1 Information and Communication Technologies and Small and Medium Enterprises (SMEs) Performance in Costa Rica: A Randomized Controlled Experiment Research Proposal Presented by Fundación CAATEC * to the Inter-American Development Bank in response to the Call for Research Proposals Information and Communication Technologies (ICT) and Societal Empowerment February 23, 2009 * The Costa Rican High Technology Advisory Commission (Fundación CAATEC) is a private, independent, impartial, non-profit, apolitical, and non-governmental organization that seeks to promote the economic development of the Central American and Caribbean region through the design and promotion of innovation and technology development policies.
2 Background Policy makers and development practitioners acknowledge the leading of Information and Communication Technologies (ICTs) for development. For instance, the Millenium Development Goal (MDG) 8 aims at making available the potential benefits of new technologies (and ICTs in particular) for poor regions of the world. Entrepreneurship and business development provide an option for tackling poverty through the creation of employment and income. In developing countries, SMEs represent an important driver of employment creation and income generation for many low income households. Information and Communication Technologies (ICTs) can create new opportunities for SMEs operational strengthening and business growth. The impact of ICTs on development would depend significantly on how those technologies are accessible to firms, particularly SMEs. CAATEC researchers have conducted several studies to analyze the role ICTs on SMEs performance and the impact of targeted SMEs financing programs on business growth. 1 For instance, Monge-González et al (2005) evaluate the importance of ICTs in the improvement of productivity and competitiveness of SMEs in Central American countries (Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua). The authors conclude that internal factors that favor the adoption of ICTs in SMEs include the use of computers and the Internet by most employees, the existence of a budget to purchase and maintain computers and Internet services, a focus on scientific activities associated to business activities (such as increased levels of knowledge about modern software and advantages of using Internet services), and the willingness to venture into e-commerce. 1 A report of activities from CAATEC ( ) is attached to this research proposal.
3 The main finding of the study was that penetration of the use of ICTs by SMEs in their business process was very low. For the case of Costa Rica, using econometric techniques, Monge-González et al (2007) found that BN-Desarrollo (a microfinance program at Banco Nacional, the country s largest bank) has positively impacted SMEs since year Among other results, an important share of surveyed companies indicates that broader access to credit has improved their business and helped them increase their sales. Moreover, the quantitative analysis suggests a positive impact of access to credit through BN-Desarrollo and SMEs productivity. In addition, employment has increased within the program affiliated firms, with a direct impact on community development. 3 An interesting result from Monge-González et al (2007) study is that only 16 percent of BN-Desarrollo affiliates use Internet Banking (IB) services. This outcome could be partly explained by the fact that SMEs have a limited access to ICTs (Monge-González et al, 2005). But 90 percent of BN-Desarrollo customers that have access to Internet make use of IB tools. Besides, Banco Nacional has a consolidated IB program, with a majority of personal (household) and medium and large firms users. A question that arises is whether the limited access from SMEs to IB tools is the result mainly from limited Internet services or the outcome of other factors. Another key issue is how IB tools are impacting SMEs performance. The answer to both questions would contribute to a better understanding on how specific ICTs in the financial sector could be developed and 2 According to official figures, 70% of total credit for SMEs granted by formal (regulated) financial intermediaries in Costa Rica is allocated through BN-Desarrollo. The study is based on data from 304 companies, divided in two groups: those affiliated to BN-Desarrollo, and other sub-sample of similar companies (controlled group) that do not have access to a similar credit program. A random sample was constructed with several control criteria to avoid selection bias and heterogeneity problems. 3 The impacts on productivity were estimated with Pearson and Spearman correlations, while a hedonic prices model was calibrated to estimate the impact on employee s welfare from BN-Desarrollo affiliated firms.
