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Policy strategies for economic development in Cuba: A simulation model analysis
Author(s) -
Castellacci Fulvio,
Dizyee Kanar
Publication year - 2019
Publication title -
development policy review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.671
H-Index - 61
eISSN - 1467-7679
pISSN - 0950-6764
DOI - 10.1111/dpr.12419
Subject(s) - process (computing) , private sector , economic model , public policy , economics , private capital , economic system , capital (architecture) , policy analysis , economic sector , economic growth , economic policy , business , macroeconomics , political science , economy , computer science , public administration , history , foreign direct investment , archaeology , operating system
The economic reforms implemented in Cuba since 2008 do not adequately deal with the structural issues that hamper the country's economic development. The article presents a system dynamics model to investigate Cuba's development process, and a simulation analysis to compare different policy scenarios that may be realized in the future as economic reforms will continue. The results indicate that the most effective development policy would be to combine active public policies to enhance the research and development sector on the one hand, and to foster the emergence of an efficient private sector that will develop the capital infrastructure of the economy on the other.