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Global Dispersion of Current Accounts: Is the Universe Expanding?

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  • Hamid Faruqee
  • Jaewoo Lee

Abstract

This paper examines the global distribution of current accounts. Using a panel of more than 100 countries, the analysis establishes a set of stylized facts regarding the collective behavior of current accounts over the past four decades. In particular, we find that the global dispersion of current accounts has been steadily rising, which is qualitatively consistent with the view that ongoing financial globalization has allowed countries to maintain larger current account imbalances. However, this underlying trend is not quantitatively large enough to explain “global imbalances”—that is, the noticeable widening in external imbalances among major economies (for example, United States) seen in recent years. IMF Staff Papers (2009) 56, 574–595. doi:10.1057/imfsp.2009.12

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal IMF Staff Papers.

Volume (Year): 56 (2009)
Issue (Month): 3 (August)
Pages: 574-595

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Handle: RePEc:pal:imfstp:v:56:y:2009:i:3:p:574-595

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Cited by:
  1. Yongsung Chang & Sun-Bin Kim & Jaewoo Lee, 2013. "Accounting for Global Dispersion of Current Accounts," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 16(3), pages 477-496, July.
  2. Irineu E. Carvalho Filho & Rudolfs Bems, 2009. "Exchange Rate Assessments: Methodologies for Oil Exporting Countries," IMF Working Papers 09/281, International Monetary Fund.
  3. Jörg Decressin & Emil Stavrev, 2009. "Current Accounts in a Currency Union," IMF Working Papers 09/127, International Monetary Fund.
  4. Kenc, Turalay & Dibooglu, Sel, 2010. "The 2007-2009 financial crisis, global imbalances and capital flows: Implications for reform," Economic Systems, Elsevier, vol. 34(1), pages 3-21, March.
  5. Soyoung Kim & Jaewoo Lee, 2008. "International Macroeconomic Fluctuations: A New Open Economy Macroeconomics Interpretation," Working Papers 232008, Hong Kong Institute for Monetary Research.

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