04616oam 22009854 450 991096589570332120250426110617.0978661284463897814623940981462394094978145273895614527389559781282844636128284463697814518742111451874219(CKB)3170000000055398(OCoLC)680613519(IMF)WPIEE2009276(MiAaPQ)EBC1606004(IMF)WPIEA2009276WPIEA2009276(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 Papers9781451918373 1451918372 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 Jaewoo1816497Chang Yongsung1816636Kim Sun-Bin1816637International Monetary Fund.DcWaIMFBOOK9910965895703321Accounting for Global Dispersion of Current Accounts4372889UNINA