This paper examines the difficult access that Cuba has to international financial markets in the context of incomplete reforms. After a review of the relationship between reforms and creditworthiness in transition economies, the paper analyzes the current situation of Cuba’s external debt and finance. Market source financing is examined in the light of international banking […]
Gaging Cuba’s Economic Reforms
Cuba under Raul Castro is undertaking economic reforms, allowing some private small business, shifting labor from the state to the private sector, freeing selected retail prices, improving management of state enterprises and allowing purchase and sale of residential housing and cars among private parties. In this note I gauge Cuba’s progress in economic reforms using […]
Cuba Ill Prepared for Venezuelan Shock
The passing of Hugo Chavez was widely anticipated in Cuba by top leaders that carefully arranged for the medical treatment of the Venezuelan president in the island. The special devotion of Chávez for the revolution made his country a great benefactor in the form of oil, investments and financial subsidies. Estimates by Ernesto Hernández-Catá (please […]
Cuba: External Cash Flow, Barter Trade and Potential Shocks
Notes1 The external sector constrains Cuba’s economic growth by failing to generate sufficient foreign exchange through exports and capital inflows to sustain a high level of investment. This paper examines Cuba’s external sector by focusing on external cash flow in the light of convertible currency and barter trade sectors and international banking statistics. The paper […]
Economic Impact of New Employment, Tax and Financial Policies in Cuba
Notes1 The Cuban economy is experiencing severe difficulties of a longstanding nature characterized by falling consumption, low labor productivity, insufficient investment and vulnerability to external shocks. Critically the government also suffers from a deep fiscal imbalance that impedes sustained growth and maintaining social programs for the population. To address some of these concerns but without […]
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