{
  "title": "Efficiency Costs of Myanmar’s Multiple Exchange Rate Regime",
  "publication": "IMF Working Papers, August 1, 2008",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/efficiency-costs-of-myanmars-multiple-exchange-rate-regime-22272",
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  "summary": "Myanmar's multiple exchange rate system creates various economic distortions. This paper describes the exchange rate practices in Myanmar, develops a model of foreign exchange markets, and presents the efficiency costs imposed by quasi-fiscal operation under the current exchange rate regime.",
  "sections": [
    {
      "heading": "Summary and scope",
      "content": "- Describes exchange rate practices in Myanmar and develops a model of foreign exchange markets.\n- Presents the efficiency costs imposed by quasi-fiscal operations under the current multiple exchange rate regime.\n- Paper authors: Masahiro Hori, Yu Ching Wong.\n- Publication date: August 1, 2008.\n- Series: Working Paper No. 2008/199; Pages: 30; DOI: https://doi.org/10.5089/9781451870572.001; ISBN: 9781451870572; ISSN: 1018-5941."
    },
    {
      "heading": "Model-based findings and equilibrium estimates",
      "content": "- The model-based analysis indicates that the equilibrium exchange rate under a unified market could be at around K 400-500 per U.S. dollar.\n- Using the equilibrium exchange rate (instead of the official exchange rate) as the accounting rate increases trade openness to more than 20 percent from less than 1 percent measured by official statistics."
    },
    {
      "heading": "Efficiency costs and magnitude",
      "content": "- The total efficiency loss caused by the current multiple exchange rate regime is estimated at about 14-17 percent of GDP in 2006/07."
    },
    {
      "heading": "Analytical focus areas",
      "content": "- Examination of economic distortions created by a multiple exchange rate system.\n- Quantification of quasi-fiscal operations associated with exchange rate practices.\n- Implications for measured trade openness when accounting rates are changed to an equilibrium market rate.\n\nIMF Working Paper No. 2008/199 — Masahiro Hori and Yu Ching Wong\n\n---\n\n Content in this bundle\n\n- wp08199 - References\n  - wp08199 - References (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp08199 - References (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/efficiency-costs-of-myanmars-multiple-exchange-rate-regime-22272"
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    "Authors: Masahiro Hori, Yu Ching Wong",
    "Published: August 1, 2008",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451870572.001",
    "Describes exchange rate practices in Myanmar and develops a model of foreign exchange markets.",
    "Presents the efficiency costs imposed by quasi-fiscal operations under the current multiple exchange rate regime.",
    "Paper authors: Masahiro Hori, Yu Ching Wong.",
    "Publication date: August 1, 2008.",
    "Series: Working Paper No. 2008/199; Pages: 30; DOI: https://doi.org/10.5089/9781451870572.001; ISBN: 9781451870572; ISSN: 1018-5941.",
    "The model-based analysis indicates that the equilibrium exchange rate under a unified market could be at around K 400-500 per U.S. dollar.",
    "Using the equilibrium exchange rate (instead of the official exchange rate) as the accounting rate increases trade openness to more than 20 percent from less than 1 percent measured by official statistics.",
    "The total efficiency loss caused by the current multiple exchange rate regime is estimated at about 14-17 percent of GDP in 2006/07.",
    "Examination of economic distortions created by a multiple exchange rate system.",
    "Quantification of quasi-fiscal operations associated with exchange rate practices.",
    "Implications for measured trade openness when accounting rates are changed to an equilibrium market rate.",
    "**_wp08199 - References**"
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