LEADER 07687oam 22014774 450 001 9910796935703321 005 20200520144314.0 010 $a1-4983-6289-3 010 $a1-4983-1271-3 035 $a(CKB)3710000000370423 035 $a(EBL)1969177 035 $a(SSID)ssj0001467547 035 $a(PQKBManifestationID)11890101 035 $a(PQKBTitleCode)TC0001467547 035 $a(PQKBWorkID)11535840 035 $a(PQKB)11040943 035 $a(MiAaPQ)EBC1969177 035 $a(Au-PeEL)EBL1969177 035 $a(CaPaEBR)ebr11023472 035 $a(OCoLC)904407908 035 $a(IMF)1CRIEA2015002 035 $a(EXLCZ)993710000000370423 100 $a20020129d2015 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCosta Rica : $eSelected Issues and Analytical Notes 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2015. 215 $a1 online resource (101 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 $a1-4755-2702-0 320 $aIncludes bibliographical references. 327 $aCover; CONTENTS; I. SELECTED REAL SECTOR ISSUES; A. Potential Output Estimates; TABLE; 1. Potential Output Growth and Output Gap Estimates; B. Estimating the Impact of Intel Exit; C. Labor Markets and Inequality; D. Electricity sector; BOX; 1. Methodologies for Potential Output Estimates; References; II. CROSS-BORDER LINKAGES AND SPILLOVERS; A. Trade Linkages; B. Real Growth Spillovers; C. Fiscal Spillovers; D. Financial Spillovers; E. Monetary Policy Spillovers (the Effect of U.S. Monetary Policy Normalization); TABLE; 1. Vulnerability Indicators; FIGURES; 1. Trade Linkages 327 $a2. Costa Rica and Selected Trading Partners-full title 3. United States: Three Scenarios of Tapering Off (FSGM simulations); 4. The Impact of U.S. Tapering Off (FSGM simulations); References; III. ASSESSING FISCAL VULNERABILITY AND MEDIUM-TERM SUSTAINABILITY; FIGURE; 1. Long-Term Fiscal Sustainability; References; IV. THE CENTRAL BANK NET'S WORTH; A. Introduction; B. Baseline Simulation Results; C. Sensitivity Analysis; FIGURE; 1. Central Bank of Costa Rica: Sensitivity Analysis; BOX; 1. Balance Sheet Equations; References; V. MONETARY POLICY AND INFLATION; A. Monetary Policy Stance 327 $aB. Pass-through from Exchange Rate Depreciation to Inflation References; VI. TRANSITION TO A FLEXIBLE EXCHANGE RATE: LESSONS FROM PAST EXPERIENCE; A. Background; B. Dangers of Exchange Rate Inflexibility and the Advantages of Flexibility; C. Moving Toward Exchange Rate Flexibility: Experiences and Lessons from Other Countries; D. Assessing Costa Rica's Preparedness to Float; TABLE; 1. Extent of Preparedness for Transitioning to Greater Flexibility: Before the Full Float; FIGURE; 1. Historical Experiences with Transitions to Exchange Rate Flexibility; References; VII. FINANCIAL SECTOR ISSUES 327 $aA. Strengthening Bank Capital and Liquidity in Central America: The Road to Basel III B. Balance Sheet Analysis; FIGURE; 1. Gross Financial Assets and Liabilities of Economic Sectors; TABLES; 1. External and Foreign Currency Positions; 2. Net Foreign Currency Debt Position and Exchange Rate Shocks; ANNEXES; I. Net Intersectoral Asset and Liability Positions; II. Bank Heat Maps; References 330 3 $aThis Selected Issues paper examines several real sector issues, including estimates of potential output, the effect of Intel?s withdrawal on gross domestic product (GDP), labor market and inequality and electricity prices in Costa Rica. The production function approach shows that the main drivers of fluctuations in GDP growth are total factor productivity (TFP) and labor supply. These results on TFP, however, should be interpreted with caution. The TFP measure is a residual?the difference between output growth and the growth in the quantity (and quality) of inputs. Estimates suggest that potential GDP growth is about 4.3 percent, the output gap is broadly closed, and Intel?s withdrawal will lower real GDP growth in about 1/2 percentage point. Significant wage premia are identified across public versus private sectors and some evidence of intergenerational inequality is also presented. Electricity tariffs are found to be regionally competitive albeit with inefficiencies in their determination. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2015/030 606 $aFinancial services industry$zCosta Rica 606 $aBanks and banking, Central$zCosta Rica 606 $aMonetary policy$zCosta Rica 606 $aForeign exchange rates$zCosta Rica 606 $aCapital movements$zCosta Rica 606 $aEconomic development$zCosta Rica 606 $aLabor market$zCosta Rica 606 $aElectric power$zCosta Rica 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aFiscal Policy$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aInternational Financial Markets$2imf 606 $aMacroeconomics: Production$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aBanking$2imf 606 $aFinancial services law & regulation$2imf 606 $aFinance$2imf 606 $aPublic finance & taxation$2imf 606 $aFiscal consolidation$2imf 606 $aExchange rates$2imf 606 $aBasel III$2imf 606 $aCurrency markets$2imf 606 $aFinancial markets$2imf 606 $aFiscal policy$2imf 606 $aExchange rate flexibility$2imf 606 $aBanks and banking$2imf 606 $aState supervision$2imf 606 $aForeign exchange market$2imf 606 $aProduction$2imf 606 $aEconomic theory$2imf 607 $aCosta Rica$2imf 615 0$aFinancial services industry 615 0$aBanks and banking, Central 615 0$aMonetary policy 615 0$aForeign exchange rates 615 0$aCapital movements 615 0$aEconomic development 615 0$aLabor market 615 0$aElectric power 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aFiscal Policy 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aInternational Financial Markets 615 7$aMacroeconomics: Production 615 7$aCurrency 615 7$aForeign exchange 615 7$aBanking 615 7$aFinancial services law & regulation 615 7$aFinance 615 7$aPublic finance & taxation 615 7$aFiscal consolidation 615 7$aExchange rates 615 7$aBasel III 615 7$aCurrency markets 615 7$aFinancial markets 615 7$aFiscal policy 615 7$aExchange rate flexibility 615 7$aBanks and banking 615 7$aState supervision 615 7$aForeign exchange market 615 7$aProduction 615 7$aEconomic theory 676 $a332.152 801 0$bDcWaIMF 906 $aBOOK 912 $a9910796935703321 996 $aCosta Rica$92631657 997 $aUNINA