Ranaweera, Thilak2014-04-252014-04-252003-10https://hdl.handle.net/10986/18036The author presents an internally consistent macroeconomic framework that could be used as a first step toward a more comprehensive, quantitative and qualitative assessment of the adjustment alternatives facing Uzbekistan. The three-gap framework focuses on the major imbalances of the economy for evaluating policy choices facing Uzbekistan. It emphasizes the domestic, and external factors that determine economic outcomes, and welfare. The author attempts to quantify two policy scenarios-gradual as against an accelerated policy implementation strategy. He finds that an aggressive adjustment policy would indeed improve most performance, and welfare indicators. Two major ingredients of such an aggressive adjustment strategy are the unification of the exchange rate, and implementation of current account convertibility in the balance of payments. The author also draws attention to the relative importance of external financing, and the sustainability of the balance of payments under alternative structural adjustment paths facing Uzbekistan.en-USCC BY 3.0 IGOACCOUNTINGADJUSTMENT POLICIESADJUSTMENT PROGRAMAGRICULTUREBALANCE OF PAYMENTSBENCHMARKSBUDGET DEFICITBUDGET DEFICITSCAPITAL FLIGHTCAPITAL FLOWSCAPITAL FORMATIONCAPITAL GOODSCAPITAL GRANTSCENTRAL BANKCOMMERCIAL BORROWINGCONDITIONALITYCONSOLIDATIONCONSUMPTION FUNCTIONCURRENT EXPENDITURESDEBTDEVALUATIONDEVELOPMENT ECONOMICSDISINFLATIONECONOMIC GROWTHECONOMIC PERFORMANCEECONOMIC PROBLEMSECONOMIC STRUCTUREEMPLOYMENTEXCHANGE RATEEXCHANGE RATESEXPECTED VALUESEXPORT GROWTHEXPORTSFINANCIAL INSTITUTIONSFINANCIAL POLICIESFINANCIAL SECTORFISCAL BALANCEFISCAL OPERATIONSFOREIGN CAPITALFOREIGN EXCHANGEGDPGDP DEFLATORGOVERNMENT BUDGETGOVERNMENT CONSUMPTIONGOVERNMENT EXPENDITURESGOVERNMENT FINANCEGROSS DOMESTIC PRODUCTGROSS NATIONAL SAVINGSGROWTH RATEGROWTH RATESIMPORTSINCOMEINCOME GROUPSINDUSTRIALIZATIONINFLATIONINFLATION RATESINTEREST RATESINTERNATIONAL INSTITUTIONSINTERNATIONAL MONETARY FUNDLIQUIDITYLIVING STANDARDSM2MACROECONOMIC MODELSMACROECONOMIC PERFORMANCEMACROECONOMIC POLICIESMACROECONOMIC STABILITYMACROECONOMICSMARKET PRICESMONETARY POLICIESPOLICY ENVIRONMENTPOLICY MAKERSPOLICY PACKAGEPRIVATE BORROWINGPRIVATE CONSUMPTIONPRIVATIZATIONPRODUCTIVITYPRODUCTIVITY GROWTHPUBLIC ENTERPRISESPUBLIC POLICYPUBLIC SECTORPUBLIC SECTOR DEFICITSREAL EXCHANGE RATEREAL GDPREAL GROWTHREAL INTEREST RATEREAL TERMSRELATIVE VALUERESERVE REQUIREMENTSSAVINGSSOCIAL COSTSSTRUCTURAL ADJUSTMENTTAX REVENUETRADE BALANCETRADE REGIMETRANSITION ECONOMIESWELFARE EFFECTS STRUCTURAL ADJUSTMENTMACROECONOMIC CONTEXTPOLICY FRAMEWORKQUANTITATIVE ANALYSISQUALITATIVE ANALYSISECONOMIC GROWTHWELFARE ECONOMICSADJUSTMENT POLICYPERFORMANCE INDICATORSEXCHANGE RATE UNIFICATIONCURRENT ACCOUNTCONVERTIBILITYBALANCE OF PAYMENTSEXTERNAL FINANCEWELFARE EFFECTS10.1596/1813-9450-3145