Ernesto Hernández-Catá It is with much sadness that we report on the passing of Ernesto Hernández-Catá on June 4 in Maryland. Ernesto was a founding member of ASCE who contributed enthusiastically in many ways to the Association. An alumnus of the Graduate Institute in Geneva and Yale, Ernesto was an economist with a distinguished career […]
Cuba’s Capital Outflow
Luis R. Luis Gauging Cuba’s external payments is challenging. There is scant statistical information about the balance of payments beyond merchandise trade and tourism. Data is unavailable on the capital account from the ONEI statistical office or the central bank. In this note I use information from international agencies and private estimates to get […]
Market Making in the Informal Currency Market in Cuba
The black or informal currency market in Cuba is decades old. It took off spectacularly after the monetary reform or ordenamiento monetario in early 2021. The black market arises out of controls on foreign exchange movements and official exchange rates set at levels below the price needed to balance the market (Luis 2023). There is […]
Determinants of Recent Foreign Investment in Cuba
DETERMINANTS OF RECENT FOREIGN INVESTMENT IN CUBA[1] Luis R. Luis The Cuban revolution has little love for foreign investment. The Cuban constitution after all leaves limited space for private capital. Nonetheless facing a shortage of capital, technology, and skills the Cuban government in recent years has strived to improve the legal and regulatory framework for […]
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