English, Article, Journal or magazine article edition: Accounting for Global Dispersion of Current Accounts. Yongsung Chang; Sun-Bin Kim; Jaewoo Lee

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Bookmark: http://trove.nla.gov.au/version/69045
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Accounting for Global Dispersion of Current Accounts.
Author
  • Yongsung Chang
  • Sun-Bin Kim
  • Jaewoo Lee
Physical Description
  • preprint
Notes
  • 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.
  • Distribution of Current Account, Incomplete Markets, Frictions.
  • RePEc:roc:rocher:548
Language
  • English
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