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Costa Rica : Five Years after CAFTA-DR, Assessing Early Results for the Costa Rican Economy

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dc.contributor.author World Bank
dc.date.accessioned 2014-09-09T20:22:44Z
dc.date.available 2014-09-09T20:22:44Z
dc.date.issued 2014-06-13
dc.identifier.uri http://hdl.handle.net/10986/20010
dc.description.abstract The Dominican Republic - Central America - United States Free Trade Agreement (CAFTA-DR) has been fundamental in creating a stable framework for Costa Rica's trade with the United States. For Costa Rica, CAFTA-DR is more than a trade agreement. Besides eliminating tariffs and reducing non-tariff barriers between member countries, CAFTA-DR also introduced major changes to the legal framework of member countries, reducing barriers to services, promoting transparency, and ensuring a secure and predictable environment for investors. This report analyses how CAFTA-DR has impacted the Costa Rican economy in the five years after ratification, both on a macro level and in key specific sectors. The report shows that CAFTA-DR is yielding benefits to the Costa Rican economy, but it is too early to provide a complete account just after five years. The agreement has succeeded to further trade integration between Costa Rica, the US, and other CAFTA-DR countries. Exports to the US began increasing several years before the agreement, but CAFTA-DR accelerated the trend. Costa Rica continues attracting FDI above levels observed in other CAFTA-DR countries, with an increasing share from US investors and a focus on medical devices and business services. Online survey and interviews of high-tech firms in free trade zones found that CAFTA-DR was an important factor in the investment decisions. CAFTA-DR ignited an explosion of changes in the telecom and insurance sectors, bringing new regulatory frameworks, competition, product innovations, and price reductions. Consumers are reaping the benefits of improved telecom and insurance services. But some issues remain for those markets to mature. Finally, the concern regarding the potential negative impact on the Costa Rican Social Security Administration's finances due to the intellectual property rights measures have not been observed. en
dc.language English
dc.language.iso en_US
dc.publisher Washington, DC
dc.rights CC BY 3.0 IGO
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject OUTPUT
dc.subject EXPENSE RATIOS
dc.subject WTO
dc.subject REFERENDUM
dc.subject INTERNATIONAL TREATIES
dc.subject BENEFICIARY
dc.subject CENTRAL BANK
dc.subject INTERNATIONAL BANK
dc.subject EUROPEAN UNION
dc.subject INTEGRATION AGREEMENTS
dc.subject INTELLECTUAL PROPERTY RIGHTS
dc.subject FREE TRADE ZONES
dc.subject AUTHORITY IN CHARGE
dc.subject INSURANCES
dc.subject INTERNATIONAL MARKETS
dc.subject PRELIMINARY ASSESSMENT
dc.subject POLITICAL STABILITY
dc.subject INCOMES
dc.subject TRADE POLICY
dc.subject DEBT
dc.subject GROSS DOMESTIC PRODUCT
dc.subject PRIVATE INVESTMENTS
dc.subject INFORMATION SERVICES
dc.subject INSURANCE PRODUCTS
dc.subject PROPERTY RIGHTS
dc.subject REINSURANCE
dc.subject LOCAL CURRENCY
dc.subject ECONOMIC POLICIES
dc.subject PATENT PROTECTION
dc.subject ABSORPTIVE CAPACITY
dc.subject MULTINATIONAL COMPANIES
dc.subject ADVERSE EFFECTS
dc.subject TREATY
dc.subject TAX
dc.subject WORLD TRADE
dc.subject FOREIGN DIRECT INVESTMENT
dc.subject AGRICULTURAL SUBSIDIES
dc.subject GDP PER CAPITA
dc.subject TRADE RELATIONSHIPS
dc.subject REAL GDP
dc.subject SMALL BUSINESS
dc.subject WORLD TRADE ORGANIZATION
dc.subject CONCESSIONS
dc.subject FREE TRADE AREA
dc.subject TRADE FLOWS
dc.subject COMMODITY
dc.subject NON-TARIFF BARRIERS
dc.subject POSITIVE EFFECTS
dc.subject AGRICULTURAL TRADE
dc.subject GRAVITY MODELS
dc.subject PRICE DEFLATOR
dc.subject INTERNATIONAL AGREEMENTS
dc.subject LEGAL REQUIREMENTS
dc.subject MARKET DATA
dc.subject FOREIGN INVESTORS
dc.subject AGRICULTURE
dc.subject GRAVITY MODEL
dc.subject PORTFOLIO
