Understanding a Cuban Transition

14 Pages Posted: 20 Aug 2015

See all articles by Roy C. Smith

Roy C. Smith

New York University (NYU) - Department of Finance

Ingo Walter

New York University - Leonard N. Stern School of Business; New York University (NYU) - Department of Finance

Date Written: August 18, 2015

Abstract

The 2014-15 US initiatives in revising its policy toward Cuba after more than a half half century provides a natural experiment in transition from a command economy to something approaching a market-driven system. In many ways it is a cleaner experiment than experienced in Eastern Europe, Vietnam and other transition stories because of the long duration of an entrenched command system, tight constraints on civil society, and relatively few problems with confounding variables. This paper represents a primer on the political economy of Cuba in retrospect and prospect. It. traces the country's economic and financial history from Spanish rule to the present, identifies the nature of the policy shocks to which it is now exposed, and considers the possible outcomes and their pacing.

Keywords: Cuba, Command Economies, Economic Transition, US Cuba Relations, Embargoes

JEL Classification: F13, F50, F51, F54, N41, O29

Suggested Citation

Smith, Roy C. and Walter, Ingo, Understanding a Cuban Transition (August 18, 2015). Available at SSRN: https://ssrn.com/abstract=2646700 or http://dx.doi.org/10.2139/ssrn.2646700

Roy C. Smith

New York University (NYU) - Department of Finance ( email )

Stern School of Business
44 West 4th Street
New York, NY 10012-1126
United States
212 998 0719 (Phone)

Ingo Walter (Contact Author)

New York University - Leonard N. Stern School of Business ( email )

44 West 4th Street
New York, NY 10012
United States
212-998-0707 (Phone)
212-995-4220 (Fax)

New York University (NYU) - Department of Finance

Stern School of Business
44 West 4th Street
New York, NY 10012-1126
United States

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