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Autore: | Chang Yongsung <1966-> |
Titolo: | Accounting for global dispersion of current accounts / / Yongsung Chang, Sun-Bin Kim and Jaewoo Lee |
Pubblicazione: | [Washington, D.C.], : International Monetary Fund, 2009 |
Edizione: | 1st ed. |
Descrizione fisica: | 33 p. : ill |
Disciplina: | 332.152 |
Soggetto topico: | Accounting |
Deficit financing | |
Altri autori: | KimSun-Bin LeeJaewoo |
Nota di bibliografia: | Includes bibliographical references. |
Nota di contenuto: | 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. |
Sommario/riassunto: | 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. |
Titolo autorizzato: | Accounting for global dispersion of current accounts |
ISBN: | 1-4623-9409-4 |
1-4527-3895-5 | |
1-282-84463-6 | |
1-4518-7421-9 | |
9786612844638 | |
Formato: | Materiale a stampa |
Livello bibliografico | Monografia |
Lingua di pubblicazione: | Inglese |
Record Nr.: | 9910817159303321 |
Lo trovi qui: | Univ. Federico II |
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