4 become accessible to more micro and small companies, and what role could they play in business growth and development. Access to business training through ICTs in microfinance programs in Costa Rica is another relevant issue related to SMEs performance. From the perspective of ACORDE (Asociación Costarricense para Organizaciones de Desarrollo, a microfinance NGO), one key complementary component of credit allocation is capacity building (management, marketing, market analysis, etc.). Access to credit is a necessary but not sufficient condition for business growth. Therefore, ACORDE created in year 2004 a business development service department, with a capacity building model that supports financial management. Since then, program evaluations indicate that training courses have impacted SMEs performance significantly. One important conclusion is the need to make capacity building more accessible to a wider group of SMEs, particularly from a regional perspective. 4 A recent program evaluation found that 53% of surveyed SMEs believe that capacity building activities are important for their performance, while 62% of companies require particular business skills strengthening. Limited time (31% of respondents) and lack of interest (18%) are among the most relevant reasons why SMEs do not take advantage of capacity building activities. On the other hand, 80% of ACORDE customers have a computer while 61% use Internet. This evidence suggest that making training programs accessible through the Internet could help to overcome time and distance barriers, and even motivate higher participation (more flexibility). 4 The target of beneficiaries is urban companies, due to limited resources.
5 Based on the previous experiences, the proposed research aims to contribute to a better understanding of key issues related to the adoption of particular ICTs by small companies in developing countries. In this way, the study would give evidence on which policies or strategies could serve the objective of making ICTs an effective business tool to improve SMEs performance, with an impact on sales, profits, employment creation and other development relevant variables. Methodology To achieve the research objective, a Randomized Controlled Trial (RCT) will be conducted in order to estimate the impact of ICTs on SMEs performance. Several studies have evaluated the impact of new financial instruments linked to ICTs on business development (Arbursa, 2001; Monge-González et al, 2007; Mas and Kumar, 2008; Ngatia, 2009). Other studies have focused on the impact on households and firms from particular financial tools, applying RCTs (De Mel at al, 2007; Karlan and Zinman, 2009). This evidence suggests that ICTs can influence the performance of financial organizations, the rate of savings and household income, and SMEs growth. The difference between RCT based studies and previous literature is the possibility to identify what specific instruments or policies can be more effective when pursing financial development through broader access to ICTs in developing countries. A Randomized Controlled Trial (RCT) is a study in which subjects are allocated at random to receive one or several interventions (i.e. preventive treatment, technical training, unemployment subsidy). According to Jadad and Enkin (2007) the objective of an RCT is to measure and compare different events called outcomes that are present or absent after the participants receive the interventions. One of the interventions is regarded
6 as a standard of comparison or control, and the group of participants who receive it is called the control group (which can get no intervention at all ). The other groups are called experimental and receive one or more alternative interventions. Among other attributes, RCTs are seen as more precise analysis tools for development research. Traditional methods of measuring program impact may be subject to serious bias due to omitted variables. The critical objective of impact evaluation is to establish a credible comparison group, and in this regard RCT methodology helps to control for several possible causes, and see whether specific programs or interventions work or not (Dulfo et al, 2008). In addition, experimental research offers the possibility to achieve reliable identifications of program effects in the face of complex and multiple channels of causality, which is crucial for development interventions (Banerjee and Dulfo, 2008). Proposed Experiment For this study, one of two possible experiments will be conducted: 5 a) The impact of Internet Banking (IB) tools on BN-Desarrollo (BND) client firms performance. BND was created in 1999, as the Banco Nacional s SMEs financing program. The program has more than 27,000 clients that account for 25% of total bank lending. The group of clients is diverse, from different productive sectors and country regions. 6 For this experiment, Internet Banking (IB) tools will be randomly offered to a group of existing bank clients (SMEs). Other clients will be randomly chosen to 5 The research team believes that both options are relevant for policy recommendations. The final decision on which experiment to conduct will be taken in coordination with IDB representatives. 6 Further details available at https://www.bncr.fi.cr/portalmipyme
