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The Fall and Recovery of the Cuban Economy in the 1990's: Mirage or Reality?

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  • Mr. Ernesto Hernández-Catá

Abstract

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.

Suggested Citation

  • Mr. Ernesto Hernández-Catá, 2001. "The Fall and Recovery of the Cuban Economy in the 1990's: Mirage or Reality?," IMF Working Papers 2001/048, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2001/048
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    References listed on IDEAS

    as
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