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Costa Rica: The Next Stage-Reform without Volatility. A Report

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  • Rodrigo Bolaños Zamora

Abstract

This study assesses macroeconomic volatility in Costa Rica, based largely on politically weak governments` inability or unwillingness to effect key reforms. Notable problems include volatility-prone fiscal and monetary policy, structurally weak public finances due to large domestic debts and politically motivated expenditure cycles, underdeveloped financial markets, weak financial links abroad, and risky corporate financing. The paper recommends greater fiscal discipline, financial and policy independence for the Central Bank, improvements in financial system operations, and improving financial links abroad, further discussing the interdependence among these proposals.

Suggested Citation

  • Rodrigo Bolaños Zamora, 1999. "Costa Rica: The Next Stage-Reform without Volatility. A Report," Research Department Publications 4196, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:4196
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    References listed on IDEAS

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    1. Ricardo J. Caballero, 2000. "Structural Volatility in Argentina: A Policy Report," Research Department Publications 4213, Inter-American Development Bank, Research Department.
    2. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
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