LEADER 04420nam 2200661Ia 450 001 9910453145703321 005 20200520144314.0 010 $a1-4755-4443-X 010 $a1-4755-7854-7 035 $a(CKB)2550000000106189 035 $a(EBL)1606685 035 $a(SSID)ssj0000953015 035 $a(PQKBManifestationID)11551736 035 $a(PQKBTitleCode)TC0000953015 035 $a(PQKBWorkID)10906683 035 $a(PQKB)11728340 035 $a(MiAaPQ)EBC1606685 035 $a(Au-PeEL)EBL1606685 035 $a(CaPaEBR)ebr10566359 035 $a(OCoLC)787873270 035 $a(EXLCZ)992550000000106189 100 $a20130221d2012 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFinancial regulation and the current account$b[electronic resource] /$fprepared by Sergi Lanau, Tomasz Wieladek 210 $a[Washington, D.C] $cInternational Monetary Fund, Strategy, Policy and Review Department$d[2012] 215 $a1 online resource (53 p.) 225 0 $aIMF working paper ;$vWP/12/98 300 $a"April 2012". 311 $a1-4755-2606-7 311 $a1-4755-0288-5 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; II. Theory; A. How does financial regulation affect the response of the current account to output shocks?; III. Empirical methodology and data; A. General methodology; B. Identification of net output shocks; Tables; 1. Sign restrictions; C. Estimation and inference; D. Data; IV. Empirical results; 2. Country sample; A. Robustness; V. Conclusion; References; Appendix; A. Appendix; A.1. Deriving the linearized budget constraint; A.2. Derivation of the current account reaction function with external habits and a constant world real interest rate 327 $aA.3. Derivation of the current account reaction function with internal habits and a constant world real interest rate A.4. Derivation of the current account reaction function under a stochastic time-varying world real interest rate and no habitual consumption; Figures; 1. Size of current account imbalances; 2. Financial deregulation index; 3. Current account persistence; 4. Impulse response functions to log level net output shock - financial regulation; 5. Impulse response functions to log difference net output shock - financial regulation 327 $a6. Impulse response functions to log level net output shock - capital account openness 7. Impulse response functions to log difference net output shock - capital account openness; 8. Impulse response functions to log level output shock - financial regulation controlling for fx regime; 9. Impulse response functions to log difference output shock - financial regulation controlling for fx regime; 10. Impulse response functions to log level output shock - capital account openness controlling for fx regime 327 $a11. Impulse response functions to log difference output shock - capital account openness controlling for fx regime 12. Histogram of the square root of ? 330 $aThis paper examines the relationship between financial regulation and the current account in an intertemporal model of the current account where financial regulation affects the current account through liquidity constraints. Greater liquidity constraints decrease the size and persistence of the current account response to a net output shock. The theory is tested with an interacted panel VAR model where the coefficients are allowed to vary with the degree of financial regulation. The current account reaction to an output shock is 60% larger and substantially more persistent in a country with 410 0$aIMF Working Papers 606 $aBalance of payments$xMathematical models 606 $aFiscal policy$xMathematical models 606 $aFinance, Public$xEconometric models 608 $aElectronic books. 615 0$aBalance of payments$xMathematical models. 615 0$aFiscal policy$xMathematical models. 615 0$aFinance, Public$xEconometric models. 700 $aLanau$b Sergi$0951660 701 $aWieladek$b Tomasz$0951661 712 02$aInternational Monetary Fund. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910453145703321 996 $aFinancial regulation and the current account$92151448 997 $aUNINA