<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2308-0132</journal-id>
<journal-title><![CDATA[Revista Estudios del Desarrollo Social: Cuba y América Latina ]]></journal-title>
<abbrev-journal-title><![CDATA[Estudios del Desarrollo Social]]></abbrev-journal-title>
<issn>2308-0132</issn>
<publisher>
<publisher-name><![CDATA[Facultad Latinoamericana de Ciencias Sociales, Programa Cuba]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2308-01322022000100015</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Fuentes de oferta y demanda del mercado informal de divisas en Cuba]]></article-title>
<article-title xml:lang="en"><![CDATA[Sources of Supply and Demand in Cuba&#8217;s Informal Foreign Exchange Market]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Torres Pérez]]></surname>
<given-names><![CDATA[Ricardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cruz Simón]]></surname>
<given-names><![CDATA[Karina]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Carmona Seguí]]></surname>
<given-names><![CDATA[Michel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de La Habana Centro de Estudios de la Economía Cubana ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Cuba</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Banco Central de Cuba  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Cuba</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>04</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>04</month>
<year>2022</year>
</pub-date>
<volume>10</volume>
<numero>1</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://scielo.sld.cu/scielo.php?script=sci_arttext&amp;pid=S2308-01322022000100015&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.sld.cu/scielo.php?script=sci_abstract&amp;pid=S2308-01322022000100015&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.sld.cu/scielo.php?script=sci_pdf&amp;pid=S2308-01322022000100015&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN El mercado informal de divisas en Cuba ha experimentado un crecimiento considerable en los últimos años, por lo que ha alcanzado una mayor complejidad en su organización y funcionamiento. El objetivo del presente artículo fue contribuir a una mejor comprensión del comportamiento de este mercado, a partir de describir sus fuentes de oferta y demanda. Si bien estas fuentes han experimentado algunos cambios en función de la coyuntura, se han mantenido relativamente estables, con el motivo portafolio y la importación informal como las principales fuentes de demanda, y las remesas informales y el turismo como las fuentes de oferta fundamentales. En los últimos dos años la apertura y expansión del comercio en dólares, la notable reducción de la oferta de bienes y servicios en pesos, la agudización del bloqueo, los efectos de la COVID-19 y la caída del turismo han supuesto transformaciones en este mercado y en los incentivos de los agentes económicos, por lo que el motivo portafolio y las remesas informales han adquirido un papel predominante.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT Cuba&#8217;s informal currency market has undergone a considerable growth in recent years, reaching a greater complexity in its organization and operation. The goal of this article is to contribute to a better understanding of the behavior of this kind of market, by describing its sources of supply and demand. Although these sources have undergone some changes depending on the situation, they have remained relatively stable, with the portfolio motive and informal imports being the main sources of demand, and informal remittances and tourism the fundamental sources of supply. In the last two years, the expansion of dollarization, the notable reduction of the good supply in pesos, the intensification of the blockade, the effects of COVID-19 and the fall in tourism, have led to transformations in this market and in the incentives, acquiring the portfolio motive and informal remittances a major role.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[mercado informal de divisas]]></kwd>
<kwd lng="es"><![CDATA[Cuba]]></kwd>
<kwd lng="es"><![CDATA[remesas]]></kwd>
<kwd lng="es"><![CDATA[dolarización]]></kwd>
<kwd lng="en"><![CDATA[informal foreign exchange market]]></kwd>
<kwd lng="en"><![CDATA[Cuba]]></kwd>
<kwd lng="en"><![CDATA[remittances]]></kwd>
<kwd lng="en"><![CDATA[dollarization]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Agénor]]></surname>
<given-names><![CDATA[P. R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Parallel Currency Markets in Developing Countries: Theory, Evidence, and Policy Implications]]></source>
<year>1990</year>
<publisher-loc><![CDATA[Washington ]]></publisher-loc>
<publisher-name><![CDATA[IMF Working Paper, Fondo Monetario Internacional, Research Department]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ayala]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Comportamiento de ingresos por turismo internacional en Cuba 2014-2018]]></article-title>
<source><![CDATA[Economía y Desarrollo]]></source>
<year>2020</year>
<volume>163</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="">
<collab>Banco Mundial</collab>
<source><![CDATA[El Banco Mundial prevé la mayor caída de remesas de la historia reciente]]></source>
<year>2020</year>
<publisher-loc><![CDATA[Washington, D.C ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="">
<collab>Banco Mundial</collab>
<source><![CDATA[Remittances Prices Worlwide]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<collab>BID</collab>
<source><![CDATA[Sending Money Home: An international comparison of remittance markets]]></source>
