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|Republic of Uzbekistan and the IMF|
Updated September 30, 2015
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|December 11, 2001 -- IMF Staff Papers - Dezember 2001 - Welfare Effects of Uzbekistan’s Foreign Exchange Regime By Christoph B. Rosenberg and Maarten de Zeeuw|
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.
|June 01, 1999 -- IMF Staff Papers - September/December 1999 - The Uzbek Growth Puzzle, by Jeromin Zettelmeyer|
After the breakup of the Soviet Union, Uzbekistan's output fell less than in any other former Soviet republic, and growth turned positive in 1996/97. Given the country's hesitant and idiosyncratic approach to reforms, this record has surprised many observers. This paper first shows that a standard panel model of growth in transition systematically underpredicts Uzbek growth from 1992-1996, confirming the view that Uzbekistan's performance constitutes a puzzle. It then attempts to resolve the puzzle by extending the model in a way that encompasses competing hypotheses of what makes Uzbekistan's output path unusual. The main result is that Uzbekistan's performance can be accounted for by a combination of low initial industrialization, its cotton production, and its self-sufficiency in energy.