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Since independence in 1991, Uzbekistan has pursued a gradual approach to the transition from planned to market economy. This approach relied heavily on trade controls, directed credit, and large public investments. A number of financial sector measures were also instituted that distorted resource allocation and increased transaction costs. As a result, while possibly preventing the contraction of output in the early 1990s, these policies led to disappointing economic outcomes and social conditions. The paper reviews the underlying distortions and presents survey-based evidence to support their existence and their detrimental impact on economic activity. Looking forward, the paper-using a representative agent framework to model existing financial sector distortions-offers some guidance regarding the likely implications of eliminating the observed distortions on key aggregate variables. It suggests that the elimination of these distortions will enhance welfare and lead to increased investment and capital stock.

Banks and Banking --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Macroeconomics: Consumption --- Saving --- Wealth --- Monetary economics --- Banking --- Currency --- Foreign exchange --- Currencies --- Consumption --- Commercial banks --- Money --- Banks and banking --- Economics --- Uzbekistan, Republic of

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This paper uses the growth-accounting approach to determine the sources of growth in transition economies. The central conclusion is that the estimated total factor productivity (TFP) growth for the former Soviet Union republics were significantly higher than other fast growing economies. A key question for prospective growth is whether the TFP gains achieved thus far have already eliminated most of the inefficiencies of central planning-and will therefore soon fade away. Underutilized labor combined with the recent trend of faster capital accumulation may play a more important role in the medium-term growth.

Macroeconomics --- Production and Operations Management --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Macroeconomics: Production --- Labor Economics: General --- Labour --- income economics --- Total factor productivity --- Labor --- Production growth --- Productivity --- Capacity utilization --- Industrial productivity --- Labor economics --- Economic theory --- Industrial capacity --- Uzbekistan, Republic of --- Economic development --- Econometric models.

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The paper analyzes economic developments and policies over the past couple of years, with emphasis on the period since mid-1998. It assesses consequences for the economy of several external shocks and provides an overview of recent developments. The nature and extent of the external shocks affecting the economy and the internal constraints that characterize the Uzbek economy are detailed. The paper also analyzes the policy responses to these shocks and the results of these policies. A set of tables updates available economic data series.

Banks and Banking --- Investments: Commodities --- Exports and Imports --- Foreign Exchange --- Agriculture: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Trade: General --- Investment & securities --- International economics --- Banking --- Currency --- Foreign exchange --- Agricultural commodities --- Commercial banks --- External debt --- Exchange rates --- Exports --- Commodities --- Financial institutions --- International trade --- Farm produce --- Banks and banking --- Debts, External --- Uzbekistan, Republic of

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This Fiscal Transparency Evaluation report on the Republic of Uzbekistan provides a summary of progress made since that evaluation was conducted and is based on practices in place at the time of a Fiscal Affairs Department visit. Uzbekistan has improved its fiscal transparency practices against eight of the Code’s standards since the June evaluation. Most improvements have been accomplished in the areas of fiscal forecasts and budgeting, and fiscal risk disclosure. A road map has also been developed to expand the coverage and quality of fiscal reports and better align these with international standards, further enhance fiscal risk disclosure, and ensure greater parliamentary scrutiny of the budget. Work has also commenced to identify all off-budget fiscal activities, and, the government has committed to including these in future budget and government finance statistics (GFS) reports. Efforts are also underway to expand the coverage of GFS reports, so that they reflect all general government fiscal transactions, including those of nonmarket state-owned enterprises.

Fiscal policy. --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- Budgeting --- Macroeconomics --- Public Finance --- National Budget --- Budget Systems --- Public Administration --- Public Sector Accounting and Audits --- Fiscal Policy --- Forecasts of Budgets, Deficits, and Debt --- Budgeting & financial management --- Public finance & taxation --- Budget planning and preparation --- Fiscal risks --- Fiscal policy --- Macroeconomic and fiscal forecasts --- Fiscal transparency --- Public financial management (PFM) --- Budget --- Economic forecasting --- Uzbekistan, Republic of

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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Banks and Banking --- Exports and Imports --- Money and Monetary Policy --- Investments: Energy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International Lending and Debt Problems --- Trade: General --- Energy: General --- Banking --- Monetary economics --- International economics --- Investment & securities --- Credit --- Commercial banks --- Correspondent banking --- Exports --- Financial institutions --- Money --- Financial services --- International trade --- Oil --- Commodities --- Banks and banking --- Correspondent banks --- Petroleum industry and trade --- Uzbekistan, Republic of