Market Disequilibria and Inflation in Uzbekistan, 1994-2000
The author develops, and applies a macroeconomic framework to ascertain the influence of domestic disequilibria, and external shocks on inflation dynamics in Uzbekistan. Using quarterly data for the period 1994:01 to 2000:03, he estimates several "long-run" relationships for the goods, money, and foreign exchange markets of Uzbekistan, which are characterized by multiple exchange rates, import restrictions, and other domestic administrative controls. The empirical estimates, which use error correction mechanisms for different markets, show that domestic monetary, and output developments, and changes in the official exchange rate, compared with the parallel market rate, have had a significant influence on the short-run behavior of the foreign exchange market in Uzbekistan. Furthermore, disequilibria in the product, and money markets are the major forces driving short-run inflation dynamics in Uzbekistan. It should be noted that the study has been constrained by both the quantity, and the quality of quarterly data available for the Uzbekistan economy.
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dig-okr-10986180352024-08-08T17:41:37Z Market Disequilibria and Inflation in Uzbekistan, 1994-2000 Ranaweera, Thilak AGGREGATE DEMAND AGRICULTURE BALANCE OF PAYMENTS BUDGET DEFICIT BUDGET DEFICITS BUSINESS CYCLES COMPARATIVE ANALYSIS CONSUMER PRICE INDEX CPI CURRENCY CURRENCY SUBSTITUTION CURRENCY UNITS DEBT DEMAND FOR MONEY DEUTSCHE MARK DEVELOPED COUNTRIES DEVELOPMENT ECONOMICS DISINFLATION DOMESTIC PRICE DOMESTIC PRICE LEVEL DOMESTIC PRICES ECONOMIC DYNAMICS ECONOMIC GROWTH ECONOMIC STATISTICS ELASTICITY EMPIRICAL STUDIES EMPLOYMENT EQUATIONS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORTS EXTERNAL DEBT EXTERNAL SHOCKS FISCAL POLICIES FOREIGN BORROWING FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE RATE FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RESERVES GNP GOLD PRICES GOVERNMENT SPENDING GROWTH RATE IMPORTS INDUSTRIALIZATION INFLATION INFLATION RATE INFLATION STABILIZATION INTEREST RATES INTERNATIONAL MONETARY FUND LOCAL CURRENCY MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMICS MARKET CONDITIONS MONEY BALANCES MONEY DEMAND MONEY MARKET MONEY MARKETS MONEY SUPPLY MULTIPLE EXCHANGE RATES NOMINAL EXCHANGE RATE NOMINAL INTEREST RATES OUTPUT OUTPUTS PEGS PHILLIPS CURVE PRICE INCREASES PRICE LIBERALIZATION PRODUCT MARKETS PRODUCTION FUNCTIONS PUBLIC INVESTMENT PUBLIC SECTOR REAL EXCHANGE RATE REAL GDP REAL INTEREST RATES RELATIVE PRICE SEASONAL FACTORS SPREAD STABILIZATION PROGRAMS STATISTICAL ANALYSIS SUBSTITUTES SUBSTITUTION EFFECT TAX REVENUES TERMS OF TRADE TIME SERIES TRADE BALANCE TRADE REGIME TRANSITION ECONOMIES VALUATION WAGE CONTROLS MARKET DISRUPTION DISEQUILIBRIUM (ECONOMICS) INFLATION MACROECONOMIC ANALYSIS DOMESTIC MARKETS EXTERNAL SHOCKS INFLATIONARY PRESSURES GOODS MONEY MARKET ACCOUNTS FOREIGN EXCHANGE RESTRICTIVE BUSINESS PRACTICES ERROR CORRECTION MODELS MONETARY INDEXES OUTPUTS PARALLEL EXCHANGE RATES MARKET DISRUPTION WAGE CONTROLS The author develops, and applies a macroeconomic