Analysis of the reference interest rates in Costa Rica, in national and foreign currency, from a financial investment perspective using the Fischer International Effect methodology

Authors

DOI:

https://doi.org/10.15359/eys.24-56.2

Keywords:

capital gain, financial decision, credit, observed exchange rate, economic indicators

Abstract

The purpose of this article is to analyze, three indicators of the Central Bank of Costa Rica (BCCR): the basic passive rate (TBP), the exchange rate of the colon with respect to the US dollar (TC) and the effective rate in dollars (TED); as macroeconomic components that affect the valuation of an investment in colones or dollars. The study is carried out through the construction of an International Fischer Effect model (EFI), for the period between the first quarter of 2016 and the first quarter of 2019. Based on this model, it is evaluated, if during this period investing in dollars can generate a capital gain; in addition, the importance of absolute exchange rate changes to make such investments in dollars is outlined.

Author Biographies

Carlos Leonardo Arguedas Campos, Universidad Nacional

Economista. Máster en Política Económica. Académico de la Escuela de Economía, Universidad Nacional, Costa Rica.

Gustavo Mauricio Vallejo Esquivel, Universidad Nacional

Máster en Banca y Finanzas. Máster en Negocios Internacionales. Académico de la Escuela de Administración de la Universidad Nacional, Costa Rica

References

Banco Central de Costa Rica. (1995). Ley Orgánica del Banco Central. N.° 7558. Recuperado de http://www.pgrweb.go.cr/scij/Busqueda/Normativa/Normas/nrm_texto_completo.aspx?param1=NRTC&nValor1=1&nValor2=40928

Banco Central de Costa Rica. (2019). Indicadores: Tasa básica pasiva, información diaria. Recuperado de http://indicadoreseconomicos.bccr.fi.cr/indicadoreseconomicos/Cuadros/frmVerCatCuadro.aspx?idioma=1&CodCuadro=%2017

Banco Central de Costa Rica. (2019). Indicadores: Tipo cambio de compra y de venta del dólar de los Estados Unidos de América, referencia Banco Central de Costa Rica. Recuperado de http://indicadoreseconomicos.bccr.fi.cr/indicadoreseconomicos/Cuadros/frmVerCatCuadro.aspx?idioma=1&CodCuadro=%20400

Contraloría General de la República. (2018). Resultado de servicios de transportes y carreteras. Recuperado de https://cgrfiles.cgr.go.cr/publico/docsweb/enpsp-2018/transporte.html

Ministerio Economía, Industria y Comercio. (2019). Estudios de tarjetas. Recuperado de https://www.meic.go.cr/meic/web/284/estudios/tarjetas-de-credito-y-debito/tarjetas-credito-debito.php

Published

08/30/2019

How to Cite

Analysis of the reference interest rates in Costa Rica, in national and foreign currency, from a financial investment perspective using the Fischer International Effect methodology. (2019). Economía Y Sociedad, 24(56), 21-51. https://doi.org/10.15359/eys.24-56.2

Issue

Section

Articles (Arbitrated section)

How to Cite

Analysis of the reference interest rates in Costa Rica, in national and foreign currency, from a financial investment perspective using the Fischer International Effect methodology. (2019). Economía Y Sociedad, 24(56), 21-51. https://doi.org/10.15359/eys.24-56.2

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