The combination of the international financial crisis and the deep erosion of much of Cuba’s export capacity in recent years by policy errors and natural disasters, resulted in a very serious liquidity shortage, forcing the government to further curtail essential imports. It also led to extraordinary measures to enhance the liquidity of the Central Bank […]
Cuban External Finance and the Global Economic Crisis
Cuba is not a creditworthy country, having long defaulted on its external debt and accumulating payments arrears to a broad range of official and private creditors.1 As such the global economic crisis is having a profound impact on Cuba’s already restricted ability to obtain external finance. The crisis is affecting mostly the country’s ability to […]
Lessons from Privatization in Eastern Europe and Latin America
This paper draws some conclusions from the experience with on-going privatization programs in the emerging market economies of Central and Eastern Europe. The experience of these former members of CMEA, the disintegrating communist economic block, is the most relevant for Cuba, also a member of CMEA, with an economy modeled on the central planning and […]
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