Financial Regulation and the Current Account
04.2012β―Π³. Β· International Monetary Fund
ΠΠ»Π΅ΠΊΡΡΠΎΠ½Π½Π° ΠΊΠ½ΠΈΠ³Π°
51
Π‘ΡΡΠ°Π½ΠΈΡΠΈ
reportΠΡΠ΅Π½ΠΊΠΈΡΠ΅ ΠΈ ΠΎΡΠ·ΠΈΠ²ΠΈΡΠ΅ Π½Π΅ ΡΠ° ΠΏΠΎΡΠ²ΡΡΠ΄Π΅Π½ΠΈ Β ΠΠ°ΡΡΠ΅ΡΠ΅ ΠΏΠΎΠ²Π΅ΡΠ΅
ΠΡΠΈΡΠΊΠΎ Π·Π° ΡΠ°Π·ΠΈ Π΅Π»Π΅ΠΊΡΡΠΎΠ½Π½Π° ΠΊΠ½ΠΈΠ³Π°
This paper examines the relationship between financial regulation and the current account in an intertemporal model of the current account where financial regulation affects the current account through liquidity constraints. Greater liquidity constraints decrease the size and persistence of the current account response to a net output shock. The theory is tested with an interacted panel VAR model where the coefficients are allowed to vary with the degree of financial regulation. The current account reaction to an output shock is 60% larger and substantially more persistent in a country with low financial regulation than in one with high financial regulation.
ΠΡΠ΅Π½Π΅ΡΠ΅ ΡΠ°Π·ΠΈ Π΅Π»Π΅ΠΊΡΡΠΎΠ½Π½Π° ΠΊΠ½ΠΈΠ³Π°
ΠΠ°ΠΆΠ΅ΡΠ΅ Π½ΠΈ ΠΊΠ°ΠΊΠ²ΠΎ ΠΌΠΈΡΠ»ΠΈΡΠ΅.
ΠΠ½ΡΠΎΡΠΌΠ°ΡΠΈΡ Π·Π° ΡΠ΅ΡΠ΅Π½Π΅ΡΠΎ
Π‘ΠΌΠ°ΡΡΡΠΎΠ½ΠΈ ΠΈ ΡΠ°Π±Π»Π΅ΡΠΈ
ΠΠ½ΡΡΠ°Π»ΠΈΡΠ°ΠΉΡΠ΅ ΠΏΡΠΈΠ»ΠΎΠΆΠ΅Π½ΠΈΠ΅ΡΠΎ Google Play ΠΠ½ΠΈΠ³ΠΈ Π·Π° Android ΠΈ iPad/iPhone. Π’ΠΎ Π°Π²ΡΠΎΠΌΠ°ΡΠΈΡΠ½ΠΎ ΡΠ΅ ΡΠΈΠ½Ρ
ΡΠΎΠ½ΠΈΠ·ΠΈΡΠ° Ρ ΠΏΡΠΎΡΠΈΠ»Π° Π²ΠΈ ΠΈ Π²ΠΈ ΠΏΠΎΠ·Π²ΠΎΠ»ΡΠ²Π° Π΄Π° ΡΠ΅ΡΠ΅ΡΠ΅ ΠΎΠ½Π»Π°ΠΉΠ½ ΠΈΠ»ΠΈ ΠΎΡΠ»Π°ΠΉΠ½, ΠΊΡΠ΄Π΅ΡΠΎ ΠΈ Π΄Π° ΡΡΠ΅.
ΠΠ°ΠΏΡΠΎΠΏΠΈ ΠΈ ΠΊΠΎΠΌΠΏΡΡΡΠΈ
ΠΠΎΠΆΠ΅ΡΠ΅ Π΄Π° ΡΠ»ΡΡΠ°ΡΠ΅ Π·Π°ΠΊΡΠΏΠ΅Π½ΠΈΡΠ΅ ΠΎΡ Google Play Π°ΡΠ΄ΠΈΠΎΠΊΠ½ΠΈΠ³ΠΈ ΠΏΠΎΡΡΠ΅Π΄ΡΡΠ²ΠΎΠΌ ΡΠ΅Π± Π±ΡΠ°ΡΠ·ΡΡΠ° Π½Π° ΠΊΠΎΠΌΠΏΡΡΡΡΠ° ΡΠΈ.
ΠΠ»Π΅ΠΊΡΡΠΎΠ½Π½ΠΈ ΡΠ΅ΡΡΠΈ ΠΈ Π΄ΡΡΠ³ΠΈ ΡΡΡΡΠΎΠΉΡΡΠ²Π°
ΠΠ° Π΄Π° ΡΠ΅ΡΠ΅ΡΠ΅ Π½Π° ΡΡΡΡΠΎΠΉΡΡΠ²Π° Ρ Π΅Π»Π΅ΠΊΡΡΠΎΠ½Π½ΠΎ ΠΌΠ°ΡΡΠΈΠ»ΠΎ, ΠΊΠ°ΡΠΎ Π½Π°ΠΏΡΠΈΠΌΠ΅Ρ Π΅Π»Π΅ΠΊΡΡΠΎΠ½Π½ΠΈΡΠ΅ ΡΠ΅ΡΡΠΈ ΠΎΡ Kobo, ΡΡΡΠ±Π²Π° Π΄Π° ΠΈΠ·ΡΠ΅Π³Π»ΠΈΡΠ΅ ΡΠ°ΠΉΠ» ΠΈ Π΄Π° Π³ΠΎ ΠΏΡΠ΅Ρ
Π²ΡΡΠ»ΠΈΡΠ΅ Π½Π° ΡΡΡΡΠΎΠΉΡΡΠ²ΠΎΡΠΎ ΡΠΈ. ΠΠ·ΠΏΡΠ»Π½Π΅ΡΠ΅ ΠΏΠΎΠ΄ΡΠΎΠ±Π½ΠΈΡΠ΅ ΠΈΠ½ΡΡΡΡΠΊΡΠΈΠΈ Π² ΠΠΎΠΌΠΎΡΠ½ΠΈΡ ΡΠ΅Π½ΡΡΡ, Π·Π° Π΄Π° ΠΏΡΠ΅Ρ
Π²ΡΡΠ»ΠΈΡΠ΅ ΡΠ°ΠΉΠ»ΠΎΠ²Π΅ΡΠ΅ Π² ΠΏΠΎΠ΄Π΄ΡΡΠΆΠ°Π½ΠΈΡΠ΅ Π΅Π»Π΅ΠΊΡΡΠΎΠ½Π½ΠΈ ΡΠ΅ΡΡΠΈ.
