LEADER 04417oam 22009014 450 001 9910817159303321 005 20240402044848.0 010 $a1-4623-9409-4 010 $a1-4527-3895-5 010 $a1-282-84463-6 010 $a1-4518-7421-9 010 $a9786612844638 035 $a(CKB)3170000000055398 035 $a(OCoLC)680613519 035 $a(MiAaPQ)EBC1606004 035 $a(IMF)WPIEE2009276 035 $a(EXLCZ)993170000000055398 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aAccounting for Global Dispersion of Current Accounts /$fJaewoo Lee, Yongsung Chang, Sun-Bin Kim 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a33 p. $cill 225 1 $aIMF Working Papers 311 $a1-4519-1837-2 320 $aIncludes bibliographical references. 327 $aCover 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. 330 3 $aWe undertake a quantitative analysis of the dispersion of current accounts in an open economy version of incomplete insurance model, incorporating important market frictions in trade and financial flows. Calibrated with conventional parameter values, the stochastic stationary equilibrium of the model with limited borrowing can account for about two-thirds of the global dispersion of current accounts. The easing of financial frictions can explain nearly all changes in the current account dispersion in the past four decades whereas the easing of trade frictions has almost no impact on the current account dispersion. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/276 606 $aAccounting 606 $aDeficit financing 606 $aExports and Imports$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aInternational economics$2imf 606 $aCurrent account$2imf 606 $aForeign assets$2imf 606 $aTrade balance$2imf 606 $aCurrent account balance$2imf 606 $aCurrent account imbalances$2imf 606 $aBalance of payments$2imf 606 $aInvestments, Foreign$2imf 606 $aBalance of trade$2imf 607 $aUnited States$2imf 615 0$aAccounting. 615 0$aDeficit financing. 615 7$aExports and Imports 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aEmpirical Studies of Trade 615 7$aInternational economics 615 7$aCurrent account 615 7$aForeign assets 615 7$aTrade balance 615 7$aCurrent account balance 615 7$aCurrent account imbalances 615 7$aBalance of payments 615 7$aInvestments, Foreign 615 7$aBalance of trade 676 $a332.152 700 $aLee$b Jaewoo$01679787 701 $aChang$b Yongsung$01679788 701 $aKim$b Sun-Bin$01679789 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910817159303321 996 $aAccounting for Global Dispersion of Current Accounts$94048291 997 $aUNINA