Notas Técnicas
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Browsing Notas Técnicas by Author "Barquero-Romero, Jose Pablo"
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- Análisis cuantitativo de tasas de interés para reemplazar la LiborInternational financial authorities announced that by the end of 2021 the Libor interest rate calculation will be discontinued. This rate is also used for several operations in dollars in the Costa Rican market, therefore financial authorities decided that intermediaries should make their own studies, following best practices, to decide which rate to select as a substitute as a reference in their contracts. However, given the imminent discontinuation of the Libor, an additional challenge arises for the Central Bank of Costa Rica given that articles 52 and 80 of its Law make an explicit reference to the Libor rate for specific operations with the financial system. This paper analyzes the statistical characteristics of a set of interest rates that could eventually substitute the Libor rate. The analysis pays special attention to study cointegration, correlation and differences between the Libor and its possible substitutes. We found that the one-month average for the SOFR rate is the indicator that shows the best statistical properties if compared with the one- and six-month Libor.
- Operadoras de Pensiones Complementarias: Análisis de la composición de la cartera de inversión (enero 2012 – mayo 2022)This study describes the evolution of investments in foreign issuers by Complementary Pension Fund Operators belonging to the Mandatory Pension Regime of Costa Rica, and presents a review of measures taken by similar countries in the face of the same phenomenon.