The Fall and Recovery of the Cuban Economy in the 1990's: Mirage or Reality?
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Summary:
The collapse of the Cuban economy following the cessation of Soviet assistance gave way to a strong recovery in 1994-96. There are three possible explanations for this recovery: (i) that it never took place; (ii) that it reflected a surge in productivity resulting from stabilization and liberalization in 1993-94; or (iii) that it resulted from a favorable aggregate demand shock. The second explanation-the most persuasive-suggests that a strong and durable expansion will probably not be achieved on the basis of present policies, but that the benefits of a full liberalization of the economy are likely to be considerable.
Series:
Working Paper No. 2001/048
Subject:
Employment Labor Labor force Price controls Prices Production Productivity Total factor productivity
English
Publication Date:
May 1, 2001
ISBN/ISSN:
9781451846744/1018-5941
Stock No:
WPIEA0482001
Pages:
25
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