Browsing by Author "Vega-Monge, Melissa"
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- JIEAnálisis de productividad en Costa Rica: un enfoque microeconómicoSe analiza la evolución de la productividad de las empresas que conforman la economía formal de Costa Rica para el periodo 2005-2021. Se examina con especial énfasis la manufactura, el comercio y la agricultura. Los resultados sugieren que la productividad ha presentado una tendencia al alza que se ha afianzado a partir del 2015. En particular, las empresas que pertenecen a la manufactura y al régimen de zonas francas han impulsado con mayor fuerza el crecimiento de la productividad. Sin embargo, este crecimiento no parece estar limitada a una única actividad económica. Al igual que en la industria manufacturera, el comercio y la agricultura presentan una dinámica donde las empresas que registran aumentos en su productividad son también las que incrementan su cuota de mercado, una señal de eficiencia.
- Análisis de productividad en Costa Rica: un enfoque microeconómicoThis paper analyzes the evolution of productivity of the formal sector in Costa Rica using microdata for the period 2005-2021. Manufacturing, wholesale and retail trade, and agricultural sectors are examined with special emphasis. Our results suggest that total factor productivity (TFP) has exhibited an upward trend since 2015. According to our estimations, firms in manufacturing and those under the Free Trade Zone regime have boosted productivity growth in recent years. However, productivity growth does not seem to be explained by a single economic sector. Similar to our findings in manufacturing, trade and agriculture show a dynamic where firms that experienced increases in their productivity are also the ones increasing their market share, a signal of efficiency. Finally, the estimated productivity exhibits desirable characteristics: it is positively correlated with firms´ export status, the degree of technological sophistication, and the level of socio-economic development and competitiveness of Costa Rica's municipalities.
- JIEEvolución del costo de vida de Costa Rica en comparación con los países de la OCDE y ciudades de LatinoaméricaSe analiza la evolución del costo de vida de Costa Rica con respecto a la OCDE y a las principales ciudades de Latinoamérica por medio del nivel precios ajustado por PPA del programa Eurostats-OCDE (2017-2020) y del Índice Mundial del Costo de Vida (2007-2020). Costa Rica ha mantenido un costo de vida por debajo del promedio de la OCDE, pero este se ha incrementado con respecto algunos países de ingreso medio-alto de Latinoamérica. Se ha identificado una tendencia al alza en el costo de vida de la ciudad de San José con respecto a los principales centros urbanos de la región. Por grupos de productos, se observan 6 categorías en las cuales Costa Rica ha mantenido un nivel de precios por encima de la OCDE y Latinoamérica: 1) pan y cereales, 2) bebidas alcohólicas, 3) equipo de transporte personal, 4) leche, queso y huevos, 5) bebidas no alcohólicas y 6) pescado.
- Evolución del costo de vida de Costa Rica en comparación con los países de la OCDE y ciudades de LatinoaméricaIn this study, the cost of living in Costa Rica, and its capital San José, is analyzed and compared to OECD countries and some major cities in Latin America using the PPP-adjusted price level index from the Eurostat-OECD program (2017-2020) and the Worldwide Cost of Living Index from The Economist Intelligence Unit (2007-2020). In particular, Costa Rica has maintained a cost of living below OECD countries, but the cost has increased compared to certain upper and middle-income countries in Latin America. The city of San Jose shows a similar updward trend. The analysis by product groups identifies six categories in which Costa Rica has maintained a price level above Latin America and OECD countries: 1) bread and cereals, 2) alcoholic beverages, 3) personal transport equipment, 4) milk, cheese, and eggs, 5) non-alcoholic beverages, and 6) fish. Additionally, there are three categories in which Costa Rica is relatively more expensive than similar countries in Latin America: 1) health, 2) education, and 3) fruits, vegetables, and potatoes. Factors associated with entry barriers, lack of competition, tariffs, state participation in the market, and structure of public expenditure in health and education may contribute to explain why Costa Rica is relatively more expensive in those categories.
- Indicadores de inflación subyacente para Costa Rica basados en exclusión y en reponderaciónWe evaluate the performance of new core inflation indicators for Costa Rica, computed through the exclusion or reweighting of the items in the CPI basket. We construct exclusion indicators based on the elimination of fixed categories of the CPI, as well as alternative versions of an indicator calculated by excluding articles according to their volatility, using data updated to December 2012. We also construct two types of reweighted indicators: one type using volatility measures and the other using persistence measures. Persistence reweighting is based either on the estimated spectrum of the series of price changes, three indicators based in an autoregressive coefficients methodology, a mean-reversion indictor, or an indicator based on the correlation of each series of price changes with variations in future inflation. For each indicator, we evaluate unbiasedness, fit to trend inflation, predictive ability and long-run behaviour. From the results of this evaluation, we recommend monitoring one of the volatility-weighted indicators and one of the persistence-weighted indicators.
- 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.
- ¿Qué incentiva la entrada de capitales a CR? Prima por riesgo y diferencial de tasas de interésThe goal of this paper is to analyze the interest rate differential as the possible main factor behind the capital inflows experienced by Costa Rica during the second semester of 2012. For this purpose, a panel data model for interest rate differential is estimated taking into consideration an array of relevant macroeconomic variables. The results suggest that interest rate differentials for Costa Rica in 2012 are above what the estimated model predicts for the lending rate and deposit rate by 8,4 p.p., and between 2,7 p.p. and 1,7 p.p., respectively. This excess in the interest rate differential could explain the observed capital inflows. Therefore, a reduction of lending and deposit interest rate differentials is crucial, but an extra e ort has to be made to reduce the lending rate differential. As a consequence of the prevailing situation during the second semester of 2012, the difference between lending and deposit rate in Costa Rica is greater than in countries with similar levels of risk.
- Valoración: Banco de Costa RicaEl objetivo de este trabajo es realizar una valoración preliminar para el conglomerado financiero, Banco de Costa Rica y sus subsidiarias para establecer un rango de referencia del valor de mercado de dicha entidad pública. Para ello, se utilizan dos modelos de valoración de entidades financieras: el modelo de crecimiento de Gordon y el modelo de rentabilidad en exceso sobre el capital. En ambas metodologías se recurre a información pública y a una serie de supuestos restrictivos, pero necesarios, para realizar la valoración. A partir de los modelos seleccionados se tiene que el valor del conglomerado financiero, Banco de Costa Rica y sus subsidiarias, se ubica entre USD 1 802 millones (modelo rentabilidad en exceso sobre el capital) y USD 2 453 millones (modelo de Gordon). La principal diferencia entre ambos enfoques radica en los supuestos sobre el crecimiento y comportamiento de los flujos esperados.