7 not receive access to IB tools. The randomization (within-group) will ensure that the intervened clients (those who get access to IB) are essentially similar to those who do not use IB tools. Firm s performance (in terms of labor productivity) will be monitored over a period of time (9-12 months), to analyze whether IB tools have a causal effect on SMEs performance. 7 b) The impact of e-training tools on ACORDE s client firms performance. ACORDE started its first-floor financing operations in It is a microfinance organization that targets urban region micro and small enterprises (the capital and other big cities of Costa Rica). Currently, more than 600 companies are clients, mainly from the industrial and services sectors. 8 An experiment in which owners or managers from client SMEs will be randomly assigned to take an e-training program (on-line, in-company business capacity building program). Here, randomization will help to identify if training courses offered through the Internet could improve business skills in the experimental group, compared to the firms that do not take part of e-training or any other capacity building activity. A non-randomized comparison can give a false picture of the effect of this tool on business performance, since many different variables influence companies management and business decisions. In this case, an encouragement design will be implemented (the encouragement to be part of the training program will be randomly assigned). Firm s performance (sales) will be monitored over a period of time (9-12 months) to analyze whether e-training tools have a causal effect on SMEs sales. 7 Monge et al (2007) found that many BN-Desarrollo clients use IB tools. The authors estimated a positive impact of BN-Desarrollo on labor productivity. However, the authors did not assess the impact of IB tools, isolated from other BN-Desarrollo services. 8 More information at
8 It is worth mentioning that CAATEC researchers have discussed the prospective study details with board members of both potential implementation partners (Banco Nacional de Costa Rica and ACORDE), and obtained support for the research project. In the case of Banco Nacional, the main motivation is to evaluate whether Internet Banking use has an impact on BN-Desarrollo clients performance. On the other hand, ACORDE general manager expressed their interest to support the research as a pilot project with possible scaling up impacts. In both cases, program evaluations have been elaborated. There is however an interest in making a field experiment in order to identify causality between particular tools and client performance. Banco Nacional and ACORDE representatives expressed their willingness to provide primary information and data bases for sample design. An advantage of data bases availability with detailed information (profiles) from client firms in both cases (BN-Desarrollo and ACORDE) is that power calculations for the experiment are more feasible. 9 Power calculations require a preliminary idea of the mean and the variance of the outcome in the absence of the intervention, after controlling for possible covariates and/or stratification. The best way to obtain those estimates is in general to use previously collected data, ideally from the same country or region (Dulfo et al, 2008). Deaton (2009) argues that heterogeneity treatment is a key requirement for successful experiments. 10 In order to address this issue, both controlled and experimental (intervention) groups will be constructed with the use of implementing partner s data bases, taking into account relevant variables (number of employees, age of business, 9 The power of the experiment design is the probability that, for a given effect size and a given statistical significance level, the hypothesis of zero effect is rejected (Dulfo et al, 2008). 10 The author criticizes what he believes is a common practice among RCTs proponents, not to give all the required importance to heterogeneity (and exogenous effects) issues when constructing an experiment design.
9 access to Internet, productive sector, annual turnover, among others), to create a balanced baseline of both groups (experimental and control). This task is crucial, since the identification and isolation of particular interventions effects (apart from various influential variables) is the main objective. The estimation of the causality between intervention and response variables will depend on the formal setting used, including the relevant control variables. The standard (basic) method is to run a regression including only the constant and an intervention dummy: Where: Y i : Outcome of the intervention T: Binary variable that indicates intervention status β 1 : Difference between the mean of Y i in the experimental and control groups (1) Another standard method is to run the regression with additional control variables obtained from the baseline data to include their main effects (Dulfo et al, 2008): (2) Where: X s: Various controls measured at baseline included in the regression If the interaction between the control variables and the intervention is relevant as well, the results of the experiment could be used to run a regression of the form (Deaton, 2009):
10 (3) Where: X s: Various controls measured at baseline included in the regression (both on their main effects and as interactions with intervention status) Using this regression will depend on the experiment chosen and the final objective of the analysis. Available evaluations results and data particularities would condition the construction of the balanced baseline. In addition, implementing partner s insights will be a key input for the final experiment design. Team Members The research team consists of economists and engineers with relevant experience on ICTs and development, financial sector, the use of quantitative tools, and project evaluation. CVs are attached to the research proposal. Budget Total research cost is estimated at US$80,000. The detailed budget is described in Table 1.
