Eliminating monetary duality in Cuba

  1. Álvaro González Lorente 1
  2. Montserrat Hernández López 1
  3. Francisco Javier Martín Álvarez 1
  4. Javier Mendoza Jiménez 1
  1. 1 Universidad de La Laguna
    info

    Universidad de La Laguna

    San Cristobal de La Laguna, España

    ROR https://ror.org/01r9z8p25

Revista:
Estudios de economía aplicada

ISSN: 1133-3197 1697-5731

Año de publicación: 2020

Título del ejemplar: Challenges in the construction of composite indicators

Volumen: 38

Número: 1

Tipo: Artículo

DOI: 10.25115/EAE.V38I1.2856 DIALNET GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: Estudios de economía aplicada

Resumen

Desde que en agosto de 1994 se adoptara en Cuba la dualidad monetaria, han convivido en la Isla dos monedas: el peso cubano convertible (CUC) y el peso cubano moneda nacional (CUP). Existiendo un doble tipo de cambio fijo entre CUC y CUP y entre CUC y dólar estadounidense (USD), en realidad también existe un tipo de cambio fijo entre CUP y USD y, consecuentemente, parece necesaria la unificación monetaria. El problema radica en fijar el tipo de cambio de la moneda que pervivirá (CUP) frente a la eliminada (CUC). En este artículo se realiza una revisión de los aspectos más interesantes de esta circunstancia, y se proporcionan argumentos sobre cuál sería el tipo de cambio más adecuado entre el peso cubano moneda nacional y el peso cubano convertible.

