Documentos académicos
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Browsing Documentos académicos by Author "Castro-Arias, Alejandro"
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- Indicador de Tasa de política monetaria del Banco Central de Costa RicaThis paper constructs an indicator for the monetary policy rate of the Central Bank of Costa Rica from 2000 onwards. This indicator is relevant because prior to February 2004, the BCCR lacked an explicit monetary policy rate as an instrument to operationalize its monetary strategy and after that date has changed several times its definition. This situation makes it dificult macroeconomic analysis around this variable so it is convenient to construct an indicator of monetary policy rate that is coherent over time and consistent with the current monetary control scheme.
- Margen intermediación financiera y poder de mercado en Costa RicaThis paper examines directly market power as a determinant of nancial intermediation margin for Costa Rican banks for the period 2000-2012. The study is based on a theoretical model of pro t maximization for a representative bank and within the main results is that the market power has been an important factor when banks determining interest rates. However, market power has decreased in time for state banks while it has increased for private banks. Therefore, despite of the nancial reforms carried out decades ago and the increased presence of international banks, the national banking sector has not achieved competitive equilibrium yet.