Publication:
Costa Rica : Financial Sector Assessment

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dc.contributor.authorWorld Bank
dc.date.accessioned2013-07-01T22:18:40Z
dc.date.available2013-07-01T22:18:40Z
dc.date.issued2003-03
dc.description.abstractThis Financial Sector Assessment (FSA) summarizes the joint International Monetary Fund-World Bank Financial Sector Assessment Program (FSAP) report for Costa Rica, completed in August 2002, whose diagnosis and assessment, are based on information available as of end-2001. Costa Rica has a record of substantial output growth, with low macroeconomic volatility, but short term prospects remain uncertain. Thus, this stable macroeconomic environment masks some sources of tension, not least in respect of public sector debt, but also regarding the external accounts. Furthermore, the fiscal deficit widened during the l980s and 1990s, reflecting depressed tax revenues, and significant increases in pension expenditures. In contrast, the monetary and exchange rate regime that promotes dollarization, limits the scope for relative price adjustments, revealing an exchange rate that seeks to preserve external competitiveness, subject to the constraint of ensuring credibility of the crawling peg. Recommendations are set in light of the following considerations: leveling the playing field between public and private banks appears to be a key strategic priority. Therefore, regarding prudential oversight, most urgent are reforms to establish consolidated supervision of financial conglomerates, and strengthen the supervision of onshore banks, which would strengthen prudential oversight, limiting the financial system's exposure to systemic risk, particularly if the current monetary regime is maintained. With respect to the financial system safety net, it is essential that the planned introduction of a (limited) deposit insurance scheme be accompanied by strengthened supervision, and the establishment of a bank failure resolution framework. Reforms should ensure viable pension systems, and improve the functioning of securities, pensions, and insurance markets.en
dc.identifierhttp://documents.worldbank.org/curated/en/2003/03/2338099/costa-rica-financial-sector-assessment
dc.identifier.doi10.1596/14348
dc.identifier.urihttps://hdl.handle.net/10986/14348
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectFINANCIAL SECTOR REFORM
dc.subjectMACROECONOMICS
dc.subjectPUBLIC DEBT
dc.subjectEXTERNAL ACCOUNTS
dc.subjectFISCAL DEFICITS
dc.subjectTAX REVENUES
dc.subjectPENSION FUNDS FINANCE
dc.subjectPRICE ADJUSTMENTS
dc.subjectBANKING SYSTEMS
dc.subjectREFORM IMPLEMENTATION
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectSUPERVISION SYSTEMS
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectACCOUNTS
dc.subjectADVERSE EFFECTS
dc.subjectARBITRAGE
dc.subjectAUDITING
dc.subjectAUDITORS
dc.subjectBANK DEPOSITS
dc.subjectBANK FAILURES
dc.subjectBANK LENDING
dc.subjectBANK LOANS
dc.subjectBANK SUPERVISION
dc.subjectBANKING CONCENTRATION
dc.subjectBANKING DEPOSITS
dc.subjectBANKING SECTOR
dc.subjectBANKING SUPERVISION
dc.subjectBANKING SYSTEM
dc.subjectBANKS
dc.subjectBASLE CORE PRINCIPLES
dc.subjectBROKERS
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL REQUIREMENT
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCAR
dc.subjectCENTRAL BANK
dc.subjectCHECKS
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMPETITIVENESS
dc.subjectCONTINGENT LIABILITIES
dc.subjectCOST DIFFERENTIALS
dc.subjectCREDIT RISK
dc.subjectCURRENCY CRISES
dc.subjectCURRENCY DEPRECIATION
dc.subjectDEBT
dc.subjectDEBT SECURITIES
dc.subjectDEBT SERVICING
dc.subjectDECISION MAKING
dc.subjectDEPOSIT INSURANCE
dc.subjectDEPOSITS
dc.subjectFACTORING
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTEGRATION
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL POLICIES
dc.subjectFINANCIAL SECTOR
dc.subjectFISCAL DEFICITS
dc.subjectFORECASTS
dc.subjectFOREIGN CAPITAL
dc.subjectGDP
dc.subjectGUIDELINES
dc.subjectIMPAIRED ASSETS
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINSURANCE
dc.subjectINTEREST RATES
dc.subjectINTERNAL AUDITS
dc.subjectINTERNATIONAL ACCOUNTING STANDARDS
dc.subjectINTERNATIONAL RESERVES
dc.subjectINVESTOR PROTECTION
dc.subjectLEASING
dc.subjectLEGAL PROVISIONS
dc.subjectLIQUID ASSETS
dc.subjectLIQUIDATION
dc.subjectLIQUIDATION OF BANKS
dc.subjectLIQUIDITY
dc.subjectMANAGEMENT INFORMATION SYSTEMS
dc.subjectMARKET TRADING
dc.subjectMARKET VALUATION
dc.subjectMERGERS
dc.subjectMIGRATION
dc.subjectMONETARY AUTHORITIES
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectMONETARY REGIME
dc.subjectMORTGAGES
dc.subjectMULTILATERAL NETTING
dc.subjectMUTUAL FUND
dc.subjectMUTUAL FUNDS
dc.subjectOFFSHORE BANKING
dc.subjectOPERATING LOSSES
dc.subjectPAYMENT SYSTEMS
dc.subjectPENSIONS
dc.subjectPORTFOLIOS
dc.subjectPRICE DISCRIMINATION
dc.subjectPRIVATE BANKING
dc.subjectPRIVATE BANKS
dc.subjectPROBLEM LOANS
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectPUBLIC BANKS
dc.subjectPUBLIC DEBT
dc.subjectREAL INTEREST RATE
dc.subjectRECAPITALIZATION
dc.subjectREGULATORY FRAMEWORK
dc.subjectRESERVE REQUIREMENTS
dc.subjectRISK MANAGEMENT
dc.subjectSECURITIES
dc.subjectSECURITIES MARKETS
dc.subjectSTABILIZATION
dc.subjectSUPERVISORY AGENCIES
dc.subjectSUPERVISORY AUTHORITIES
dc.subjectTAX REVENUES
dc.subjectTAXATION
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTRADING
dc.subjectTRANSPARENCY
dc.subjectTREASURY BILLS
dc.subjectVOLATILITY
dc.subjectVULNERABILITY
dc.titleCosta Rica : Financial Sector Assessmenten
dspace.entity.typePublication
okr.date.doiregistration2025-05-07T12:33:12.066993Z
okr.doctypeEconomic & Sector Work::Financial Sector Assessment Program (FSAP)
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2003/03/2338099/costa-rica-financial-sector-assessment
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.globalpracticeFinance and Markets
okr.guid688541468261588531
okr.identifier.externaldocumentum000012009_20030515142116
okr.identifier.internaldocumentum2338099
okr.identifier.report25911
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2003/05/15/000012009_20030515142116/Rendered/PDF/25911.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.countryCosta Rica
okr.sectorFinance :: General finance sector
okr.themeFinancial and private sector development :: Other financial and private sector development
okr.topicEconomic Theory and Research
okr.topicBanks and Banking Reform
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicLaw and Development::Banking Law
okr.topicFinancial Crisis Management and Restructuring
okr.unitFinancial Sector Assessment Prog (FPDFP)
okr.volume1
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