The title of this paper reveals its content. The lack of concrete facts on the Cuban economy, particularly  the State deficit and that of its enterprises, renders a serious quantitative analysis an almost impossible job. It is best then to work on a conceptual level. Common sense and the experiences of other countries should allow […]

Since the 1950s, development banks have evolved from their role as banks for everyone, usually funded by the Central Bank at subsidized terms, into that of specialized financial intermediaries, though still government-owned, but now lending primarily through commercial banks, under market-determined terms and conditions. Those countries that have succeeded in transforming the role of development […]

In order to evaluate Cuba’s movements towards some forms of market economics, let us first identify the conditions that characterize a market economy in its most ideal state. Then we will be able to determine the magnitude and significance of the deviations between the model and the practice, actual or projected. DEFINITION OF A MARKET […]

Note[ref]An earlier version was presented at the workshop “The Future of Economic Reforms in Cuba,” sponsored by Shaw, Pittman, Potts & Trowbridge, Washington, D.C., April 10, 1995. The paper presents only the personal views of the author.[/ref] In mid-1995, in the throes of an economic depression and with no generous allies to turn to after […]

As the title of my paper suggests, my comments will focus on institutions. Specifically, I wish to emphasize that what we refer to as an economic system is a set of institutions, so that economic restructuring essentially involves institutional change. In this paper I will discuss some of the institutional requirements of a market economy […]