Policies implemented for the Cuban economy after 1993
Cuban flag
The dollarization of Cuba refer to macroeconomic policies implemented with the aim at stabilising the Cuban economy after 1993. They were initially enacted to offset the economic imbalances which was a result of the dissolution of the Soviet Union in 1991.[1] The main aspect of these reforms was to legalize the then illegal U.S. Dollar and regulate its usage in the island's economy.[2]
The wider reforms focused heavily on the macroeconomic stabilization of the Cuban economy. This was to be achieved through a reduction in fiscal deficit, and through structural changes such as the enactment of the Free Farmer's Market agreement, the legalization of self-employment, and the decriminalization of the United States dollar.[3] The economic reforms resulted in a decrease in inflation, appreciation of the Peso, increase in output and productivity, and an improvement in the fiscal deficit.[4] With the implementation of the 2018 Cuban constitution, came free-market rights, the recognition of private property and of foreign direct investment, officially making Cuba a mixed economy, similar to the Chinese and Vietnamese models, and similar to the Soviet Union under Lenin with the New Economic Policy.[5][6][7][8][9][10]
^"Output and Productivity in Cuba: Collapse, Recovery, and Muddling Through to the Crossroads - ASCE". ASCE. Archived from the original on 2022-10-30. Retrieved 2018-10-29.
^Roberto, Fernandez; Kildegaard, Ane. "DOLLARIZATION IN CUBA AND IMPLICATIONS FOR THE FUTURE TRANSITION" (PDF). ascecuba.org. Association for the Study of the Cuban Economy. Archived from the original (PDF) on January 20, 2022. Retrieved October 25, 2022.
^Cite error: The named reference :1 was invoked but never defined (see the help page).
^Cite error: The named reference :6 was invoked but never defined (see the help page).
^"Cuba to reshape government with new constitution". The Washington Post. 2018-07-14. Archived from the original on 14 July 2018. Retrieved 2021-12-15.
^"Cuba to recognise private property under new constitution". BBC News. 2018-07-15. Retrieved 2021-12-15.
^"Communist-run Cuba to recognize private property in new constitution". Reuters. 2018-07-14. Retrieved 2021-12-15.
^"Explainer: What is old and new in Cuba's proposed constitution". Reuters. 2019-02-21. Retrieved 2021-12-15.
^"Cuban lawmakers approve new constitution which heads to referendum". Reuters. 2018-12-22. Retrieved 2021-12-15.
^Robinson, Circles (2018-08-21). "Some Traps in Cuba's New Constitution". Havana Times. Retrieved 2021-12-15.
and 25 Related for: Dollarization of Cuba information
The dollarizationofCuba refer to macroeconomic policies implemented with the aim at stabilising the Cuban economy after 1993. They were initially enacted...
The economy ofCuba is a planned economy dominated by state-run enterprises. Most of the labor force is employed by the state. In the 1990s, the ruling...
US Dollar in Cuba: What about the CUC?". Havana Times. Kornbluh, Peter. "Cuba Is Getting Rid of the CUC". Cigar Aficionado. "Can I Use U.s. Dollars To...
Cuba, officially the Republic ofCuba, is an island country, comprising the island ofCuba, Isla de la Juventud, archipelagos, 4,195 islands and cays surrounding...
the sale of arms to Cuba on March 14, 1958, during the Fulgencio Batista regime. Again on October 19, 1960, almost two years after the Cuban Revolution...
The Cuban peso (in Spanish peso cubano, ISO 4217 code: CUP) also known as moneda nacional, is the official currency ofCuba. The Cuban peso historically...
India also fell on the path ofdollarization retrieved 7 October 2023 What is dollarization? What happens if the US dollar falls? Retrieved 30 October...
International use of the U.S. dollar#Dollarization and fixed exchange rates and Currency substitution#US dollar. Countries using the U.S. dollar as their official...
value was pegged 1:1 to the United States dollar. On 8 November 2004, the U.S. dollar ceased to be accepted in Cuban retail outlets and left the convertible...
The island ofCuba was inhabited by various Amerindian cultures prior to the arrival of the explorer Christopher Columbus in 1492. After his arrival, Spain...
Uruguayan, and Venezuelan pesos. Of these, "peso" remains the name of the official currency in the Philippines, Mexico, Cuba, the Dominican Republic, Colombia...
known as 'dollarization', the U.S. dollar has been adopted as the official currency of several other countries. However, semi-dollarization also exists...
The Cuban Missile Crisis, also known as the October Crisis (Spanish: Crisis de Octubre) in Cuba, or the Caribbean Crisis (Russian: Карибский кризис,...
Retrieved 28 April 2023. The Hong Kong dollar is pegged to a tight band of between 7.75 and 7.85 versus the U.S. dollar. Portals: Lists Money Numismatics...
partner, Cuba became increasingly isolated in the late 1980s and early 1990s after the fall of the USSR and the end of the Cold War, but Cuba opened up...
The Cuban government operates a national health system and assumes fiscal and administrative responsibility for the health care of all its citizens. All...
Tourism in Cuba is an industry that generates over 4.7 million arrivals as of 2018[update], and is one of the main sources of revenue for the island. With...
Captaincy General ofCuba (Spanish: Capitanía General de Cuba) was an administrative district of the Spanish Empire created in 1607 as part of Habsburg Spain...
ofCuba lasted from September 1906 to February 1909. This period was also referred to as the Second Occupation ofCuba. When the government ofCuban President...
Prostitution in Cuba is not officially illegal; however, there is legislation against pimps, sexual exploitation of minors, and pornography. Sex tourism...
to the Communist nation of Cuba. Prohibitions against spending U.S. dollars in Cuba were lifted shortly afterward. The ban against business and tourist...
aˈβana] ; Lucumi: Ilú Pupu Ilé) is the capital and largest city ofCuba. The heart of the La Habana Province, Havana is the country's main port and commercial...
Mark Cuban (born July 31, 1958) is an American businessman, film producer, investor, and television personality. He is the former principal owner and...
dictatorship which reigned as the government ofCuba between 1952 and 1959. It began after the 1952 Cuban coup d'état which saw former president and military...
Global Information