Author’s note The performance of autocracies relative to democracies and to each other is of increasing interest to political scientists. In this article I attempt a contribution to that literature in a comparative study of three Hispanic dictatorships. They are those of Francisco Franco’s Spain, Fidel Castro’s Cuba and Augusto Pinochet’s Chile which, though not […]

Author’s note Cuba has two official currencies: the Convertible Peso (CUC) is linked to foreign trade and is used by a relatively small segment of the population; the Cuban Peso (CUP) is used by the rest. There is a significant gap between the external value of these two currencies, with the CUC trading about at […]

Note Authors’ note Underlying the existence of multiple exchange rates is the operation of segmented markets. The Central Bank classifies transactions with nonresidents in different categories, each using a different exchange rate. Administrative controls of foreign exchange reserves rule out the pursuit of arbitrage opportunities. The operation of multiple exchange rates requires from economic agents […]

Author note The Cuban government has firmly stated since 2013 its desire to achieve monetary and rate unification of its two currencies, the peso (CUP) and the convertible peso (CUC). In a speech to the National Assembly on December 21, 2017, Raúl Castro once more stressed the importance of monetary unification. So this is taken […]

El año 2018 avanza hacia la conjunción de escenarios internos y externos que interactúan y crean una situación compleja y crítica que puede conducir a Cuba al desastre evitable o a la apertura de transformaciones de su modelo económico y político. He aquí algunos de esos escenarios que son a la vez, peligros, desafíos y […]