03368oam 22008654 450 991078822200332120230721045653.01-4623-9409-41-4527-3895-51-282-84463-61-4518-7421-99786612844638(CKB)3170000000055398(OCoLC)680613519(MiAaPQ)EBC1606004(IMF)WPIEE2009276(EXLCZ)99317000000005539820020129d2009 uf 0engurcn|||||||||txtrdacontentcrdamediacrrdacarrierAccounting for Global Dispersion of Current Accounts /Jaewoo Lee, Yongsung Chang, Sun-Bin KimWashington, D.C. :International Monetary Fund,2009.33 p. illIMF Working Papers1-4519-1837-2 Includes bibliographical references.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.IMF Working Papers; Working Paper ;No. 2009/276AccountingDeficit financingExports and ImportsimfCurrent Account AdjustmentimfShort-term Capital MovementsimfInternational InvestmentimfLong-term Capital MovementsimfEmpirical Studies of TradeimfInternational economicsimfCurrent accountimfForeign assetsimfTrade balanceimfCurrent account balanceimfCurrent account imbalancesimfBalance of paymentsimfInvestments, ForeignimfBalance of tradeimfUnited StatesimfAccounting.Deficit financing.Exports and ImportsCurrent Account AdjustmentShort-term Capital MovementsInternational InvestmentLong-term Capital MovementsEmpirical Studies of TradeInternational economicsCurrent accountForeign assetsTrade balanceCurrent account balanceCurrent account imbalancesBalance of paymentsInvestments, ForeignBalance of tradeLee Jaewoo1509561Chang Yongsung1509562Kim Sun-Bin1509563International Monetary Fund.DcWaIMFBOOK9910788222003321Accounting for Global Dispersion of Current Accounts3741524UNINA