11 Table 1. Research Budget Annexed Files Research Team CVs CAATEC Report of Activities ( )
12 References Arburssa, A. (2001): The Effects of Information and Communication Technologies on the Banking Sector and the Payment System. Universitat de Girona. Unpublished Dissertation, July Banerjee, A. and E. Dulfo (2008): The Experimental Approach to Development Economics. NBER Working Paper November. Cartwright, N. (2007): Are RCTs the Gold Standard? BioSocieties, Vol. 2, Deaton, A. (2009): Instruments of Development: Randomization in the Tropics and the Search for the Elusive Keys to Economic Development. NBER Working Paper January. De Mel, S., D. McKenzie and C. Woodruff (2007): Returns to Capital in Microenterprises: Evidence from a Field Experiment. World Bank Policy Research Working Paper 4230, May Duflo, E., R. Glennerster, and M. Kremer (2008): Using randomization in development economics research: a toolkit. In T. Schultz and J. Strauss, eds., Handbook of Development Economics, Vol. 4, Amsterdam. Elsevier. pp Jadad, E. and M. Enkin (2007): Randomised Cotrolled Trials: Questions, Answers and Musings. BMJ Books, 2nd Edition.
13 Karlan, D., and J. Zinman (2009): Observing Unobservables: Identifying Asymmetries with a Consumer Credit Field Experiment. Econometrica, forthcoming. Leigh, A. (2003): Randomised Policy Trials. Agenda, Volume 10, Number 4, p Mas, I. and J. Kumar (2008): Servicios Bancarios en Teléfonos Móviles: Por qué? Cómo? Para Quién? Enfoques Nº 48. Washington, D.C.: CGAP. Monge-González, R., C. Alfaro-Alfaro, and J. Alfaro-Chamberlain (2005): TICs en las PYMES de Centroamérica: Impacto de la adopción de las tecnologías de la información y la comunicación en el desempeño de las empresas. International Development Research Centre and Editorial Tecnológica de Costa Rica. Available at Monge-González, R., F. Monge-Ariño, and J. Vargas-Aguilar (2007): Servicios financieros para las micros y pequeñas empresas. Desempeño e impacto socioeconómico de BN-Desarrollo. Cartago: Editorial Tecnológica de Costa Rica, Ngatia, R. (2009): The Dynamics of Entrepreneurship in ICT. Case of Mobile Phones Downstream Services in Kenya. Working Paper 466. The Hague: Institute of Social Studies. UNIMER (2008): Evaluación de Servicio al Cliente de ACORDE. San José: UNIMER Research International.
