The “Official Note” was written in a characteristically defensive style, with stern warnings that the strategy will exclude the use of “shock therapies”. But never mind. The important message was clear: Cuba is going to implement “a timeline for measures which will lead to monetary and currency exchange unification.” The inefficient, absurd and discriminatory multiple […]
Cuba’s External Debt Problem: Daunting Yet Surmountable
Cuba has been in default of the bulk of its external financial obligations for over 50 years without negotiations towards a comprehensive restructuring. Even the facts of the case are difficult to ascertain. According to the most current official Cuban information published by Oficina Nacional de Estadisticas, the external debt stood at $12.3 billion at the […]
A Political Economy Approach to the Cuban Embargo
The Cuban embargo is a highly politicized and controversial topic that leads to a great deal of misinformation by those who want to keep it and by those who want to lift it. At the same time there are legitimate issues associated with both positions that should be considered by any observer or policy maker […]
Another Cuban Statistical Mystery
Official Cuban statistics are full of mysteries, and this is particularly the case in the area of the balance of payments. Even though data on trade in goods and services is available through 2011, data on other current account transactions (grants, remittances and interest payments abroad) have not been published since 2009. Data on capital […]
Oscar Espinosa Chepe
The members of ASCE are deeply saddened by the news of the passing after a long illness of Oscar Espinosa Chepe in Madrid on September 23. Chepe was a lonstanding member of ASCE whose sharp analysis and insights of Cuba’s economy and social conditions enlightened discussions at annual meetings of the Association and stimulated thinking […]