Abstract

http://ssrn.com/abstract=1522297
 
 

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Real Exchange Rate Misalignment in Azerbaijan


Hasanov Javanshir Fakhri


Azerbaijan National Academy of Sciences, Institute of Cybernetics

Fariz Huseynov


North Dakota State University - College of Business

November 20, 2009


Abstract:     
By using quarterly data from 2001-2007 and applying various approaches, we estimate real equilibrium exchange rate misalignment for Azerbaijani Manat (AZN) and find that AZN is slightly overvalued. Purchasing power parity approach does not explain the equilibrium exchange rate. However using behavioral and permanent equilibrium exchange rate approaches, we find that the relative productivity, terms of trade, trade openness, net foreign assets, government expenditures and oil prices are the main determinants of misalignment.

Number of Pages in PDF File: 35

Keywords: Real exchange rate, misalignment, Azerbaijan, Manat, exchange rate

JEL Classification: F31

working papers series





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Date posted: December 14, 2009 ; Last revised: January 17, 2010

Suggested Citation

Fakhri, Hasanov Javanshir and Huseynov, Fariz, Real Exchange Rate Misalignment in Azerbaijan (November 20, 2009). Available at SSRN: http://ssrn.com/abstract=1522297 or http://dx.doi.org/10.2139/ssrn.1522297

Contact Information

Hasanov Javanshir Fakhri
Azerbaijan National Academy of Sciences, Institute of Cybernetics ( email )
9, F. Agayev Str.
Baku, Az1141
Azerbaijan
(+99412) 4301717 (Phone)
(+99412) 4300215 (Fax)
Fariz Huseynov (Contact Author)
North Dakota State University - College of Business ( email )
Department of Acctg, Finance & Information Systems
Fargo, ND 58108
United States
+17012315074 (Phone)
Feedback to SSRN


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