coefficients using the ARDL Approach
5. Pesaran’s Cross-Section Dependence Test
6. Panel Estimation Results: Long-run Coefficients
7. Tests for Panel Co-Integration
8. Exchange Rate Misalignment