<year>2003</year>
<publisher-loc><![CDATA[Washington, D.C ]]></publisher-loc>
<publisher-name><![CDATA[BID]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Carmona]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Mercado Informal de Divisas en Cuba]]></source>
<year>2020</year>
<publisher-loc><![CDATA[La Habana, Cuba ]]></publisher-loc>
<publisher-name><![CDATA[Universidad de La Habana]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cearns]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The "Mula Ring": Material Networks of Circulation Through the Cuban World]]></article-title>
<source><![CDATA[The Journal of Latin American and Caribbean Anthropology]]></source>
<year>2020</year>
<volume>00</volume>
<numero>0</numero>
<issue>0</issue>
<page-range>1-27</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="book">
<collab>CEPAL</collab>
<source><![CDATA[La Economía Cubana. Reformas estructurales y desempeño en los noventa]]></source>
<year>2000</year>
<edition>2</edition>
<publisher-loc><![CDATA[México D.F. ]]></publisher-loc>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Delgado]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[El impacto de la crisis de la Covid-19 en el flujo de remesas a Cuba: un vistazo al uso de plataformas digitales]]></article-title>
<source><![CDATA[Horizonte Cubano]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="book">
<collab>Department of the Treasury</collab>
<article-title xml:lang=""><![CDATA[Cuban Assets Control Regulations: Family Remittances; Travel Remittances; Carrier Service Providers; Currency Carried by Travelers]]></article-title>
<source><![CDATA[Rules and Regulations]]></source>
<year>1998</year>
<publisher-name><![CDATA[Department of the Treasury, Office of Foreign Assets Control]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="book">
<collab>Department of the Treasury</collab>
<article-title xml:lang=""><![CDATA[Cuban Assets Control Regulations]]></article-title>
<source><![CDATA[Final Rule]]></source>
<year>2011</year>
<publisher-name><![CDATA[Department of the Treasury, Office of Foreign Assets Control]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="">
<collab>Department of the Treasury</collab>
<article-title xml:lang=""><![CDATA[Cuban Assets Control Regulations]]></article-title>
<source><![CDATA[Final Rule. Retrieved from]]></source>
<year>2015</year>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="">
<collab>EFE</collab>
<source><![CDATA[Reexportaciones a Cuba de zona libre panameña sumaron 335 millones de dólares]]></source>
<year>2019</year>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="">
<collab>Instituto Nacional de Estadística</collab>
<source><![CDATA[Estadística del Padrón de Españoles Residentes en el Extranjero (PERE) a 1 de enero de 2020]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Morales]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Covid-19 aplasta el negocio de las mulas]]></article-title>
<source><![CDATA[The Havana Consulting Group]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="book">
<collab>ONEI</collab>
<source><![CDATA[Anuario Estadístico de Cuba 2019]]></source>
<year>2020</year>
<publisher-loc><![CDATA[La Habana ]]></publisher-loc>
<publisher-name><![CDATA[ONEI]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Orozco]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Challenges and opportunities of marketing remittances to Cuba. Inter-American Dialogue]]></source>
<year>2002</year>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Orozco]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[On Remittances, Markets and the Law: the Cuban Experience in Present Times]]></source>
<year>2009</year>
<publisher-name><![CDATA[Association for the Study of the Cuban Economy]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Perelló]]></surname>
<given-names><![CDATA[J. L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Desafíos territoriales del sector turístico cubano en el contexto del proceso de actualización del modelo económico]]></article-title>
<collab>Colectivo de Autores</collab>
<source><![CDATA[Miradas a la Economía Cubana. Desde una perspectiva territorial]]></source>
<year>2014</year>
<volume>V</volume>
<page-range>69-80</page-range><publisher-loc><![CDATA[La Habana ]]></publisher-loc>
<publisher-name><![CDATA[Editorial Caminos]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Spiegel]]></surname>
<given-names><![CDATA[F. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Cuban Americans on remittances and the embargo]]></source>
<year>2004</year>
<publisher-loc><![CDATA[Miami ]]></publisher-loc>
<publisher-name><![CDATA[Florida International University, International Studies]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="">
<collab>U.S. Department of the Treasury</collab>
<source><![CDATA[Treasury and Commerce Implement Changes to Cuba Sanctions Rules]]></source>
<year>2019</year>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="book">
<collab>UNWTO</collab>
<source><![CDATA[Yearbook of Tourism Statistics]]></source>
<year>2019</year>
<publisher-loc><![CDATA[Madrid ]]></publisher-loc>
<publisher-name><![CDATA[UNWTO]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Valdes]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<source><![CDATA[Remittance Securitization as an Alternative Source of Finance for Cuba]]></source>
<year>2017</year>
<publisher-name><![CDATA[Levy Economicss Institute of Bard College]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
