Implementación del Modelo RMSM-X para Costa Rica: Principales aspectos metodológicos del módulo RX

Abstract

This paper shows the interinstitutional group’s advances of the implementation process of the World Bank’s economic structural model, known as Revised Minimum Standard Model Extended (RMSM-X). The interinstitutional group is conformed by members of the staff of Banco Central de Costa Rica, Ministerio de Hacienda and Consejo Monetario Centroamericano. The document presents the main technical and conceptual aspects of the model and makes an extensive review of the basic data in order to adequate it to the guidelines of the accounting framework of the recent versions of international standards of macroeconomic statistics. The RMSM-X model is built up in electronic sheets of Excel and it is designed for simulation exercises. In addition, this model is useful in forecasting, monitoring and for the analysis of financial flows in developing economies. Specifically, the basic model contains four economic agents or sectors: Public, Private, Financial and Foreign. In addition, the model forecasts detailed trade accounts and foreign debt flows and stocks, so it can be used to produce a comprehensive outlook for any developing country. With the appropriate adaptations for Central American economies, the model will be used by the Central Banks and Ministers of Finance for macroeconomic consistency, policy making and forecasting, under the guidance of the Consejo Monetario Centroamericano and the technical assistance of the World Bank.