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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 2000/061, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2000/061
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    Citations

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    Cited by:

    1. Mr. Aleh Tsyvinski & Mr. Martin Petri & Mr. Günther Taube, 2002. "Energy Sector Quasi-Fiscal Activities in the Countries of the Former Soviet Union," IMF Working Papers 2002/060, International Monetary Fund.
    2. 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.
    3. Martin Spechler, 2003. "Returning to Convertibility in Uzbekistan?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 6(1), pages 51-56.
    4. Frank Hespeler, 2013. "A VECM evaluation of monetary transmission in Uzbekistan," Economic Change and Restructuring, Springer, vol. 46(2), pages 219-253, May.

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