In May 1997, the Cuban government officially announced the creation of the Central Bank of Cuba, as part of a package of financial sector reforms. As pointed out in a recent study by ECLA, the Central Bank of Cuba inherited from the former National Bank of Cuba the exclusive responsibility for issuing money as well […]
Economic and Political Liberalization in Former Socialist Countries: Implications for Cuba
A decade after the beginning of political transformations in the former socialist countries in Eastern Europe, substantial diferences still remain in the level of political freedom and economic liberalization reached by each one. Great expectations born at the end of the communist system have not yet come true in some countries. While in countries like […]
Has Cuba Definitely Found the Path to Economic Growth?
One of the distinctive characteristics of the Eastern European transition process is that GDP has behaved like a “V” since the beginning of the reform process.1 This peculiar behavior reflects the fall in production experienced during the first years of transition, followed by a recovery that seems to be permanent. Although it is impossible to […]
Dollarization in Cuba and Implications for the Future Transition
The current monetary system in Cuba has peculiarities that distinguish it from the systems in other countries, where dollarization has been largely a result of high inflation. Powerful political reasons have influenced the course of dollarization in the Cuban economy, and it is notably in the interest of the Cuban government to keep the dual […]
La crisis financiera en México: lecciones para Cuba
Además de los ya conocidos y estudiados procesos de reformas en los países de Europa Oriental, reviste gran importancia para Cuba el estudio de las transformaciones que han experimentado las economías de Latinoamérica. En este sentido, creemos que el caso mexicano constituye una experiencia digna de ser considerada. Pretendemos mediante este trabajo analizar brevemente los […]