framework to ascertain the influence of domestic disequilibria, and external shocks on inflation dynamics in Uzbekistan. Using quarterly data for the period 1994:01 to 2000:03, he estimates several "long-run" relationships for the goods, money, and foreign exchange markets of Uzbekistan, which are characterized by multiple exchange rates, import restrictions, and other domestic administrative controls. The empirical estimates, which use error correction mechanisms for different markets, show that domestic monetary, and output developments, and changes in the official exchange rate, compared with the parallel market rate, have had a significant influence on the short-run behavior of the foreign exchange market in Uzbekistan. Furthermore, disequilibria in the product, and money markets are the major forces driving short-run inflation dynamics in Uzbekistan. It should be noted that the study has been constrained by both the quantity, and the quality of quarterly data available for the Uzbekistan economy. 2014-04-25T14:19:00Z 2014-04-25T14:19:00Z 2003-10 http://documents.worldbank.org/curated/en/2003/10/2624934/market-disequilibria-inflation-uzbekistan-1994-2000 https://hdl.handle.net/10986/18035 English en_US Policy Research Working Paper;No. 3144 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ application/pdf text/plain World Bank, Washington, DC |
institution |
Banco Mundial |
collection |
DSpace |
country |
Estados Unidos |
countrycode |
US |
component |
Bibliográfico |
access |
En linea |
databasecode |
dig-okr |
tag |
biblioteca |
region |
America del Norte |
libraryname |
Biblioteca del Banco Mundial |
language |
English en_US |
topic |
AGGREGATE DEMAND AGRICULTURE BALANCE OF PAYMENTS BUDGET DEFICIT BUDGET DEFICITS BUSINESS CYCLES COMPARATIVE ANALYSIS CONSUMER PRICE INDEX CPI CURRENCY CURRENCY SUBSTITUTION CURRENCY UNITS DEBT DEMAND FOR MONEY DEUTSCHE MARK DEVELOPED COUNTRIES DEVELOPMENT ECONOMICS DISINFLATION DOMESTIC PRICE DOMESTIC PRICE LEVEL DOMESTIC PRICES ECONOMIC DYNAMICS ECONOMIC GROWTH ECONOMIC STATISTICS ELASTICITY EMPIRICAL STUDIES EMPLOYMENT EQUATIONS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORTS EXTERNAL DEBT EXTERNAL SHOCKS FISCAL POLICIES FOREIGN BORROWING FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE RATE FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RESERVES GNP GOLD PRICES GOVERNMENT SPENDING GROWTH RATE IMPORTS INDUSTRIALIZATION INFLATION INFLATION RATE INFLATION STABILIZATION INTEREST RATES INTERNATIONAL MONETARY FUND LOCAL CURRENCY MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMICS MARKET CONDITIONS MONEY BALANCES MONEY DEMAND MONEY MARKET MONEY MARKETS MONEY SUPPLY MULTIPLE EXCHANGE RATES NOMINAL EXCHANGE RATE NOMINAL INTEREST RATES OUTPUT OUTPUTS PEGS PHILLIPS CURVE PRICE INCREASES PRICE LIBERALIZATION PRODUCT MARKETS PRODUCTION FUNCTIONS PUBLIC INVESTMENT PUBLIC SECTOR REAL EXCHANGE RATE REAL GDP REAL INTEREST RATES RELATIVE PRICE SEASONAL FACTORS SPREAD STABILIZATION PROGRAMS STATISTICAL ANALYSIS SUBSTITUTES SUBSTITUTION EFFECT TAX REVENUES TERMS OF TRADE TIME SERIES TRADE BALANCE TRADE REGIME TRANSITION ECONOMIES VALUATION WAGE