14 Information and Communication Technologies and Small and Medium Enterprises (SMEs) Performance in Costa Rica: A Randomized Controlled Experiment RESEARCH TEAM CVs Research Proposal presented by Fundación CAATEC to the Inter-American Development Bank in response to the Call for Research Proposals Information and Communication Technologies (ICT) and Societal Empowerment February 23, 2009
15 Project Leader: Ricardo Monge Born: November 12, 1958 Cartago, Costa Rica Marital Status: Married Address: P.O. Box San José, Costa Rica Telephone: (506) / Fax: (506) address: Languages: Spanish and English Professional experience: 25 years I. EDUCATION University: The Ohio State University, Doctor of Philosophy (economics), 1994 Dissertation: The Political Economy of Trade Reform in Costa Rica Master of Arts (economics), 1992 Thesis: Welfare Effects of Trade Restrictions Removal: A Costa Rica Case Study Master of Science (agricultural economics), 1991 Universidad de Costa Rica, Bachelor in Economics, 1981 Licentiate in Economics, 1983 Fellowships: Fulbright-Laspau Francisco Marroquin Foundation - ATIE Program/USAID Ford/MacArthur Foundations II. III. MAJOR FIELDS International Economics and Economic Development Knowledge-based Economy and Welfare Analysis PROFESSIONAL EXPERIENCE Current position: - Executive Director of High Technology Advisory Commission (CAATEC) - International consultant
16 - Professor of Economics at the Costa Rica Institute of Technology Previous position: - Member of Costa Rican National Council on Competitiveness - Board Member and Vice-president of Banco Nacional de Costa Rica ( ) - Director of Strategy and Research at Costa Rican Foreign Investment Agengy CINDE- ( ) - President Economic Advisor ( ) Experience on International Consultant Jobs: - The World Bank - Interamerican Development Bank - International Development Research Center (IDRC) - Agency for International Development (USAID) - Friedreich Ebert Foundation - North American Forum, Standford University - Organization of American States (OAS) - Programa Alemán de Servicio Económico (ECON-GTZ) IV. MOST RECENT WORKS AND PUBLICATIONS One the Knowledge-based Economy Ricardo Monge and John Hewitt (2007) The Costa Rican Information and Communication Technology Sector: An assessment, paper prepared for the Inter-American Development Bank and CAMTIC. Ricardo Monge y Carlos González (2007) The role and impact of MNCs in Costa Rica on skills development and training: The case of Intel, Microsoft and Cisco, paper prepared for the ILO in Geneva. Ricardo Monge y John Hewitt, (2006), Costa Ricans in the Knowledge-Based Economy, Fundación CAATEC, Serie Costa Rica Digital 4, San José: Costa Rica. Ricardo Monge, Jose I. Alfaro y Cindy Alfaro, (2005) TICs en las PYMES de Centroamérica: Impacto de la Adopción de las Tecnologías de la Información y la Comunicación en el Desempeño de las Empresas, International Development Research Center y Editorial Tecnológica de Costa Rica. San José, Costa Rica. On Economic Development and International Trade
17 Ricardo Monge and John Hewitt (2008) Innovation, Competitiveness and Growth: Performance in Costa Rica and its ICT sector, Fundación CAATEC, Serie Costa Rica Digital 5, San José: Costa Rica, forcoming. Ricardo Monge, Francisco Monge and Juan C. Vargas (2007). Servicios Financieros para las Micros y Pequeñas Empresas. Desempeño e Impacto Socioeconómico de BN-Desarrollo. Editorial Tecnológica de Costa Rica. Ricardo Monge y Eduardo Lizano (2006) Bancarización de las remesas de inmigrantes nicaragüenses en Costa Rica es posible su uso como medio para impulsar el desarrollo económico y social? Serie de trabajos ocasionales del FOMIN Ricardo Monge y Francisco Monge, (2006) Innovation and technology adoption in Costa Rica: The path to the Knowledge-based Economy, paper prepared for the World Bank. Ricardo Monge (2006) Acceso al Crédito por parte de las PYMES de Costa Rica: Programas, Obtáculos y Oportunidades, paper prepared for the Inter-American Development Bank (IADB). Ricardo Monge, Julio Rosales y Gilberto Arce, (2005) Cost-Benefit Analysis of the Free Trade Zone System: The impact of foreign direct investment in Costa Rica, OAS Trade, Growth and Competitiveness Studies, January Ricardo Monge y Francisco Monge, (2005) Antidumping Policies and Safeguard Measures in the Context of Costa Rica s Economic Liberalization. Policy Research Working Paper , The World Bank, April Ricardo Monge, Miguel Loría y Claudio González-Vega, (2004) Retos y Oportunidades para los Sectores Agropecuario y Agroindustrial de Centro América ante un Tratado de Libre Comercio con los Estados Unidos, Documento preparado para el Banco Mundial. Publicado en la serie Documentos de la Academia de Centroamérica, No.9, San José: Costa Rica. V. HONORS Nominated for the 2002 World Technology Award for POLICY, World Technology Network, New York, July, 2002 Outstanding Thesis Award granted by The Ohio State University for my Master s thesis, 1992 Premio Ancora La Nación granted to the best essay written in 1991, for my book Exportaciones No Tradicionales en Costa Rica.
