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Board of Governors of the Federal Reserve System

International Finance Discussion Papers

Number 678

September 2000

MODELING THE IMF’S STATISTICAL DISCREPANCY IN THE GLOBAL CURRENT ACCOUNT

Jaime Marquez and Lisa Workman

NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate
discussion and critical comment. References in publications to International Finance Discussion Papers
(other than an acknowledgment that the writer has had access to unpublished material) should be cleared
with the author or authors. Recent IFDPs are available on the Web at www.bog.frb.fed.us.
MODELING THE IMF’S STATISTICAL DISCREPANCY IN THE GLOBAL CURRENT ACCOUNT

Jaime Marquez and Lisa Workman *

Abstract: This paper offers a framework for judging when the discrepancy embodied in current-account
forecasts is large. The first step in implementing this framework involves developing an econometric model
explaining the components of the aggregate discrepancy, estimating the associated parameters, and
generating the aggregate discrepancy's conditional expectation. The second step is to compare this
model-based forecast with the discrepancy embodied in countries' current-account forecasts. If the gap in
discrepancies is below a critical value, then the discrepancy embodied in the countries' current-account
forecasts is not large. Otherwise, the discrepancy is large and calls for a careful re-examination of the
associated current-account forecasts.

Keywords: FIML, forecast uncertainty, global discrepancies, IMF

* Marquez is an economist in the International Finance Division of the Federal Reserve Board and Workman
is a research assistant in the same Division. Extensive comments from David Howard on several versions
of this paper are greatly appreciated. Comments from participants in Seminars at the Federal Reserve Board,
the Spring 2000 meeting of the MidWest International Economics Group (University of Kentucky), and the
International Monetary Fund are greatly appreciated. Comments from Neil Ericsson, Hamid Faruqee, Jon
Faust, John Green, Dale Henderson, Andy Levin, Gian Maria Miesi-Ferretti, Tracy Miller, John Motola,
Davidson Omole, David Robinson, Nathan Sheets, Charlie Thomas, John Wilson, and Jonathan Wright are
gratefully acknowledged. The results of this paper have been replicated by John Green and David Robinson,
from the IMF. We use PcGive Professional 9.2 (Hendry and Doornik, 1996) and Portable Troll 1.082
(Hollinger and Spivakovsky, 1996). The views in this paper are solely the responsibility of the authors and
should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System
or of any other person associated with the Federal Reserve System.
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VHU 315<:31687 3166: 314;4
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2
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Uhvlgxdov duh mrlqwo| vhu1 lqghshqghqw I+49/ 45, 4187 +3156,
46 Zh whvw iru mrlqw qrupdolw| xvlqj wkh Mdutxh0Ehud whvw> wkh vwdwlvwlf lv glvwulexwhg dv
"5 +q  5,zkhuh q lv wkh qxpehu ri htxdwlrqv1 Zh whvw iru mrlqw vhuldo lqghshqghqfh zlwk
dq I0whvw iru wkh k|srwkhvlv wkdw wkh frh!flhqwv iru YDU+4, ri wkh hvwlpdwlrq uhvlgxdov
duh mrlqwo| htxdo wr }hur1 Zh dssolhg dq DUFK whvw wr hdfk htxdwlrq vhsdudwho| dqg wkh
uhvxowv fdqqrw uhmhfw +qrw vkrzq, wkh k|srwkhvlv ri krprvnhgdvwlflw|1 Vhh Khqgu| dqg
Grruqln +4<<9, iru ghwdlov1

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vljqlfdqw dqg uh0hvwlpdwh wkh sdudphwhuv ri wkh uhvwulfwhg uhgxfhg irup
xvlqj ILPO1 Dffruglqj wr wkh hvwlpdwhv/ wkh gdwd vxssruw wkh pdlqwdlqhg
dvvxpswlrqv iru wkh uhvlgxdov +wdeoh 7, exw shuvlvwhqfh hhfwv duh vpdoo dqg
olplwhg wr glvfuhsdqflhv lq wudqvihuv1

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Wudgh (}| Vhuylfhv (r| Lqyhvwphqw (| Wudqvihuv (|
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VHU 315;4 3166< 3165< 314:6
@ Hqwulhv lq sduhqwkhvhv duh khwhurvnhgdvwlflw| fruuhfwhg vwdqgdug huuruv1  @Rlo
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Wudgh> r @XV vkduh lq Zruog Lpsruwv1

K|srwkhvlv Whvwlqj
Qxoo K|srwkhvlv= Whvw Vwdwlvwlf Uhvxow +s0ohyho,
Uhvlgxdov duh mrlqwo| qrupdo 2 EH 618: +31;<,
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Ryhulghqwli|lqj uhvwulfwlrqv krog 2 E  6718: +3163,

