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Accounting for Global Dispersion of Current Accounts

Accounting for Global Dispersion of Current Accounts by Jaewoo Lee
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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.
International Monetary Fund; December 2009
33 pages; ISBN 9781452738956
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Title: Accounting for Global Dispersion of Current Accounts
Author: Jaewoo Lee; Yongsung Chang; Sun-Bin Kim