Costa Rica : Financial Sector Assessment
This 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...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2003/03/2338099/costa-rica-financial-sector-assessment http://hdl.handle.net/10986/14348 |
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okr-10986-14348 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
FINANCIAL SECTOR REFORM MACROECONOMICS PUBLIC DEBT EXTERNAL ACCOUNTS FISCAL DEFICITS TAX REVENUES PENSION FUNDS FINANCE PRICE ADJUSTMENTS BANKING SYSTEMS REFORM IMPLEMENTATION PRUDENTIAL REGULATIONS SUPERVISION SYSTEMS ACCOUNTING ACCOUNTING STANDARDS ACCOUNTS ADVERSE EFFECTS ARBITRAGE AUDITING AUDITORS BANK DEPOSITS BANK FAILURES BANK LENDING BANK LOANS BANK SUPERVISION BANKING CONCENTRATION BANKING DEPOSITS BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKS BASLE CORE PRINCIPLES BROKERS CAPITAL ADEQUACY CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CAR CENTRAL BANK CHECKS COMMERCIAL BANKS COMPETITIVENESS CONTINGENT LIABILITIES COST DIFFERENTIALS CREDIT RISK CURRENCY CRISES CURRENCY DEPRECIATION DEBT DEBT SECURITIES DEBT SERVICING DECISION MAKING DEPOSIT INSURANCE DEPOSITS FACTORING FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIARIES FINANCIAL POLICIES FINANCIAL SECTOR FISCAL DEFICITS FORECASTS FOREIGN CAPITAL GDP GUIDELINES IMPAIRED ASSETS INFLATION INFLATION RATE INSURANCE INTEREST RATES INTERNAL AUDITS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL RESERVES INVESTOR PROTECTION LEASING LEGAL PROVISIONS LIQUID ASSETS LIQUIDATION LIQUIDATION OF BANKS LIQUIDITY MANAGEMENT INFORMATION SYSTEMS MARKET TRADING MARKET VALUATION MERGERS MIGRATION MONETARY AUTHORITIES MONETARY POLICIES MONETARY POLICY MONETARY REGIME MORTGAGES MULTILATERAL NETTING MUTUAL FUND MUTUAL FUNDS OFFSHORE BANKING OPERATING LOSSES PAYMENT SYSTEMS PENSIONS PORTFOLIOS PRICE DISCRIMINATION PRIVATE BANKING PRIVATE BANKS PROBLEM LOANS PRUDENTIAL REGULATIONS PUBLIC BANKS PUBLIC DEBT REAL INTEREST RATE RECAPITALIZATION REGULATORY FRAMEWORK RESERVE REQUIREMENTS RISK MANAGEMENT SECURITIES SECURITIES MARKETS STABILIZATION SUPERVISORY AGENCIES SUPERVISORY AUTHORITIES TAX REVENUES TAXATION TECHNICAL ASSISTANCE TRADING TRANSPARENCY TREASURY BILLS VOLATILITY VULNERABILITY |
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FINANCIAL SECTOR REFORM MACROECONOMICS PUBLIC DEBT EXTERNAL ACCOUNTS FISCAL DEFICITS TAX REVENUES PENSION FUNDS FINANCE PRICE ADJUSTMENTS BANKING SYSTEMS REFORM IMPLEMENTATION PRUDENTIAL REGULATIONS SUPERVISION SYSTEMS ACCOUNTING ACCOUNTING STANDARDS ACCOUNTS ADVERSE EFFECTS ARBITRAGE AUDITING AUDITORS BANK DEPOSITS BANK FAILURES BANK LENDING BANK LOANS BANK SUPERVISION BANKING CONCENTRATION BANKING DEPOSITS BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKS BASLE CORE PRINCIPLES BROKERS CAPITAL ADEQUACY CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CAR CENTRAL BANK CHECKS COMMERCIAL BANKS COMPETITIVENESS CONTINGENT LIABILITIES COST DIFFERENTIALS CREDIT RISK CURRENCY CRISES CURRENCY DEPRECIATION DEBT DEBT SECURITIES DEBT SERVICING DECISION MAKING DEPOSIT INSURANCE DEPOSITS FACTORING FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIARIES FINANCIAL POLICIES FINANCIAL SECTOR FISCAL DEFICITS FORECASTS FOREIGN CAPITAL GDP GUIDELINES IMPAIRED ASSETS INFLATION INFLATION RATE INSURANCE INTEREST RATES INTERNAL AUDITS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL RESERVES INVESTOR PROTECTION LEASING LEGAL PROVISIONS LIQUID ASSETS LIQUIDATION LIQUIDATION OF BANKS LIQUIDITY MANAGEMENT INFORMATION SYSTEMS MARKET TRADING MARKET VALUATION MERGERS MIGRATION MONETARY AUTHORITIES MONETARY POLICIES MONETARY POLICY MONETARY REGIME MORTGAGES MULTILATERAL