47
Dovr/ wkh gxpp| iru wkh vzlwfk lq Hxurshdq gdwd phwkrgv lv srvlwlyh/ vlj0
qlfdqw/ dqg vxjjhvwv wkdw wkh vzlwfk ri uhfruglqj sudfwlfhv ri Hxursh udlvhg
wkh wudgh glvfuhsdqf| e| derxw 31< shufhqwdjh srlqwv ri zruog lpsruwv1 Wkh
frh!flhqw iru wkh wuhqg lv srvlwlyh dqg vljqlfdqw iru vhuylfhv= wkh xqghuuh0
sruwlqj ri fuhglwv gxh wr pdulwlph vklsslqj lv dpholrudwhg e| wkh jurzlqj
uroh sod|hg e| wkh dowhuqdwlyhv wr pdulwlph vklsslqj1
Qrq0olqhdulwlhv +lqwhudfwlrqv dqg vtxduhg whupv, kdyh vwdwlvwlfdoo| vljqli0
lfdqw frh!flhqwv zklfk fdoov iru prgho vlpxodwlrqv wr hydoxdwh wkh hhfwv ri
fkdqjhv lq wkh uhpdlqlqj yduldeohv> zh xvh rqh0|hdu vkrfnv hydoxdwhg lq 4<<;1
Edvhg rq wkhvh vlpxodwlrqv/ d 43 shufhqw lqfuhdvh lq wkh sulfh ri rlo orzhuv
qhw fuhglwv lq wkh joredo glvfuhsdqf| e| 3136 shufhqw ri zruog lpsruwv +wdeoh
8,1 Wklv vpdoo hhfw uh hfwv rvhwwlqj uhvsrqvhv iurp wkh ydulrxv dffrxqwv1
Dq lqfuhdvh ri wkh ihghudo ixqgv udwh e| rqh shufhqwdjh srlqw orzhuv qhw
fuhglwv lq wkh glvfuhsdqflhv iru lqyhvwphqw lqfrph dqg vhuylfhv> wkh ryhudoo
glvfuhsdqf| ghfolqhv e| 3157 shufhqw ri zruog lpsruwv ru derxw '46 eloolrq1
Udlvlqj wkh zruog*v jurzwk udwh e| rqh shufhqwdjh srlqw lqfuhdvhv qhw fuhglwv
lq wkh wudgh glvfuhsdqf|= idvwhu jurzwk dffhohudwhv wudgh dqg dffhqwxdwhv wkh
h{whqw wr zklfk wudgh fuhglwv duh uhfrughg dkhdg ri wudgh ghelwv1 Wkh ryhudoo
glvfuhsdqf| h{shulhqfhv dq lqfuhdvh lq qhw fuhglwv ri 3197 shufhqwdjh srlqwv
ri zruog lpsruwv ru derxw '68 eloolrq1

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7JS&< {J {- { _t {r
+i rRJ?re t
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Dq lqfuhdvh ri wkh XV vkduh ri zruog lpsruwv e| rqh shufhqwdjh srlqw
uhgxfhv qhw fuhglwv lq wkh wudgh glvfuhsdqf| e| 3158( ri zruog lpsruwv +'47
eloolrq, jlyhq wkdw d juhdwhu iudfwlrq ri zruog wudgh lv ehlqj uhfrughg e|
wkh frxqwu| zlwk wkh kljk0txdolw| gdwd1 Kljkhu XV lpsruwv dovr dhfw wkh
lqyhvwphqw0lqfrph glvfuhsdqf| jlyhq wkdw qdqflqj dq lqfuhdvh ri XV lp0
sruwv lqyroyhv dq lqfuhdvh lq iruhljq fdslwdo rxw rzv1 Wkh xqghuuhsruwlqj
ri wkhvh rxw rzv dffhqwxdwhv wkh xqghuvwdwlqj ri fodlpv ri wkh uhvw ri wkh
zruog rq wkh Xqlwhg Vwdwhv dqg wkh dvvrfldwhg lqwhuhvw uhfhlswv1 Ilqdoo|/ wr

48
wkh h{whqw wkdw d iudfwlrq ri wkh lqfuhdvh lq X1V1 lpsruwv lv wudqvsruwhg e|
wkh X1V1 hhw/ vklsslqj fuhglwv wkdw zrxog qrw kdyh ehhq uhfrughg duh qrz
ehlqj uhsruwhg zlwk dq lqfuhdvh lq qhw fuhglwv ri wkh vhuylfh glvfuhsdqf|1
Iljxuh 6 frpsduhv klvwrulfdo ydoxhv djdlqvw prgho suhglfwlrqv147 Mxgjlqj
e| wkh phdq devroxwh huuruv +PDH,/ hlwkhu dv d shufhqwdjh ri zruog lpsruwv
dqg lq XV grooduv/ wkh suhglfwlrqv ri wkh prgho duh forvh wr klvwrulfdo ydoxhv
dqg wkh uhvlgxdov duh qrw rqh0vlghg1 Wkh h{fhswlrq lv wkh wudqvihu htxdwlrq
zklfk vkrzv v|vwhpdwlf ghyldwlrqv gxulqj wkh 4<<3v1

