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Welfare Effects of Uzbekistan's Foreign Exchange Regime

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  • International Monetary Fund

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.

Suggested Citation

  • International Monetary Fund, 2000. "Welfare Effects of Uzbekistan's Foreign Exchange Regime," IMF Working Papers 00/61, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:00/61
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    Cited by:

    1. Edward R. Gemayel & David A. Grigorian, 2006. "How Tight is Too Tight? A Look at Welfare Implications of Distortionary Policies in Uzbekistan," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 3(2), pages 239-261, December.
    2. Frank Hespeler, 2013. "A VECM evaluation of monetary transmission in Uzbekistan," Economic Change and Restructuring, Springer, vol. 46(2), pages 219-253, May.
    3. Aleh Tsyvinski & Martin Petri & Günther Taube, 2002. "Energy Sector Quasi-Fiscal Activities in the Countries of the Former Soviet Union," IMF Working Papers 02/60, International Monetary Fund.
    4. Martin Petri & Günther Taube, 2003. "Fiscal Policy Beyond the Budget : Quasi-Fiscal Activities in the Energy Sectors of the Former Soviet Union," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 39(1), pages 24-42, January.
    5. Martin Spechler, 2003. "Returning to Convertibility in Uzbekistan?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 6(1), pages 51-56.
    6. Martin Petri & Gãœnther Taube, 2003. "Fiscal Policy Beyond the Budget : Quasi-Fiscal Activities in the Energy Sectors of the Former Soviet Union," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 39(1), pages 24-42, January.

    More about this item

    Keywords

    Exchange rate regimes; Multiple exchange rates; Foreign exchange; Uzbekistan; Welfare Analysis; Quasi-Fiscal Operations; exchange rates; exchange rate; foreign trade; multiple exchange rate;

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