04417oam 22009014 450 991081715930332120240402044848.01-4623-9409-41-4527-3895-51-282-84463-61-4518-7421-99786612844638(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 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 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 trade332.152Lee Jaewoo1679787Chang Yongsung1679788Kim Sun-Bin1679789International Monetary Fund.DcWaIMFBOOK9910817159303321Accounting for Global Dispersion of Current Accounts4048291UNINA