Hidden Bibliographic Details
| Other authors / contributors: | Zeeuw, Maarten de, author.
International Monetary Fund. European II Department, issuing body.
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| ISBN: | 1451894937
9781451894936
1281602086
9781281602084
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| Notes: | Includes bibliographical references (page 23).
Restrictions unspecified
Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010.
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
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| 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.
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| Other form: | Print version: Rosenberg, Christoph B. Welfare effects of Uzbekistan's foreign exchange regime. [Washington, D.C.] : International Monetary Fund, European II Dept., ©2000
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| Standard no.: | 10.5089/9781451894936.001
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