The central topic of this paper is that the implementation of a free-market-oriented economic policy in Cuba should be preceded by finely tuned institutional and legal changes. A careless or dogmatic application of general economic policy principles could generate immediate imbalances that would complicate further implementation of a transition towards a free-market system. The transition […]
Long-Term Objectives and Transitional Policies: A Reflection on Pazos’ Economic Problems of Cuba
I am grateful to Armando Linde and Kent Osband for helpful comments on an earlier draft. The views expressed in this paper are those of the author and in no way represent the official views of the International Monetary Fund. In the first Carlos F. Díaz Alejandro lecture presented before a recent meeting of the […]
The New Institutional Economics and the Study of the Cuban Economy
Introduction A central feature of the Cuban economy throughout its history is that it has been a ‘developing’ country, to use the politically correct euphemism adopted by our profession for describing economic systems that are unable to enjoy sustained economic growth. This condition has characterized the economy before the Revolution and during the Revolution. One […]