Many arguments that have been advanced in favor of maintaining capital controls within the EC have not paid sufficient attention to the welfare consequences of this type of market intervention. Our paper provides a simple, optimizing framework in which the welfare consequences of capital...

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. These excess burdens have increased...

The paper proposes a new welfare-based measure to evaluate the distributive effects of public programs. The proposed measure differs from traditional approaches in two important ways: first, it is based on life-cycle considerations, since most public expenditure programs have an intertemporal...

Der Länderbericht des IMF über Usbekistan gibt einen Überblick über den wirtschaftlichen Hintergrund und die Wirtschaftsstruktur des Landes. In weiteren Kapiteln wird die jüngere wirtschaftliche Entwicklung und die Wirtschafts- und Reformpolitik für 1992 dargestellt. Die Felder für...

Der Bericht des IMF über Tadschikistan gibt einen Überblick über die Wirtschaftsstruktur des Landes und beschreibt dann die jüngere Wirtschaftsentwicklung anhand der einzelnen volkswirtschaftlichen Aggregate. In einem weiteren Kapitel werden die Felder der Wirtschafts- und Reformpolitik...

Economic developments in Hungary during 1995-97 illustrate one of the most remarkable cases of macroeconomic adjustment in Europe over the last decade. Several momentous steps in the integration of the Hungarian economy with the rest of Europe and the industrial countries community took place....