Welfare Effects of Uzbekistanís Foreign Exchange Regime

By Christoph B. Rosenberg and Maarten de Zeeuw
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By Christoph B. Rosenberg: International Monetary Fund
Maarten de Zeeuw: International Monetary Fund

IMF Staff Papers, 2001, vol. 48, issue 1, 6

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

JEL-codes: F31 H29 (search for similar items in EconPapers)
Date: 2001
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