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Welfare Effects of Uzbekistanís Foreign Exchange Regime

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Author Info
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

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Article provided by Palgrave Macmillan Journals in its journal IMF Staff Papers.

Volume (Year): 48 (2001)
Issue (Month): 1 ()
Pages: 6
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Handle: RePEc:pal:imfstp:v:48:y:2001:i:1:p:6

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

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This page was last updated on 2009-11-30.

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