Welfare Effects of Uzbekistan's Foreign Exchange Regime
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 subs...
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| Veröffentlicht in: | IMF staff papers 2001-01, Vol.48 (1), p.160-178 |
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| creator | Rosenberg, Christoph B. Zeeuw, Maarten de |
| description | 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 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. |
| doi_str_mv | 10.2307/4621663 |
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| identifier | ISSN: 1020-7635 |
| ispartof | IMF staff papers, 2001-01, Vol.48 (1), p.160-178 |
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| source | Jstor Complete Legacy; PAIS Index; Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals; Alma/SFX Local Collection |
| subjects | Central banks Commercial banks Cotton Economic development Economic theory Effects Export taxes Exports Foreign exchange Foreign exchange markets Foreign exchange rates Forward exchange GDP Gross Domestic Product Imports International financial institutions International trade Market clearing prices Market segments Studies Study abroad Subsidies Tax subsidies Welfare economics Welfare losses |
| title | Welfare Effects of Uzbekistan's Foreign Exchange Regime |
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