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Welfare Effects of Uzbekistan's Foreign Exchange Regime

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  • International Monetary Fund
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    Abstract

    In addition to transferring about 16 percent of GDP from exporters to importers, Uzbekistan’s 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 of 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.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/61.

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    Length: 23
    Date of creation: 01 Mar 2000
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    Handle: RePEc:imf:imfwpa:00/61

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    Related research

    Keywords: Exchange rate regimes; Multiple exchange rates; foreign exchange; exchange rates; exchange rate; foreign trade; multiple exchange rate; market exchange rate; official exchange rate; exchange rate regime; foreign exchange market; exchange operations; average exchange rates; foreign exchange operations; multiple exchange rate regime; foreign exchange sales; overvalued exchange rate; exchange sales; multiple currency practices; foreign investment; foreign exchange purchases; exchange purchases; foreign assets; foreign exchange reserves; legal exchange rates; currency units; currency exchange; exchange rate unification; preferential exchange rates; exchange reserves; exchange transactions; exchange rate difference; exchange rate premium;

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    Cited by:
    1. David A. Grigorian & Edward R. Gemayel, 2005. "How Tight is too Tight? a Look At Welfare Implications of Distortionary Policies in Uzbekistan," IMF Working Papers, International Monetary Fund 05/239, International Monetary Fund.
    2. Frank Hespeler, 2011. "A VECM evaluation of monetary transmission in Uzbekistan," EcoMod2011 3460, EcoMod.
    3. Martin Spechler, 2003. "Returning to Convertibility in Uzbekistan?," Journal of Economic Policy Reform, Taylor & Francis Journals, Taylor & Francis Journals, vol. 6(1), pages 51-56.
    4. Aleh Tsyvinski & Martin Petri & Günther Taube, 2002. "Energy Sector Quasi-Fiscal Activities in the Countries of the Former Soviet Union," IMF Working Papers, International Monetary Fund 02/60, International Monetary Fund.

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