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Dolarización: Definición, costos y beneficios. El caso de Cuba
[Dollarization: Definition, Costs and Benefits: The Case of Cuba]

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  • Gonzalez Corzo, Mario

Abstract

The official dollarization of the Cuban economy starting in 1993 was an integral part of the policy reforms measured implemented to confront the economic crisis of the 1990s. The socioeconomic effects of these policies are still being felt in Cuban society today. What is dollarization? What were its principal causes in the case of Cuba? How has dollarization impacted Cuba’s economy and society? This paper addressed these questions. Section one describes the process of dollarization, and examines its benefits and costs, while providing a theoretical framework to understand its multidimensional ramifications. Section two presents a detailed account of dollarization in Cuban from the Republican Era (1092 – 1958) to the present, with a particular emphasis on the semi-official dollarization of the Cuban economy in 1993. Finally, section three analyzes the effects of dollarization and recent changes in Cuba’s monetary policy.

Suggested Citation

  • Gonzalez Corzo, Mario, 2005. "Dolarización: Definición, costos y beneficios. El caso de Cuba [Dollarization: Definition, Costs and Benefits: The Case of Cuba]," MPRA Paper 60547, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:60547
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    File URL: https://mpra.ub.uni-muenchen.de/60547/1/MPRA_paper_60547.pdf
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    References listed on IDEAS

    as
    1. Elisa Moncarz & Antonio Jorge & Raul Moncarz, 2003. "The Precuban Miami Economy," International Trade and Finance Association Conference Papers 1043, International Trade and Finance Association.
    2. James E. Ross & María Antonia Fernández Mayo, 2002. "Overview of Cuba's Dollar Food Market: An Exploration of the Purchasing and Distribution System," Annual Proceedings, The Association for the Study of the Cuban Economy, vol. 12.
    3. Archibald R. M. Ritter, 2005. "Survival Strategies and Economic Illegalities in Cuba," Annual Proceedings, The Association for the Study of the Cuban Economy, vol. 15.
    4. Archibald R.M. Ritter & Nicholas Rowe, 2000. "Cuba: from "Dollarization" to "Euro-ization" or "Peso Re-Consolidation"?," Carleton Economic Papers 00-13, Carleton University, Department of Economics, revised 2003.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Cuba; Cuban economy; dollarization;
    All these keywords.

    JEL classification:

    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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