CNE – Centro Para Una Nueva Economía – Center for a New Economy
Non-profit, economic research and policy development organization
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The rule of law is one of the most important institutions for economic development. For Friedrich von Hayek, Nobel prize winner in economics, the rule of law meant that “government in all its actions is bound by rules fixed beforehand – rules which make it possible to foresee with fair certainty how the authority will use its coercive powers in given circumstances and to plan one’s individual affairs on the basis of this knowledge.”
The current economic situation, both locally and globally, is the most complicated the world has seen since the Great Depression. In the midst of all this complexity is it imperative that we see things as they really are in order to properly diagnose the situation and to prescribe the correct course of action.
Cuando publicamos nuestro Informe de CNE/Brookings hace dos años, de las primeras presentaciones que hicimos fueron las de Nueva York. Era vital para nosotros llevar el mensaje de la situación económica de Puerto Rico a un grupo importante de nuestra diáspora.
Puerto Rico’s credit rating has been in the news recently. When the government of Puerto Rico or one of its agencies issues bonds, credit rating agencies, such as Moody’s Investors Service and Standard & Poor’s Rating Services, analyze various quantitative and qualitative factors that may affect the borrower’s ability and willingness to repay, including, but not limited to, the financial condition of the borrower, the prevailing economic conditions in the island, and the political environment at the time of going to the market.
Ever since the days of Adam Smith, economists have struggled to understand the process of economic growth. While this effort has produced a better understanding the determinants of growth, many puzzles remain unsolved.
In August of 2005, the Center for the New Economy published a research paper entitled “Restructuring the Puerto Rico Electricity Sector”. In that report we noted that the Puerto Rico Electric Power Authority suffered from various financial and operating inefficiencies that should be corrected as soon as possible.
En agosto de 2005, el Centro para la Nueva Economía publicó un estudio sobre la reestructuración de la industria eléctrica en Puerto Rico. En ese informe alertamos que la Autoridad de Energía Eléctrica en Puerto Rico sufría de varias deficiencias financieras y operacionales que debían ser atendidas a la mayor brevedad posible.
In August of 2005, the Center for the New Economy (CNE) published a research paper entitled “Restructuring the Puerto Rico Electricity Sector”. In that report we noted that the Puerto Rico Electric Power Authority (PREPA) suffered from various financial and operating inefficiencies that should be corrected as soon as possible. In this update we find, unfortunately, that most of those deficiencies are still present three years later.
