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Statements

Subject Item
dbr:Dollarization_of_Cuba
rdfs:label
Dollarization of Cuba
rdfs:comment
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. The main aspect of these reforms was to legalize the then illegal U.S. Dollar and regulate it's usage in the island's economy.
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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. The main aspect of these reforms was to legalize the then illegal U.S. Dollar and regulate it's usage in the island's economy. 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. 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. 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.
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