NETTING MUTUAL FUND MUTUAL FUNDS OFFSHORE BANKING OPERATING LOSSES PAYMENT SYSTEMS PENSIONS PORTFOLIOS PRICE DISCRIMINATION PRIVATE BANKING PRIVATE BANKS PROBLEM LOANS PRUDENTIAL REGULATIONS PUBLIC BANKS PUBLIC DEBT REAL INTEREST RATE RECAPITALIZATION REGULATORY FRAMEWORK RESERVE REQUIREMENTS RISK MANAGEMENT SECURITIES SECURITIES MARKETS STABILIZATION SUPERVISORY AGENCIES SUPERVISORY AUTHORITIES TAX REVENUES TAXATION TECHNICAL ASSISTANCE TRADING TRANSPARENCY TREASURY BILLS VOLATILITY VULNERABILITY World Bank Costa Rica : Financial Sector Assessment |
| geographic_facet |
Latin America & Caribbean Costa Rica |
| description |
This 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. |
| format |
Economic & Sector Work :: Financial Sector Assessment Program (FSAP) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Costa Rica : Financial Sector Assessment |
| title_short |
Costa Rica : Financial Sector Assessment |
| title_full |
Costa Rica : Financial Sector Assessment |
| title_fullStr |
Costa Rica : Financial Sector Assessment |
| title_full_unstemmed |
Costa Rica : Financial Sector Assessment |
| title_sort |
costa rica : financial sector assessment |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2003/03/2338099/costa-rica-financial-sector-assessment http://hdl.handle.net/10986/14348 |
| _version_ |
1764427949465927680 |
| spelling |
okr-10986-143482021-04-23T14:03:16Z Costa Rica : Financial Sector Assessment World Bank FINANCIAL SECTOR REFORM MACROECONOMICS PUBLIC DEBT EXTERNAL ACCOUNTS FISCAL DEFICITS TAX REVENUES PENSION FUNDS FINANCE PRICE ADJUSTMENTS BANKING SYSTEMS REFORM IMPLEMENTATION PRUDENTIAL REGULATIONS SUPERVISION SYSTEMS ACCOUNTING ACCOUNTING STANDARDS ACCOUNTS ADVERSE EFFECTS ARBITRAGE AUDITING AUDITORS BANK DEPOSITS BANK FAILURES BANK LENDING BANK LOANS BANK SUPERVISION BANKING CONCENTRATION BANKING DEPOSITS BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKS BASLE CORE PRINCIPLES BROKERS CAPITAL ADEQUACY CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CAR CENTRAL BANK CHECKS COMMERCIAL BANKS COMPETITIVENESS CONTINGENT LIABILITIES COST DIFFERENTIALS CREDIT RISK CURRENCY CRISES CURRENCY DEPRECIATION DEBT DEBT SECURITIES DEBT SERVICING DECISION MAKING DEPOSIT INSURANCE DEPOSITS FACTORING FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIARIES FINANCIAL POLICIES FINANCIAL SECTOR FISCAL DEFICITS FORECASTS FOREIGN CAPITAL GDP GUIDELINES IMPAIRED ASSETS INFLATION INFLATION RATE INSURANCE INTEREST RATES INTERNAL AUDITS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL RESERVES INVESTOR PROTECTION LEASING LEGAL PROVISIONS LIQUID ASSETS LIQUIDATION LIQUIDATION OF BANKS LIQUIDITY MANAGEMENT INFORMATION SYSTEMS MARKET TRADING MARKET VALUATION MERGERS MIGRATION MONETARY AUTHORITIES MONETARY POLICIES MONETARY POLICY MONETARY REGIME MORTGAGES MULTILATERAL NETTING MUTUAL FUND MUTUAL FUNDS OFFSHORE BANKING OPERATING LOSSES PAYMENT SYSTEMS PENSIONS PORTFOLIOS PRICE DISCRIMINATION PRIVATE BANKING PRIVATE BANKS PROBLEM LOANS PRUDENTIAL REGULATIONS PUBLIC BANKS PUBLIC DEBT REAL INTEREST RATE RECAPITALIZATION REGULATORY FRAMEWORK RESERVE REQUIREMENTS RISK MANAGEMENT SECURITIES SECURITIES MARKETS STABILIZATION SUPERVISORY AGENCIES SUPERVISORY AUTHORITIES TAX REVENUES TAXATION TECHNICAL ASSISTANCE TRADING TRANSPARENCY TREASURY BILLS VOLATILITY VULNERABILITY This 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. 2013-07-01T22:18:40Z 2013-07-01T22:18:40Z 2003-03 http://documents.worldbank.org/curated/en/2003/03/2338099/costa-rica-financial-sector-assessment http://hdl.handle.net/10986/14348 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Economic & Sector Work Latin America & Caribbean Costa Rica |