Costa Rica: Technical Assistance Report - Financial Sector Stability Review

International Monetary Fund

No 2018/080, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Assistance Report discusses the findings and recommendations made by the IMF mission to assist Costa Rica in delivering sound financial sector reform in support of financial stability. It was found that despite progress, the financial stability framework in Costa Rica is not well prepared to handle a potential systemic financial crisis without seriously compromising fiscal resources. Supervision of the financial sector is becoming risk-based and intensive, but it lacks key legal powers, tools, and responsibilities for the effective oversight of institutions and markets. Serious vulnerabilities in the pension sector, the secondary markets, and financial-crisis safety nets need urgent attention.

Keywords: ISCR; CR; bank; authority; market; secondary market; banking sector; credit risk; monetary policy; exchange rate risk; foreign currency; bank resolution process; market sector; banking system; trading mechanism; solvency concern; market maker; insurance market participant; Financial sector stability; Legal support in revenue administration; Systemic risk; Stress testing; Central America; Caribbean (search for similar items in EconPapers)
Pages: 44
Date: 2018-04-02
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