18 VI. AFFILIATIONS Academia de Centroamerica The Honor Society of Agriculture, Gama, Sigma, Delta. The Ohio State University Colegio de Profesionales en Ciencias Económicas Associate and Founding Member of Ecoanalisis Associate of the World Technology Network
19 Project Advisor: Juan Muñoz Home phone.: Cell phone: Office phone.: Birth date : January 30 th, 1959 Birth place : San José, Costa Rica Primary studies: Escuela Mauro Fernández, High school and senior high school: College: Graduate School: Liceo de Costa Rica, Bachelor s Degree, Statistics Universidad de Costa Rica, Master of Arts in Economics, The Ohio State University, 1990 Doctor of Philosophy in Economics The Ohio State University, 1993 Working experience: Economist, Banco Central de Costa Rica March 10 th, 1980 September 21st, 1997 Chief Risk Officer Banco Nacional de Costa Rica September 22nd, 1998 February 28 th, 2002 Deputy Superintendent of Financial Institutions March 1 st, February 15 th, 2006 Independent consultant Since February 16 th, 2006 Assistant to the MIMEGA Project, IICE, Universidad de Costa Rica, 1995 Adviser to the Unidad de Desarrollo Económico, Ministerio de Planificación Nacional y Política Económica, 1996
20 Adviser to the Autoridad Presupuestaria Ministerio de Hacienda, 1998 Member of the Board of Directors, Instituto Nacional de Estadística y Censos November, 1998 February 2002 Teaching experience: Professor of Monetary Theory and Econometrics Universidad de Costa Rica Since 1993 Professor of the Master Program in Economics Universidad de Costa Rica, 1998, 1999 Professor of Econometrics Universidad Latina, 1994 Professor of International Trade Universidad Braulio Carrillo, 1997, 1999 Professor of the Master Program in Statistics Universidad de Costa Rica, 1998 Professor of the Ph. D. Program Universidad Latina, 1999 Publications : Muñoz Giró, Juan Enrique (1993). A General Equilibrium Analysis of Temporary Terms-of-Trade Shocks in a Developing Economy : Coffee in Costa Rica. Banco Central de Costa Rica : Serie Comentarios sobre Asuntos Económicos, No. 113, San José, 336 páginas. Muñoz Giró, Juan Enrique (1993). Variaciones en los Términos de Intercambio y el Equilibrio General de la Economía. El Café en Costa Rica. Banco Central de Costa Rica : Serie Comentarios sobre Asuntos Económicos, No. 115, San José, 96 páginas. Muñoz Giró, Juan E. (1994). El Comportamiento del Consumidor y del Productor en Presencia de Regímenes de Control. Una Nota Técnica en Economía Dinámica. Banco Central de Costa Rica : Serie Comentarios sobre Asuntos Económicos, No. 121, San José, 61 páginas. Kikut V., Ana Cecilia, Eduardo Méndez Q. y Juan E. Muñoz G. (1994). Los Determinantes Fundamentales del Tipo de Cambio Nominal. Un Enfoque Monetario para Costa Rica. Banco Central de Costa Rica : Serie Comentarios sobre Asuntos Económicos, No. 127, San José, 39 páginas.
