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Record Nr. |
UNINA9910788222003321 |
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Autore |
Lee Jaewoo |
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Titolo |
Accounting for Global Dispersion of Current Accounts / / Jaewoo Lee, Yongsung Chang, Sun-Bin Kim |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-9409-4 |
1-4527-3895-5 |
1-282-84463-6 |
1-4518-7421-9 |
9786612844638 |
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Descrizione fisica |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Accounting |
Deficit financing |
Exports and Imports |
Current Account Adjustment |
Short-term Capital Movements |
International Investment |
Long-term Capital Movements |
Empirical Studies of Trade |
International economics |
Current account |
Foreign assets |
Trade balance |
Current account balance |
Current account imbalances |
Balance of payments |
Investments, Foreign |
Balance of trade |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Nota di bibliografia |
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Includes bibliographical references. |
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Sommario/riassunto |
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We undertake a quantitative analysis of the dispersion of current accounts in an open economy version of incomplete insurance model, incorporating important market frictions in trade and financial flows. Calibrated with conventional parameter values, the stochastic stationary equilibrium of the model with limited borrowing can account for about two-thirds of the global dispersion of current accounts. The easing of financial frictions can explain nearly all changes in the current account dispersion in the past four decades whereas the easing of trade frictions has almost no impact on the current account dispersion. |
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