Munich Personal RePEc Archive

Dolarización: Definición, costos y beneficios. El caso de Cuba.

Gonzalez Corzo, Mario (2005): Dolarización: Definición, costos y beneficios. El caso de Cuba. Published in: Delaware Review of Latin American Studies , Vol. 6, No. 2 (31 January 2006): pp. 1-19.

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The official dollarization of the Cuban economy starting in 1993 was an integral part of the policy reforms measured implemented to confront the economic crisis of the 1990s. The socioeconomic effects of these policies are still being felt in Cuban society today. What is dollarization? What were its principal causes in the case of Cuba? How has dollarization impacted Cuba’s economy and society? This paper addressed these questions. Section one describes the process of dollarization, and examines its benefits and costs, while providing a theoretical framework to understand its multidimensional ramifications. Section two presents a detailed account of dollarization in Cuban from the Republican Era (1092 – 1958) to the present, with a particular emphasis on the semi-official dollarization of the Cuban economy in 1993. Finally, section three analyzes the effects of dollarization and recent changes in Cuba’s monetary policy.

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