{
  "title": "Welfare Effects of Uzbekistan's Foreign Exchange Regime",
  "publication": "IMF Working Papers, March 1, 2000",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/welfare-effects-of-uzbekistan-s-foreign-exchange-regime-3513",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Uzbekistan’s quasi-fiscal multiple exchange rate regime transfers about 16 percent of GDP from exporters to importers.\n- The regime generates identifiable welfare losses of 2-8 percent of GDP on import markets.\n- The regime generates welfare losses of up to 15 percent of GDP on export markets.\n- These excess burdens have increased substantially with the growing difference of exchange rates."
    },
    {
      "heading": "Welfare analysis implications",
      "content": "- Welfare losses will decline overproportionally as exchange rates unify.\n- Exchange rate unification should be supplemented by changing the explicit fiscal system.\n- At a minimum, Uzbekistan would benefit from moving to an explicit fiscal regime."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Central banks, Exchange rates, Exports, Foreign exchange, International trade, Market exchange rates, Quasi-fiscal operations\n- Keywords: clearing exchange rate, curb market premium, exchange rate, Exchange rates, export, Exports, foreign exchange regime, import market, market, Market exchange rates, Multiple Exchange Rates, Quasi-Fiscal Operations, rate, U.S. dollar, Uzbekistan, Welfare Analysis, welfare loss, WP\n\n---\n\n Content in this bundle\n\n- Welfare Effects of Uzbekistan's Foreign Exchange Regime - WP/00/61\n  - Welfare Effects of Uzbekistan's Foreign Exchange Regime - WP/00/61 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Welfare Effects of Uzbekistan's Foreign Exchange Regime - WP/00/61 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/welfare-effects-of-uzbekistan-s-foreign-exchange-regime-3513"
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    "Published: March 1, 2000",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451848168.001",
    "Uzbekistan’s quasi-fiscal multiple exchange rate regime transfers about 16 percent of GDP from exporters to importers.",
    "The regime generates identifiable welfare losses of 2-8 percent of GDP on import markets.",
    "The regime generates welfare losses of up to 15 percent of GDP on export markets.",
    "These excess burdens have increased substantially with the growing difference of exchange rates.",
    "Welfare losses will decline overproportionally as exchange rates unify.",
    "Exchange rate unification should be supplemented by changing the explicit fiscal system.",
    "At a minimum, Uzbekistan would benefit from moving to an explicit fiscal regime.",
    "Subject: Central banks, Exchange rates, Exports, Foreign exchange, International trade, Market exchange rates, Quasi-fiscal operations",
    "Keywords: clearing exchange rate, curb market premium, exchange rate, Exchange rates, export, Exports, foreign exchange regime, import market, market, Market exchange rates, Multiple Exchange Rates, Quasi-Fiscal Operations, rate, U.S. dollar, Uzbekistan, Welfare Analysis, welfare loss, WP",
    "**Welfare Effects of Uzbekistan's Foreign Exchange Regime - WP/00/61**"
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