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Accounting for Global Dispersion of Current Accounts*

Accounting for Global Dispersion of Current Accounts* »

Source: Accounting for Global Dispersion of Current Accounts

Volume/Issue: 2009/276

Series: IMF Working Papers

Author(s): Jaewoo Lee , Yongsung Chang , and Sun-Bin Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

ISBN: 9781451874211

Keywords: Distribution of Current Account, Incomplete Markets, Frictions, current accounts, current account imbalances, current account balances, current account deficit,

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...

Are African Current Account Deficits Different? Stylized Facts, Transitory Shocks, and Decomposition Analysis

Are African Current Account Deficits Different? Stylized Facts, Transitory Shocks, and Decomposition Analysis »

Source: Are African Current Account Deficits Different? Stylized Facts, Transitory Shocks, and Decomposition Analysis

Volume/Issue: 2001/4

Series: IMF Working Papers

Author(s): Luisa Zanforlin , César Calderón , and Alberto Chong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2001

ISBN: 9781451842043

Keywords: Dynamic Panel Data Models, Decomposition Analysis, current account deficits, current account deficit, current account balance, current account balances, International Finance: General, Macroeconomic Aspects of International Trade and Finance: General,

This paper analyzes the behavior of current account deficits in Africa and estimates whether the deficits are excessive with respect to fundamentals. The findings are the deficits are (i) not very persistent; (ii)...

Are Australia's Current Account Deficits Excessive?

Are Australia's Current Account Deficits Excessive? »

Source: Are Australia's Current Account Deficits Excessive?

Volume/Issue: 1996/85

Series: IMF Working Papers

Author(s): C. McDermott , and Paul Cashin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1996

ISBN: 9781451850703

Keywords: current account, current account deficit, current account deficits, external borrowing, current account balance

This paper compares the evolution of the Australian current account balance over the period 1954–94 against an optimal current account derived from a consumption-smoothing model. The findings indicate that t...

Assessing External Sustainability in India

Assessing External Sustainability in India »

Source: Assessing External Sustainability in India

Volume/Issue: 1999/181

Series: IMF Working Papers

Author(s): Tim Callen , and Paul Cashin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

ISBN: 9781451859171

Keywords: capital controls, external sustainability, current account, current account deficit, balance of payments, external liabilities, external borrowing

This paper examines the solvency and sustainability of India’s external imbalances and analyzes the optimality of its capital flows. We use three approaches: an intertemporal model of the current account tha...

Borrowing Risk and the Tequila Effect

Borrowing Risk and the Tequila Effect »

Source: Borrowing Risk and the Tequila Effect

Volume/Issue: 1997/86

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1997

ISBN: 9781451850840

Keywords: capital markets, current account, central bank, world capital markets, current account deficit

This paper models the Tequila effect (triggered by the collapse of the Mexican peso in December 1994) as a temporary increase in the risk premium faced by domestic private borrowers on world capital markets. The ef...

Consumption Smoothing and the Current Account

Consumption Smoothing and the Current Account »

Source: Consumption Smoothing and the Current Account : Evidence for France, 1970-1994

Volume/Issue: 1995/119

Series: IMF Working Papers

Author(s): Claude Bismut , Paul Cashin , C. McDermott , and Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1995

ISBN: 9781451940237

Keywords: current account balance, current account surplus, current account deficit, current account surpluses

This paper estimates a simple consumption-smoothing model of the French current account, and examines its capacity to predict recent developments in France’s external performance. The model views the current...

Convergence in Emerging Europe

Convergence in Emerging Europe »

Source: Convergence in Emerging Europe : Sustainability and Vulnerabilities

Volume/Issue: 2008/181

Series: IMF Working Papers

Author(s): Athanasios Vamvakidis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2008

ISBN: 9781451870398

Keywords: European Economy, Current Account Adjustment, current account, current account deficits, real gdp,

The emerging European economies have been converging rapidly towards the more advanced European economies in recent years. However, large external imbalances in parts of the region have raised questions about susta...

Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel

Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel »

Source: Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel

Volume/Issue: 2019/69

Series: IMF Working Papers

Author(s): Tamon Asonuma , Marcos Chamon , Aitor Erce , and Akira Sasahara

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 March 2019

ISBN: 9781498303255

Keywords: Sovereign debt restructuring, Business cycles, Capital inflows, Domestic debt, Current account deficits, Sovereign Debt, Sovereign Defaults, Sovereign Debt Restructurings, GDP Growth, Investment

Sovereign debt restructurings are associated with declines in GDP, investment, bank credit, and capital flows. The transmission channels and associated output and banking sector costs depend on whether the restruct...

Current Account Balance Estimates for Emerging Market Economies

Current Account Balance Estimates for Emerging Market Economies »

Source: Current Account Balance Estimates for Emerging Market Economies

Volume/Issue: 2010/43

Series: IMF Working Papers

Author(s): Jordi Prat , Leandro Medina , and Alun Thomas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2010

ISBN: 9781451962994

Keywords: Real exchange rate, macro-balance approach, current account norm, current account, current account balance, current account balances, current account deficits, International Finance Forecasting and Simulation,

This paper uses a modified version of the methodology used by the IMF's Consultative Group on Exchange Rate Issues (CGER) to calculate equilibrium current account balances (or ?norms?) for a sample of 33 emerging m...

Current Account Deficits, External Liabilities and Economic Policy

Current Account Deficits, External Liabilities and Economic Policy »

Source: Current Account Deficits, External Liabilities and Economic Policy

Volume/Issue: 1992/54

Series: IMF Working Papers

Author(s): J. Pitchford

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1992

ISBN: 9781451847437

Keywords: current account, current account deficit, current account balance, current account deficits, foreign debt

This paper assesses the policy significance of foreign liabilities and the current account deficits that give rise to them. Current account imbalances are shown to have some capacity to indicate difficulties elsewh...