Title Welfare effects of Uzbekistan's foreign exchange regime / prepared by Christoph B. Rosenberg and Maarten de Zeeuw

Published [Washington, D.C.] : International Monetary Fund, European II Department, 2000 ©2000

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Description 1 online resource (23 pages) : illustrations Series IMF working paper ; WP/00/61 IMF working paper ; WP/00/61. Summary In January 1997, Uzbekistan formally (re)introduced a system of multiple exchange rates and restrictions on current account transactions with the aim of promoting import substituting industries, protecting foreign exchange reserves and subsidizing basic food imports. Several recent studies have dealt with the effects of this system on sectoral distribution, foreign investment and macroeconomic stability. 2 However, its consequences for economic efficiency and welfare, while acknowledged, have so far received little attention. This paper, which builds on an earlier article by Rosenberg, Ruocco, and Wiegard (1999) tries to address this question. Specifically, it attempts to identify and quantify the substantial microeconomic distortions on export and import markets that result from the existence of at least three distinct exchange rates in Uzbekistan. This analysis also shows how a simple exercise in welfare economics can provide insights into the appropriate sequencing of reforms. The approach presented here may thus serve as a blueprint for structural policies aiming at the removal of distortions in general Bibliography Includes bibliographical references (page 23) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Foreign exchange rates -- Economic aspects -- Uzbekistan -- Econometric models Balance of payments -- Uzbekistan -- Econometric models Exports -- Uzbekistan -- Econometric models Imports -- Uzbekistan -- Econometric models Welfare economics. Balance of payments -- Econometric models Economic policy -- Econometric models Exports -- Econometric models Imports -- Econometric models Welfare economics SUBJECT Uzbekistan -- Economic policy -- Econometric models Subject Uzbekistan Form Electronic book Author Zeeuw, Maarten de, author. International Monetary Fund. European II Department, issuing body. ISBN 1451894937 9781451894936 1281602086 9781281602084

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