21 Muñoz G., Juan y Ana Cecilia Kikut V. (1994). Determinantes de la Intervención Óptima del Banco Central en el Mercado Cambiario. Banco Central de Costa Rica : Serie Comentarios sobre Asuntos Económicos, No. 133, San José, 47 páginas. Muñoz Giró, Juan Enrique y Juan Cristóbal Guier Acosta (1994). Encajes Óptimos, Información y Demanda de Depósitos Bancarios. Un Estudio de Simulación. Banco Central de Costa Rica : Serie Comentarios sobre Asuntos Económicos, No. 137, San José, 29 páginas. Muñoz Giró, Juan Enrique (1996). Interrelaciones del Tipo de Cambio Nominal, la Tasa Interna de Retorno y las Reservas Internacionales Netas. En Compendio de Estudios Cortos, Banco Central de Costa Rica: Serie Comentarios sobre Asuntos Económicos, No. 146, San José. Muñoz Giró, Juan Enrique (1996). Inferencia Bayesiana y Bandas Cambiarias. En Compendio de Notas Técnicas, Banco Central de Costa Rica: Serie: Comentarios sobre Asuntos Económicos, No. 150, San José. Muñoz Giró, Juan E. y Rodney Pacheco Pérez. (1996). Coeficientes de Presión Monetaria sobre los Precios en el Corto Plazo y el Largo Plazo. Banco Central de Costa Rica: Serie Comentarios sobre Asuntos Económicos, No. 153, San José. Muñoz Giró, Juan E. (1997). Cuantificación de los Posibles Efectos del Aumento del Precio Internacional del Café. En Banco Central de Costa Rica, Enfoques Macroeconómicos Recientes y Algunas Aplicaciones para Costa Rica. Serie Comentarios sobre Asuntos Económicos, No. 158, San José. Muñoz Giró, Juan E. Nuevas Teorías del Comercio Internacional. (1997). En Banco Central de Costa Rica, Enfoques Macroeconómicos Recientes y Algunas Aplicaciones para Costa Rica. Serie Comentarios sobre Asuntos Económicos, No. 158, San José. Muñoz Giró, Juan E. y Delfo E. Jiménez Chacón (1997). Macroeconomía de Choques Externos e Internos en una Economía Pequeña y Abierta. Evidencia para Costa Rica. En Banco Central de Costa Rica, Enfoques Macroeconómicos Recientes y Algunas Aplicaciones para Costa Rica. Serie Comentarios sobre Asuntos Económicos, No. 158, San José. Muñoz Giró, Juan E. (1997). Macroeconomía de Choques Externos e Internos en una Economía Pequeña y Abierta. Teoría Económica. En Banco Central de Costa Rica, Enfoques Macroeconómicos Recientes y Algunas Aplicaciones para Costa Rica. Serie Comentarios sobre Asuntos Económicos, No. 158, San José. Muñoz Giró, Juan E., Isabel Rojas y Carlos Mora (1997). Primer Informe sobre el Estudio de las Normas de Supervisión Bancaria del Comité de Basilea. Banco Central de Costa Rica: Serie Comentarios sobre Asuntos Económicos, No. 162, San José.
22 Muñoz Giró, Juan E. e Isabel Rojas (1997). Segundo Informe sobre el Estudio de las Normas de Supervisión Bancaria del Comité de Basilea. Banco Central de Costa Rica: Serie Comentarios sobre Asuntos Económicos, No. 162, San José. Muñoz Giró, Juan E. e Isabel Rojas (1997). Tercer Informe sobre el Estudio de las Normas de Supervisión Bancaria del Comité de Basilea. Banco Central de Costa Rica: Serie Comentarios sobre Asuntos Económicos, No. 162, San José. Muñoz Giró, Juan E. (1997). Técnicas de Análisis Multivariante. Banco Central de Costa Rica: Serie Comentarios sobre Asuntos Económicos, No. 167, San José. Muñoz Giró, Juan E. (1997). Análisis de las condiciones de mercado para la operación de contratos de tipos de cambio adelantados. En Compendio de Estudios Cortos. No. 3. Banco Central de Costa Rica: Serie Comentarios sobre Asuntos Económicos, No. 173, San José.
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