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Accounting for global dispersion of current accounts

Author: Yongsung Chang; Sun-Bin Kim; Jaewoo Lee; International Monetary Fund. Research Department.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2009.
Series: IMF working paper, WP/09/276.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
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  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Chang, Yongsung, 1966-
Accounting for global dispersion of current accounts.
[Washington, D.C.] : International Monetary Fund, c2009
(OCoLC)587497151
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Yongsung Chang; Sun-Bin Kim; Jaewoo Lee; International Monetary Fund. Research Department.
OCLC Number: 680613519
Notes: At head of title: Research Department.
"December 2009."
Description: 1 online resource (33 p.) : ill.
Series Title: IMF working paper, WP/09/276.
Responsibility: prepared by Yongsung Chang, Sun-Bin Kim and Jaewoo Lee.

Abstract:

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.

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