Monetary Reform: A Comparison of the Kyrgyz Republic and the Republic of Uzbekistan

Makkamjan Abdoulkadyrov

Comparative Economic Studies, 1995, vol. 37, issue 3, 39-47

Abstract: This paper analyzes the introduction of a new national currency, using the examples of the Kyrgyz Republic and the Republic of Uzbekistan. These countries have distinctly different monetary policies. However, Kyrgyzstan was able to use the IMF's expertise and funds to carry out its program in a monetarist fashion, whereas Uzbekistan combined soft monetary policy with hard government control over non-monetary aspects of the economy. The paper uses both comparative and counterfactual analyses to show the positive and negative sides of each of the programs.

Date: 1995
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