CONTROLS MARKET DISRUPTION DISEQUILIBRIUM (ECONOMICS) INFLATION MACROECONOMIC ANALYSIS DOMESTIC MARKETS EXTERNAL SHOCKS INFLATIONARY PRESSURES GOODS MONEY MARKET ACCOUNTS FOREIGN EXCHANGE RESTRICTIVE BUSINESS PRACTICES ERROR CORRECTION MODELS MONETARY INDEXES OUTPUTS PARALLEL EXCHANGE RATES MARKET DISRUPTION WAGE CONTROLS AGGREGATE DEMAND AGRICULTURE BALANCE OF PAYMENTS BUDGET DEFICIT BUDGET DEFICITS BUSINESS CYCLES COMPARATIVE ANALYSIS CONSUMER PRICE INDEX CPI CURRENCY CURRENCY SUBSTITUTION CURRENCY UNITS DEBT DEMAND FOR MONEY DEUTSCHE MARK DEVELOPED COUNTRIES DEVELOPMENT ECONOMICS DISINFLATION DOMESTIC PRICE DOMESTIC PRICE LEVEL DOMESTIC PRICES ECONOMIC DYNAMICS ECONOMIC GROWTH ECONOMIC STATISTICS ELASTICITY EMPIRICAL STUDIES EMPLOYMENT EQUATIONS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORTS EXTERNAL DEBT EXTERNAL SHOCKS FISCAL POLICIES FOREIGN BORROWING FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE RATE FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RESERVES GNP GOLD PRICES GOVERNMENT SPENDING GROWTH RATE IMPORTS INDUSTRIALIZATION INFLATION INFLATION RATE INFLATION STABILIZATION INTEREST RATES INTERNATIONAL MONETARY FUND LOCAL CURRENCY MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMICS MARKET CONDITIONS MONEY BALANCES MONEY DEMAND MONEY MARKET MONEY MARKETS MONEY SUPPLY MULTIPLE EXCHANGE RATES NOMINAL EXCHANGE RATE NOMINAL INTEREST RATES OUTPUT OUTPUTS PEGS PHILLIPS CURVE PRICE INCREASES PRICE LIBERALIZATION PRODUCT MARKETS PRODUCTION FUNCTIONS PUBLIC INVESTMENT PUBLIC SECTOR REAL EXCHANGE RATE REAL GDP REAL INTEREST RATES RELATIVE PRICE SEASONAL FACTORS SPREAD STABILIZATION PROGRAMS STATISTICAL ANALYSIS SUBSTITUTES SUBSTITUTION EFFECT TAX REVENUES TERMS OF TRADE TIME SERIES TRADE BALANCE TRADE REGIME TRANSITION ECONOMIES VALUATION WAGE CONTROLS MARKET DISRUPTION DISEQUILIBRIUM (ECONOMICS) INFLATION MACROECONOMIC ANALYSIS DOMESTIC MARKETS EXTERNAL SHOCKS INFLATIONARY PRESSURES GOODS MONEY MARKET ACCOUNTS FOREIGN EXCHANGE RESTRICTIVE BUSINESS PRACTICES ERROR CORRECTION MODELS MONETARY INDEXES OUTPUTS PARALLEL EXCHANGE RATES MARKET DISRUPTION WAGE CONTROLS |
spellingShingle |
AGGREGATE DEMAND AGRICULTURE BALANCE OF PAYMENTS BUDGET DEFICIT BUDGET DEFICITS BUSINESS CYCLES COMPARATIVE ANALYSIS CONSUMER PRICE INDEX CPI CURRENCY CURRENCY SUBSTITUTION CURRENCY UNITS DEBT DEMAND FOR MONEY DEUTSCHE MARK DEVELOPED COUNTRIES DEVELOPMENT ECONOMICS DISINFLATION DOMESTIC PRICE DOMESTIC PRICE LEVEL DOMESTIC PRICES ECONOMIC DYNAMICS ECONOMIC GROWTH ECONOMIC STATISTICS ELASTICITY EMPIRICAL STUDIES EMPLOYMENT EQUATIONS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORTS EXTERNAL DEBT EXTERNAL SHOCKS FISCAL POLICIES FOREIGN BORROWING FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE RATE FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RESERVES GNP GOLD PRICES GOVERNMENT SPENDING GROWTH RATE IMPORTS INDUSTRIALIZATION INFLATION INFLATION RATE INFLATION STABILIZATION INTEREST RATES INTERNATIONAL MONETARY FUND LOCAL CURRENCY MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMICS MARKET CONDITIONS MONEY BALANCES MONEY DEMAND MONEY MARKET MONEY MARKETS MONEY SUPPLY