Title Accounting for global dispersion of current accounts / prepared by Yongsung Chang, Sun-Bin Kim and Jaewoo Lee

Published [Washington, D.C.] : International Monetary Fund, ©2009

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Description 1 online resource (33 pages) : illustrations Series IMF working paper ; WP/09/276 IMF working paper ; WP/09/276. Summary 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 Bibliography Includes bibliographical references (pages 19-21) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL Print version record digitized 2011 HathiTrust Digital Library committed to preserve pda MiAaHDL Subject Balance of payments -- Econometric models Accounting. Deficit financing. Accounting Balance of payments -- Econometric models Deficit financing Form Electronic book Author Kim, Sun-Bin, author. Lee, Jaewoo, author. International Monetary Fund. Research Department. ISBN 1462394094 9781462394098 1452738955 9781452738956 1282844636 9781282844636 1451874219 9781451874211 9786612844638 6612844639

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