Referencias bibliográficas

  • AGHION, P.; BACCHETTA, P.; RANCIERE, R. & ROGOFF, K. (2009). Exchange rate volatility and productivity growth: The role of financial development. Journal of monetary economics, 56(4), 494-513.
  • ANTONAKAKIS, N. & KIZYS, R. (2015). Dynamic spillovers between commodity and currency markets. International Review of Financial Analysis, 41, 303-319.
  • AVDJIEV, S.; BRUNO, V.; KOCH, C. & SHIN, H. S. (2019). The dollar exchange rate as a global risk factor: evidence from investment. IMF Economic Review, 1-23.
  • BARBER, S.; BOYEN, X.; SHI, E. & UZUN, E. (2012). Bitter to better—how to make bitcoin a better currency. In A.D. Keromytis (Ed.), International Conference on Financial Cryptography and Data Security (pp. 399-414). Berlin: Springer.
  • BERENTSEN, A.; HUBER, S. & MARCHESIANI, A. (2016). The societal benefit of a financial transaction tax. European Economic Review, 89, 303-323.
  • CARFI, D. & MUSOLINO, F. (2015). A coopetitive-dynamical game model for currency markets stabilization. Atti della Accademia Peloritana dei Pericolanti-Classe di Scienze Fisiche, Matematiche e Naturali, 93(1), 1.
  • DAMETTE, O. (2016). Mixture distribution hypothesis and the impact of a Tobin tax on exchange rate volatility: a reassessment. Macroeconomic Dynamics, 20(6), 1600-1622.
  • DENG, Y.; LIU, X. & WEI, S.J. (2018). One fundamental and two taxes: When does a Tobin tax reduce financial price volatility? Journal of Financial Economics, 130(3), 663-692.
  • DI BELLA, G. & ROMEU, R. (2017). Operational issues of currency unification in Cuba. Cuba in Transition, 27, 57-65.
  • DI BELLA, G. & WOLFE, A. (2008). A primer on currency unification and exchange rate policy in Cuba: lessons from exchange rate unification in transition economies. Cuba in Transition, 18, 50-62.
  • DORNBUSCH, R. (1976A). Expectations and exchange rate dynamics. Journal of Political Economy, 84(6), 1161-1176.
  • DORNBUSCH, R. (1976B). The theory of flexible exchange rate regimes and macroeconomic policy. The Scandinavian Journal of Economics, 255-275.
  • ECKSTEIN, S. (2004). Dollarization and its discontents: Remittances and the remaking of Cuba in the post-Soviet era. Comparative Politics, 313-330.
  • FARHI, E.; FRAIBERGER, S.P.; GABAIX, X.; RANCIERE, R. & VERDELHAN, A. (2009). Crash risk in currency markets. The National Bureau of Economic Research, 15062, 1-94.
  • FINGLETON, B.; GARRETSEN, H. & MARTIN, R. (2015). Shocking aspects of monetary union: the vulnerability of regions in Euroland. Journal of Economic Geography, 15(5), 907-934.
  • FORBES, K.; HJORTSOE, I. & NENOVA, T. (2018). The shocks matter: improving our estimates of exchange rate pass-through. Journal of International Economics, 114, 255-275.
  • FOUNTAS, S. & ARISTOTELOUS, K. (1999). Has the European Monetary System led to more exports? Evidence from four European Union countries. Economics Letters, 62(3), 357-363.
  • GARCÍA CASTRO, T. & BRENNER, P. (2018). Cuba 2017: el fin de una era. Revista de Ciencia Política, 38(2), 259-279.
  • GERVAIS, A.; KARAME, G.O.; CAPKUN, V. & CAPKUN, S. (2014). Is bitcoin a decentralized currency? IEEE Security & Privacy, 12(3), 54-60.
  • GHOSH, A.R.; OSTRY, J.D. & CHAMON, M. (2016). Two targets, two instruments: Monetary and exchange rate policies in emerging market economies. Journal of International Money and Finance, 60, 172-196.
  • GHOSH, A.R.; OSTRY, J.D. & QURESHI, M.S. (2015). Exchange rate management and crisis susceptibility: A reassessment. IMF Economic Review, 63(1), 238-276.
  • GLASER, F.; ZIMMERMANN, K.; HAFERKORN, M.; WEBER, M.C. & SIERING, M. (2014). Bitcoin-asset or currency? Revealing users' hidden intentions. Paper presented at the Twenty Second European Conference on Information Systems, Tel Aviv, Israel.
  • HIDALGO, V. & DOIMEADIOS, Y. (2003). Dualidad Monetaria en Cuba: Causas e Implicaciones de Política Económica”. Gestión en el Tercer Milenio, 53-63.
  • KLEIN, M.W. & VIDAL ALEJANDRO, P. (2016). Five steps to grow the Cuban economy: What the US and Cuba can do in Obama's final year. Retrieved from Adrienne Arsht Latin America Center Atlantic Council website: https://publications.atlanticcouncil.org/grow-cuba/
  • KRUGMAN, P. (1989). Differences in income elasticities and trends in real exchange rates. European Economic Review, 33(5), 1031-1046.
  • KRUGMAN, P.R. (1991). Target zones and exchange rate dynamics. The Quarterly Journal of Economics, 106(3), 669-682.
  • KRUGMAN, P.R. (1987). Pricing to Market When the Exchange Rate Changes. In S.W. Arndt & J.D. Richardson (Eds.), Real-financial linkages among open economies (pp. 49-70). Cambridge, MA: MIT Press.
  • LUSTIG, H.; ROUSSANOV, N. & VERDELHAN, A. (2011). Common risk factors in currency markets. The Review of Financial Studies, 24(11), 3731-3777.
  • MONREAL, P. (2017). Un Programa de Estabilidad Económica para Cuba. Retrieved from https://cubaposible.com/programa-estabi¬lidad-economica-cuba/
  • NIEMANN, A. & IOANNOU, D. (2015). European economic integration in times of crisis: a case of neofunctionalism? Journal of European Public Policy, 22(2), 196-218.
  • OLSON, D. (2004). Have trading rule profits in the currency markets declined over time? Journal of banking & Finance, 28(1), 85-105.
  • ORRO FERNÁNDEZ, R. (2016). Cuban Monetary Unification: Zeroing In on Why There Has Been Zero Day Zero in Cuba. Cuba in transition, 11-17.
  • POLEDNA, S. & THURNER, S. (2016). Elimination of systemic risk in financial networks by means of a systemic risk transaction tax. Quantitative Finance, 16(10), 1599-1613.
  • REINHART, C.M. & ROGOFF, K.S. (2004). The modern history of exchange rate arrangements: a reinterpretation. The Quarterly Journal of economics, 119(1), 1-48.
  • RODRIK, D. (2008). The Real Exchange Rate and Economic Growth: Theory and Evidence. Brookings Papers on Economic Activity, 39, 365-439. Harvard University.
  • SOSVILLA, S. (2011). Teorías del tipo de cambio. ICE Tendencias y Nuevos Desarrollos de la Teoría Económica, 858, 23-37.
  • STOCKHAMMER, E. (2016). Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective. New Political Economy, 21(4), 365-379.
  • STOCKMAN, A.C. (1980). A theory of exchange rate determination. Journal of Political Economy, 88(4), 673-698.
  • TORRES, R. (2016). Economic transformations in Cuba: a review. Third World Quarterly, 37(9), 1683-1697.
  • VIDAL, P. (2012). Monetary and Exchange Rate Reform in Cuba: Lessons from Vietnam. In Brundenius, C. & Torres Pérez, R. (Eds.), No more free lunch. Reflections on the Cuban Economic Reform Process and Challenges for Transformation (pp. 63-81). Berlin: Springer.
  • VIÑALS, J. & JIMENO, J.F. (1996). Monetary union and European unemployment. Madrid: Banco de España, Servicios de Estudios, Documento de Trabajo, 624.
  • YERMACK, D. (2015). Is Bitcoin a real currency? An economic appraisal. In D.L.K. Chuen (Ed.), Handbook of digital currency: Bitcoin, innovation, financial instruments, and big data (pp. 31-43). San Diego: Academic Press.