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Cuban Economists on the Cuban Economy$
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Al Campbell

Print publication date: 2013

Print ISBN-13: 9780813044231

Published to Florida Scholarship Online: September 2013

DOI: 10.5744/florida/9780813044231.001.0001

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Cuba’s Insertion in the International Economy since 1990

Cuba’s Insertion in the International Economy since 1990

Chapter:
(p.89) 3 Cuba’s Insertion in the International Economy since 1990
Source:
Cuban Economists on the Cuban Economy
Author(s):

Nancy A. Quiñones Chang

Publisher:
University Press of Florida
DOI:10.5744/florida/9780813044231.003.0003

Nancy Quiñones discusses Cuba’s changing international finance, trade, and foreign investment patterns and conduct connected to its insertion in the international economy since 1990. Any discussion of Cuba’s macroeconomy must treat a fundamental problem common to the majority of third world economies: foreign exchange constraint. International borrowing is one option governments can pursue to relax this constraint. If used well, international borrowing can promote growth, but Cuba has faced severe discriminatory treatment in international lending markets. A second option is foreign investment, but such investment must always be monitored to assure it provides more help than harm to the recipient economy. As a third option, countries can try to increase the generation of foreign exchange by reducing imports (import substitution) or by increasing exports (export promotion). The high import coefficient for much of Cuban production reinforces the problem of imports, as the desired goal of increased growth itself rapidly increases imports, making the reduction of its import coefficient a contributory economic goal.

Keywords:   Nancy Quiñones, Cuba, Cuban, economic changes, economy, foreign investment, foreign trade, international borrowing, Special Period

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