This paper discusses Costa Rica's Fourth Review under the Extended Arrangement under the Extended Fund Facility (EFF), First Review under the Resilience and Sustainability Arrangement, Request for Modification of Reform Measure under the Resilience and Sustainability Facility (RSF), and Monetary...

This technical assistance report on Costa Rica discusses the scoping mission on sovereign asset and liability management (SALM). A comprehensive SALM framework can have significant advantages over separate management of sovereign assets and liabilities. It allows analysis of the financial...

This technical assistance report on Costa Rica discusses upgrading the rule-based fiscal framework. A principles-based classification would allay political pressure for ad-hoc exclusions. The criteria should follow the statistical principles of the Government Finance Statistics Manual: entities...

This paper provides a simple, quantitative, net worth-based, approach to assessing the need for central bank capital. It derives a concept of ""core capital"" (a function of the central bank''s operating expenditures and the carrying cost of its international reserves) as the minimum capital...

This paper evaluates several indicators of external vulnerability and estimates the equilibrium real exchange rate for Costa Rica. While current indicators are mostly positive, declining market shares of domestic exports, the expected decline in foreign direct investment, and the desirability of...

This paper analyzes economic developments in Costa Rica during the 1990s. The paper highlights that the government of Costa Rica initiated an economic program for 1991–92 aimed at lowering inflation, strengthening the balance of payments, and setting the stage for sustained economic growth....

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

The importance of safeguarding fiscal sustainability is outlined. Steps taken by authorities to improve the tax system are discussed. Implementation of the financial sector assessment program (FSAP) is welcomed. The importance of securing approval of the legislation to enhance consolidated...

This report reviews Costa Rica’s performance under the Stand-By Arrangement. At the time of the global crisis, Costa Rica’s macroeconomic policy framework was constraining policy options. The financial program’s design was consistent with its policies and objectives. Structural reforms...

This paper develops a model to estimate the effects of export subsidies on the supply of exports. Using data for Costa Rica over the 1980’s, it is shown that while the export subsidy scheme in operation led to an increase in exports, the direct fiscal costs of the scheme were quite large....