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Welfare Effects of Uzbekistanís Foreign Exchange Regime

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  • By Christoph B. Rosenberg

    (International Monetary Fund)

  • Maarten de Zeeuw

    (International Monetary Fund)

Abstract

In addition to transferring about 16 percent of GDP from exporters to importers, Uzbekistanís quasi-fiscal multiple exchange rate regime generates identifiable welfare losses of 2-8 percent of GDP on import markets and up to 15 percent on export markets. These excess burdens have increased substantially with the growing difference among exchange rates. The welfare analysis allows some conclusions regarding the optimal reform strategy: (i) welfare losses will decline overproportionally as exchange rates unify, (ii) exchange rate unification should be supplemented by changing the explicit fiscal system; (iii) at a minimum, Uzbekistan would benefit from moving to an explicit fiscal regime. Copyright 2001, International Monetary Fund

Suggested Citation

  • By Christoph B. Rosenberg & Maarten de Zeeuw, 2001. "Welfare Effects of Uzbekistanís Foreign Exchange Regime," IMF Staff Papers, Palgrave Macmillan, vol. 48(1), pages 1-6.
    • Handle: RePEc:pal:imfstp:v:48:y:2001:i:1:p:6
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    References listed on IDEAS

    as
    1. International Monetary Fund, 1998. "Uzbekistan: Recent Economic Developments," IMF Staff Country Reports 1998/116, International Monetary Fund.
    2. Carmen M. Reinhart, 1995. "Devaluation, Relative Prices, and International Trade: Evidence from Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 42(2), pages 290-312, June.
    3. Carmen M. Reinhart, 1995. "Devaluation, Relative Prices, and International Trade: Evidence from Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 42(2), pages 290-312, June.
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    Cited by:

    1. MacDonald, Stephen, 2012. "Economic Policy and Cotton in Uzbekistan," MPRA Paper 70882, University Library of Munich, Germany.

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    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • H29 - Public Economics - - Taxation, Subsidies, and Revenue - - - Other

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