MULTIPLE EXCHANGE RATES NOMINAL EXCHANGE RATE NOMINAL INTEREST RATES OUTPUT OUTPUTS PEGS PHILLIPS CURVE PRICE INCREASES PRICE LIBERALIZATION PRODUCT MARKETS PRODUCTION FUNCTIONS PUBLIC INVESTMENT PUBLIC SECTOR REAL EXCHANGE RATE REAL GDP REAL INTEREST RATES RELATIVE PRICE SEASONAL FACTORS SPREAD STABILIZATION PROGRAMS STATISTICAL ANALYSIS SUBSTITUTES SUBSTITUTION EFFECT TAX REVENUES TERMS OF TRADE TIME SERIES TRADE BALANCE TRADE REGIME TRANSITION ECONOMIES VALUATION WAGE CONTROLS MARKET DISRUPTION DISEQUILIBRIUM (ECONOMICS) INFLATION MACROECONOMIC ANALYSIS DOMESTIC MARKETS EXTERNAL SHOCKS INFLATIONARY PRESSURES GOODS MONEY MARKET ACCOUNTS FOREIGN EXCHANGE RESTRICTIVE BUSINESS PRACTICES ERROR CORRECTION MODELS MONETARY INDEXES OUTPUTS PARALLEL EXCHANGE RATES MARKET DISRUPTION WAGE CONTROLS AGGREGATE DEMAND AGRICULTURE BALANCE OF PAYMENTS BUDGET DEFICIT BUDGET DEFICITS BUSINESS CYCLES COMPARATIVE ANALYSIS CONSUMER PRICE INDEX CPI CURRENCY CURRENCY SUBSTITUTION CURRENCY UNITS DEBT DEMAND FOR MONEY DEUTSCHE MARK DEVELOPED COUNTRIES DEVELOPMENT ECONOMICS DISINFLATION DOMESTIC PRICE DOMESTIC PRICE LEVEL DOMESTIC PRICES ECONOMIC DYNAMICS ECONOMIC GROWTH ECONOMIC STATISTICS ELASTICITY EMPIRICAL STUDIES EMPLOYMENT EQUATIONS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORTS EXTERNAL DEBT EXTERNAL SHOCKS FISCAL POLICIES FOREIGN BORROWING FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE RATE FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RESERVES GNP GOLD PRICES GOVERNMENT SPENDING GROWTH RATE IMPORTS INDUSTRIALIZATION INFLATION INFLATION RATE INFLATION STABILIZATION INTEREST RATES INTERNATIONAL MONETARY FUND LOCAL CURRENCY MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMICS MARKET CONDITIONS MONEY BALANCES MONEY DEMAND MONEY MARKET MONEY MARKETS MONEY SUPPLY MULTIPLE EXCHANGE RATES NOMINAL EXCHANGE RATE NOMINAL INTEREST RATES OUTPUT OUTPUTS PEGS PHILLIPS CURVE PRICE INCREASES PRICE LIBERALIZATION PRODUCT MARKETS PRODUCTION FUNCTIONS PUBLIC INVESTMENT PUBLIC SECTOR REAL EXCHANGE RATE REAL GDP REAL INTEREST RATES RELATIVE PRICE SEASONAL FACTORS SPREAD STABILIZATION PROGRAMS STATISTICAL ANALYSIS SUBSTITUTES SUBSTITUTION EFFECT TAX REVENUES TERMS OF TRADE TIME SERIES TRADE BALANCE TRADE REGIME TRANSITION ECONOMIES VALUATION WAGE CONTROLS MARKET DISRUPTION DISEQUILIBRIUM (ECONOMICS) INFLATION MACROECONOMIC ANALYSIS DOMESTIC MARKETS EXTERNAL SHOCKS INFLATIONARY PRESSURES GOODS MONEY MARKET ACCOUNTS FOREIGN EXCHANGE RESTRICTIVE BUSINESS PRACTICES ERROR CORRECTION MODELS MONETARY INDEXES OUTPUTS PARALLEL EXCHANGE RATES MARKET DISRUPTION WAGE CONTROLS Ranaweera, Thilak Market Disequilibria and Inflation in Uzbekistan, 1994-2000 |
description |
The author develops, and applies a
macroeconomic framework to ascertain the influence of
domestic disequilibria, and external shocks on inflation
dynamics in Uzbekistan. Using quarterly data for the period
1994:01 to 2000:03, he estimates several
"long-run" relationships for the goods, money, and
foreign exchange markets of Uzbekistan, which are
characterized by multiple exchange rates, import
restrictions, and other domestic administrative controls.
