Cuba’s Macroeconomic Policy’s Aggressive Shift towards Expansion Ernesto Hernández-Catá February 2018 Macroeconomic policies I Cuba were generally restrained during most of the period from 1994 to 2012. For the past several years, however, these policies have turned aggressively toward expansion. Over the period 2013 to 2016 the budget deficit ballooned, government expenditure increased sharply, […]
On the Recent Decline in Cuba’s Participation Rate
On the Recent Decline in Cuba’s Participation Rate Ernesto Hernández-Catá This article seeks to explain the recent decline in Cuba’s participation rate with particular attention to the role of cyclical factors, demographic conditions, and the government’s labor market policies. The ups and downs of the participation rate. Cyclical explanations and recent mysteries. […]
Cuba’s Foreign Sector: Data for 2015 are (finally) Available
Cuba’s Foreign Sector: Data for 2015 are (finally) available Ernesto Hernandez-Cata With an extraordinarily long delay, even by Cuba’s unusually foot-dragging standards, the National Office of Statistics and Information (ONEI) has finally released its complete set of statistics for the year 2015.[1] This comes a bit late to help the analyst interested in the short […]
Economic Relations Between Cuba And The United States: From Irrational Exuberance To A Cool Shower
Author’s note In December 2014, the United States announced a series of measures to liberalize transactions with Cuba in the areas of trade, tourism and remittances. This announcement, the subsequent re-establishment of diplomatic relations between the two countries, and President Obama’s visit to Havana, caused a groundswell of enthusiasm in both countries. In particular, there […]
Reforming Cuba’s Exchange System: The Perils Of Gradualism
The multiple exchange rate system that has existed in Cuba since 1995 is a remarkable case of self-inflicted injury. It has introduced severe distortions, thus lowering productivity and incomes. It has discriminated severely against exporting firms, and has provided a huge subsidy to importers, thus harming the country’s trade balance. The authorities have announced their […]
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