UNDERSTANDING CUBA’S CAPITAL FLOWS[1] Luis R. Luis Cuba has modest access to international capital markets. This in addition to an inactive membership in international financial organizations means capital flows to the island are limited to trade finance and investment from a few partners. Official Cuban data on capital movements is inexistent, even as the […]
Will Stealthy Privatization Rescue the Cuban Economy?
Will Stealthy Privatization Rescue the Cuban Economy?[1] Luis R. Luis Privatization is a key element of the transition of communist economies towards the market. This comes about from the need to achieve better allocation of investment and consumption while enhancing growth prospects and the well being of the population. We take it from repeated […]
Cuba Restructures Its Visible External Debt
Cuba is gradually restructuring its external debt which for decades had been largely in default. Over the last three years Cuba restructured official debts with Japan, Russia, China and Mexico. On December 12, 2015 Cuba reached an important accord with 14 of the 20 creditor countries of the Paris Club regarding some $11.1 billion […]
Economic Consequences of Cuba-U.S. Reconciliation
This paper presents an assessment of economic implications of movement towards normal relations between Cuba and the United States. It gauges the likely impact of the new measures announced by Obama on December 2014. It then considers economic consequences in a longer time horizon given possible changes in U.S. laws and resolution of major legal […]
Cuba Coping With Venezuela Quagmire
Cuba is avoiding severe economic damage from the economic turmoil in its close ally Venezuela. Officials report an increase in annualized real GDP of 4.7% in the first half of 2015 after meager expansion of 1.3% in the previous year.[1] The expansion is broadly based across productive sectors particularly industry, agriculture and commerce. This at […]
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