Accounting for Global Dispersion of Current Accounts

Released on by Yongsung Chang
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  • Accounting for Global Dispersion of Current Accounts Book Detail

  • Author : Yongsung Chang
  • Release Date : 2009-12-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 35
  • ISBN 13 : 1451874219
  • File Size : 60,60 MB
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Accounting for Global Dispersion of Current Accounts by Yongsung Chang PDF Summary

Book Description: 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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