LEADER 06005oam 22011174 450 001 9910813303303321 005 20240402045118.0 010 $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(IMF)WPIEE2012098 035 $a(IMF)WPIEA2012098 035 $a(EXLCZ)992550000000106189 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFinancial Regulation and the Current Account /$fTomasz Wieladek, Sergi Lanau 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (53 p.) 225 1 $aIMF Working Papers 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 3 $aThis paper examines the relationship between financial regulation and the current account in an intertemporal model of the current account where financial regulation affects the current account through liquidity constraints. Greater liquidity constraints decrease the size and persistence of the current account response to a net output shock. The theory is tested with an interacted panel VAR model where the coefficients are allowed to vary with the degree of financial regulation. The current account reaction to an output shock is 60% larger and substantially more persistent in a country with low financial regulation than in one with high financial regulation. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/098 606 $aBalance of payments$xMathematical models 606 $aFiscal policy$xMathematical models 606 $aFinance, Public$xEconometric models 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aOpen Economy Macroeconomics$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aInternational economics$2imf 606 $aFinance$2imf 606 $aCurrent account$2imf 606 $aCapital account$2imf 606 $aLiquidity$2imf 606 $aCurrent account imbalances$2imf 606 $aCurrent account deficits$2imf 606 $aBalance of payments$2imf 606 $aAsset and liability management$2imf 606 $aEconomics$2imf 607 $aUnited States$2imf 615 0$aBalance of payments$xMathematical models. 615 0$aFiscal policy$xMathematical models. 615 0$aFinance, Public$xEconometric models. 615 7$aExports and Imports 615 7$aFinance: General 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aOpen Economy Macroeconomics 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aInternational economics 615 7$aFinance 615 7$aCurrent account 615 7$aCapital account 615 7$aLiquidity 615 7$aCurrent account imbalances 615 7$aCurrent account deficits 615 7$aBalance of payments 615 7$aAsset and liability management 615 7$aEconomics 676 $a332.450724 700 $aWieladek$b Tomasz$01636712 701 $aLanau$b Sergi$01636713 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910813303303321 996 $aFinancial Regulation and the Current Account$93978121 997 $aUNINA