The empirical estimates, which use error correction
mechanisms for different markets, show that domestic
monetary, and output developments, and changes in the
official exchange rate, compared with the parallel market
rate, have had a significant influence on the short-run
behavior of the foreign exchange market in Uzbekistan.
Furthermore, disequilibria in the product, and money markets
are the major forces driving short-run inflation dynamics in
Uzbekistan. It should be noted that the study has been
constrained by both the quantity, and the quality of
quarterly data available for the Uzbekistan economy. |
topic_facet |
AGGREGATE DEMAND AGRICULTURE BALANCE OF PAYMENTS BUDGET DEFICIT BUDGET DEFICITS BUSINESS CYCLES COMPARATIVE ANALYSIS CONSUMER PRICE INDEX CPI CURRENCY CURRENCY SUBSTITUTION CURRENCY UNITS DEBT DEMAND FOR MONEY DEUTSCHE MARK DEVELOPED COUNTRIES DEVELOPMENT ECONOMICS DISINFLATION DOMESTIC PRICE DOMESTIC PRICE LEVEL DOMESTIC PRICES ECONOMIC DYNAMICS ECONOMIC GROWTH ECONOMIC STATISTICS ELASTICITY EMPIRICAL STUDIES EMPLOYMENT EQUATIONS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORTS EXTERNAL DEBT EXTERNAL SHOCKS FISCAL POLICIES FOREIGN BORROWING FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE RATE FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RESERVES GNP GOLD PRICES GOVERNMENT SPENDING GROWTH RATE IMPORTS INDUSTRIALIZATION INFLATION INFLATION RATE INFLATION STABILIZATION INTEREST RATES INTERNATIONAL MONETARY FUND LOCAL CURRENCY MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMICS MARKET CONDITIONS MONEY BALANCES MONEY DEMAND MONEY MARKET MONEY MARKETS MONEY SUPPLY MULTIPLE EXCHANGE RATES NOMINAL EXCHANGE RATE NOMINAL INTEREST RATES OUTPUT OUTPUTS PEGS PHILLIPS CURVE PRICE INCREASES PRICE LIBERALIZATION PRODUCT MARKETS PRODUCTION FUNCTIONS PUBLIC INVESTMENT PUBLIC SECTOR REAL EXCHANGE RATE REAL GDP REAL INTEREST RATES RELATIVE PRICE SEASONAL FACTORS SPREAD STABILIZATION PROGRAMS STATISTICAL ANALYSIS SUBSTITUTES SUBSTITUTION EFFECT TAX REVENUES TERMS OF TRADE TIME SERIES TRADE BALANCE TRADE REGIME TRANSITION ECONOMIES VALUATION WAGE CONTROLS MARKET DISRUPTION DISEQUILIBRIUM (ECONOMICS) INFLATION MACROECONOMIC ANALYSIS DOMESTIC MARKETS EXTERNAL SHOCKS INFLATIONARY PRESSURES GOODS MONEY MARKET ACCOUNTS FOREIGN EXCHANGE RESTRICTIVE BUSINESS PRACTICES ERROR CORRECTION MODELS MONETARY INDEXES OUTPUTS PARALLEL EXCHANGE RATES MARKET DISRUPTION WAGE CONTROLS |
author |
Ranaweera, Thilak |
author_facet |
Ranaweera, Thilak |
author_sort |
Ranaweera, Thilak |
title |
Market Disequilibria and Inflation in Uzbekistan, 1994-2000 |
title_short |
Market Disequilibria and Inflation in Uzbekistan, 1994-2000 |
title_full |
Market Disequilibria and Inflation in Uzbekistan, 1994-2000 |
title_fullStr |
Market Disequilibria and Inflation in Uzbekistan, 1994-2000 |
title_full_unstemmed |
Market Disequilibria and Inflation in Uzbekistan, 1994-2000 |
title_sort |
market disequilibria and inflation in uzbekistan, 1994-2000 |
publisher |
World Bank, Washington, DC |
publishDate |
2003-10 |
url |
http://documents.worldbank.org/curated/en/2003/10/2624934/market-disequilibria-inflation-uzbekistan-1994-2000 https://hdl.handle.net/10986/18035 |
work_keys_str_mv |
AT ranaweerathilak marketdisequilibriaandinflationinuzbekistan19942000 |
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1807158311361970176 |