dc.subject EXPOSURE
dc.subject SMALL BUSINESSES
dc.subject ENVIRONMENTAL STANDARDS
dc.subject EXPORT GROWTH
dc.subject MONOPOLY
dc.subject LEGAL FRAMEWORK
dc.subject INVESTMENT DECISIONS
dc.subject INSURANCE PREMIUMS
dc.subject CLEAN TECHNOLOGY
dc.subject FIRM PERFORMANCE
dc.subject MULTILATERAL AGREEMENT
dc.subject INVESTMENT CLIMATE
dc.subject TRANSPARENCY
dc.subject EXPORT SHARE
dc.subject CONSUMER PRICE INDICES
dc.subject INTELLECTUAL PROPERTY
dc.subject EXCHANGE RATES
dc.subject COMMERCIAL CODE
dc.subject GRAVITY EQUATION
dc.subject LEVEL OF RISK
dc.subject WORLD DEVELOPMENT INDICATORS
dc.subject TRADE LIBERALIZATION
dc.subject INSURANCE MARKETS
dc.subject PREFERENTIAL TRADE
dc.subject FINANCES
dc.subject REGULATOR
dc.subject SHARE OF INVESTMENT
dc.subject ECONOMIC STABILITY
dc.subject DOMESTIC CONSUMPTION
dc.subject GROWTH RATES
dc.subject LEGAL SYSTEM
dc.subject INSURANCE PENETRATION
dc.subject FINANCIAL CRISIS
dc.subject FREE TRADE
dc.subject LIBERALIZATION
dc.subject LIBERALIZATIONS
dc.subject COUNTRY OF ORIGIN
dc.subject HUMAN CAPITAL
dc.subject INSURANCE
dc.subject EXPORTS
dc.subject ECONOMIC INTEGRATION
dc.subject TRADING
dc.subject FREE TRADE AGREEMENT
dc.subject TARIFF BARRIERS
dc.subject INSTRUMENT
dc.subject MONOPOLY PROVIDER
dc.subject CUSTOMS UNION
dc.subject JURISDICTIONS
dc.subject INSURANCE MARKET
dc.subject EXPENDITURES
dc.subject BROKERAGE
dc.subject COMPETITIVE ENVIRONMENT
dc.subject CONSUMERS
dc.subject TRADE PATTERNS
dc.subject CONSUMER PRICE INDEX
dc.subject TRADE PARTNERS
dc.subject ECONOMIES OF SCALE
dc.subject INSURERS
dc.subject CROSS-BORDER TRADE
dc.subject EXPORT PRODUCTS
dc.subject REGULATORY AUTHORITY
dc.subject LIFE INSURANCE
dc.subject CURRENCY
dc.subject RULES OF ORIGIN
dc.subject REGIONAL TRADE
dc.subject GLOBAL ECONOMY
dc.subject REGULATORY FRAMEWORKS
dc.subject MARKET ACCESS
dc.subject COMMON MARKET
dc.subject MARKET SIZE
dc.subject REAL GROSS DOMESTIC PRODUCT
dc.subject AGRICULTURAL PRODUCTS
dc.subject COMPETITION POLICY
dc.subject SUPERVISORY AUTHORITY
dc.subject FREE TRADE ZONE
dc.subject EXCHANGE RATE
dc.subject ELIMINATION OF TARIFFS
dc.subject BROKERAGE FIRMS
dc.subject MANUFACTURING INDUSTRY
dc.subject UNIVERSAL COVERAGE
dc.subject MONOPOLIES
dc.subject CONSUMER SURPLUS
dc.subject INSURANCE COMPANIES
dc.subject ECONOMIC CRISIS
dc.subject CRITICAL INFRASTRUCTURE
dc.subject QUANTITATIVE RESTRICTIONS
dc.subject TELEPHONE LINES
dc.subject INTERNATIONAL FINANCIAL CRISIS
dc.subject TAXATION
dc.subject INSURER
dc.subject BILATERAL APPROACH
dc.subject INTELLECTUAL PROPERTY PROTECTION
dc.subject COMMUNICATION TECHNOLOGY
dc.subject INVESTMENT FLOWS
dc.subject COMPETITIVENESS
dc.subject TRADE INTEGRATION
dc.subject FREE ACCESS
dc.subject UNIVERSAL ACCESS
dc.subject OPENNESS
dc.subject FREE TRADE AGREEMENTS
dc.subject BROKERS
dc.subject INTERNATIONAL TRADE
dc.subject NATIONAL TREATMENT
dc.subject REGULATORY BODY
dc.subject MARKET SHARES
dc.subject GDP
dc.subject BENCHMARK
dc.subject MARKET SHARE
dc.subject CUSTOMS
dc.subject MICROINSURANCE
dc.subject LEGAL REGIME
dc.subject BILATERAL TRADE
dc.subject TAX BENEFITS
dc.subject PREFERENTIAL TREATMENT
dc.subject POST OFFICE
dc.subject ACCESS TO INSURANCE
dc.subject INSURANCE ACTIVITIES
dc.subject INTERMEDIATE GOODS
dc.subject VOTERS
dc.subject MONETARY FUND
dc.subject REGULATORY FRAMEWORK
dc.subject AGRICULTURAL PRODUCTION
dc.subject FINANCIAL SYSTEM
dc.subject AGRICULTURAL SECTOR
dc.subject NEW MARKET
dc.subject TRADE BARRIERS
dc.subject FINANCIAL SERVICES
dc.subject APPAREL
dc.subject DUMMY VARIABLE
dc.subject TELECOMMUNICATIONS
dc.subject NEW PRODUCTS
dc.subject FOREIGN INVESTMENT
dc.subject FOREIGN COMPANIES
dc.subject PROFIT MAXIMIZATION
dc.subject TELEPHONE SERVICES
dc.subject EXPORT STRUCTURE
dc.subject TREATIES
dc.subject APPAREL SECTOR
dc.subject FOREIGN TRADE
dc.subject EXPORT PERFORMANCE
dc.title Costa Rica : Five Years after CAFTA-DR, Assessing Early Results for the Costa Rican Economy en


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