04451oam 22009134 450 991081715930332120200520144314.01-4623-9409-41-4527-3895-51-282-84463-61-4518-7421-99786612844638(CKB)3170000000055398(OCoLC)680613519(IMF)WPIEE2009276(MiAaPQ)EBC1606004(IMF)WPIEA2009276(EXLCZ)99317000000005539820020129d2009 uf 0engurcn|||||||||txtrdacontentcrdamediacrrdacarrierAccounting for Global Dispersion of Current Accounts /Jaewoo Lee, Yongsung Chang, Sun-Bin Kim1st ed.Washington, D.C. :International Monetary Fund,2009.33 p. illIMF Working Papers1-4519-1837-2 Includes bibliographical references.Cover Page -- Title Page -- Copyright Page -- Contents -- I. Introduction -- II. Global Dispersion of Current Accounts -- 1. Current Account to GDP -- 1. Distributions of Current Account, Net Foreign Asset, and Trade Balance -- 2. Net Foreign Asset to GDP -- 3. Trade Balance to GDP -- III. Theory -- A. Motivation -- B. Model -- IV. Quantitative Analysis -- A. Calibration -- 2. Parameters of the Benchmark Model Economy -- B. Benchmark Economy -- 4. Stationary Distribution of Benchmark Economy -- 5. Stationary Distribution of Benchmark Economy -- 3. Standard Deviations of Current Account, Net Foreign Asset, and Trade Balance -- C. Economies under Greater Frictions -- 6. Model Comparison: Current Account/GDP -- D. Comparing Stylized Facts among Model Economies -- 4. Persistence of Current Account, Net Foreign Asset, and Trade Balance -- 5. Distribution of Current Account -- E. Discussion -- V. Conclusion -- A. National Incomes -- B. Current Accounts -- References -- Footnotes.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 financingBalance of paymentsimfBalance of tradeimfCurrent Account AdjustmentimfCurrent account balanceimfCurrent account imbalancesimfCurrent accountimfEmpirical Studies of TradeimfExports and ImportsimfForeign assetsimfInternational economicsimfInternational InvestmentimfInvestments, ForeignimfLong-term Capital MovementsimfShort-term Capital MovementsimfTrade balanceimfUnited StatesimfAccounting.Deficit financing.Balance of paymentsBalance of tradeCurrent Account AdjustmentCurrent account balanceCurrent account imbalancesCurrent accountEmpirical Studies of TradeExports and ImportsForeign assetsInternational economicsInternational InvestmentInvestments, ForeignLong-term Capital MovementsShort-term Capital MovementsTrade balance332.152Lee Jaewoo1679787Chang Yongsung1769859Kim Sun-Bin1679789International Monetary Fund.DcWaIMFBOOK9910817159303321Accounting for Global Dispersion of Current Accounts4244380UNINA