In October 2010 Cuba and Venezuela signed the Integral Cooperation Agreement (Convenio Integral de Cooperación) under which Venezuela would provide a variety of subsidies and transfers to Cuba, including a large subsidy on oil imports. Cuba also would send medical personnel, teachers, and military and security advisers to Venezuela and (on much smaller scale) to […]
The Growth of the Cuban Economy in the First Decade of the XXI Century: Is it Sustainable?
Notes1 Official statistics indicate that the Cuban economy expanded at an exceptionally rapid pace during the first decade of the XXI century. The expansion was strong by international standards and very strong in comparison with Cuba’s own performance in the previous decade. This paper seeks to understand the factors that accounted for Cuba’s recent economic […]
Macroeconomic Effects of Exchange Rate and Price Distortions: The Cuban Case
Notes1 The Cuban economy is plagued by widespread distortions stemming from government controls on key variables and the subsequent failure of markets to clear. There are price controls on many goods, including those subject to the rationing system (libreta). And the exchange value of the non-convertible Cuban peso (CUP) is fixed through exchange controls at […]
A Brief Comparative History of Gross Domestic Production in “Revolutionary” Cuba
This paper examines the behavior of Cuba’s gross domestic product (GDP) per capita during the second half of the 20th Century—a controversial period of Cuban history dominated by the rule of the “revolutionary” government that came to power in January 1959. The analysis of this important indicator of welfare1 relies on newly available data supplied […]
Price Liberalization and the End of the Rationing System in Cuba: All we Have to Fear is Fear Itself
Professor Carmelo Mesa-Lago recently published a provocative article entitled “Is it viable to end half a century of rationing in Cuba?”1 This is an important question: the current rationing system in Cuba is widely regarded as a major source of distortions, and its elimination is singled out as a key priority in several proposals to […]
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