4 Actual Simulated Services
0
3 Trade
MAE 0.20% -1
2 $5.1 bil.
-2
1 MAE 0.23%
-3 $4.8 bil.
1975 1980 1985 1990 1995 2000 1975 1980 1985 1990 1995 2000
1 Investment Transfers
0 Income -.5
-1 MAE 0.22%
$6.3 bil. -1
-2 MAE 0.14%
$4.2 bil.
1975 1980 1985 1990 1995 2000 1975 1980 1985 1990 1995 2000
2.5 Total MAE 0.41%
$11.6 bil.
0
-2.5
-5
1975 1980 1985 1990 1995 2000

Iljxuh 6= Dfwxdo dqg Vlpxodwhg Ydoxhv0Frqvwudlqhg Uhgxfhg Irup

7 Prgho Dssolfdwlrqv
Iru wkh prgho ghyhorshg khuh wr eh xvhixo/ lw vkrxog ghwhfw odujh glvfuhsdqflhv
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4<<:/ sdjh <,/ wkh fkdqjh lq Hxurshdq phwkrgrorj| iru froohfwlqj wudgh gdwd
lqgxfhg d pdmru lqfuhdvh lq wkh wudgh glvfuhsdqf| dqg wkh txhvwlrq lv zkhwkhu
47 Wkh suhglfwhg ydoxh lv ew @ 
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suhglfwlrqv iru wkh odjjhg hqgrjhqrxv yduldeohv lqvwhdg ri wkh klvwrulfdo ydoxhv1

49
wkh prgho ghwhfwv lw dv vxfk1 Wkxv/ wkh qxoo dqg dowhuqdwlyh k|srwkhvhv duh

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uhmhfwlrq ri wkh qxoo k|srwkhvlv phdqv wkdw wkh prgho lghqwlhv dv odujh wkh
fkdqjh lq Hxurshdq phwkrgv wr froohfw gdwd1
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qrw d vx!flhqw frqglwlrq wr mxgjh wkh prgho*v xvhixoqhvv1 Vshflfdoo|/ wklv
vzlwfk lv fuhglwhg zlwk dq lqfuhdvh lq qhw fuhglwv ri wkh wudgh glvfuhsdqf|1
Wkxv prgho suhglfwlrqv wkdw h{foxgh wkh vzlwfk iurp wkh gdwd xvhg iru sd0
udphwhu hvwlpdwlrq vkrxog xqghuvwdwh qhw fuhglwv lq wkh wudgh glvfuhsdqf|1
Dovr/ wkh uhfrughg lqfuhdvh lq wkh wudgh glvfuhsdqf| whqghg wr rvhw wkh glv0
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vpdoo uhfrughg joredo glvfuhsdqf|1 Wkxv prgho suhglfwlrqv wkdw h{foxgh wkh
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hylghqfh ri vwdelolw| lq wkh prgho*v sdudphwhuv wr dyrlg frqixvlqj wkh hi0
ihfwv ri sdudphwhu lqvwdelolw| zlwk wkh hhfwv ri fkdqjhv lq gdwd0froohfwlrq
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zlwk gdwd wkurxjk 4<<5/ zklfk h{foxghv srvw0vzlwfk revhuydwlrqv1 Frpsdu0
lqj wkh hvwlpdwlrq uhvxowv wr wkrvh edvhg rq wkh ixoo0vdpsoh uhyhdov wkdw erwk
vhwv ri sdudphwhu hvwlpdwhv duh yluwxdoo| lghqwlfdo +wdeoh 9,1 Zlwk rqh h{0
fhswlrq/ qhlwkhu vljq qru vwdwlvwlfdo vljqlfdqfh ri wkh hvwlpdwhv fkdqjh dv d
uhvxow ri xvlqj wkh vkruwhu vdpsoh148 Dovr/ wkh pdlqwdlqhg dvvxpswlrqv iru
wkh uhvlgxdov duh vxssruwhg hpslulfdoo|1 Pruhryhu/ uhodwlyh wr wkh sdudphwhuv
ri wkh xquhvwulfwhg uhgxfhg irup hvwlpdwhg zlwk gdwd wkurxjk 4<<5/ wkh orj0
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glvfuhsdqflhv149
48 Wkh h{fhswlrq lv wkh frh!flhqw iru lqwhudfwlrq ri wuhqg dqg rlo sulfhv lq wkh vhuylfh
htxdwlrq= vljqlfdqw zlwk wkh ixoo vdpsoh dqg lqvljqlfdqw rwkhuzlvh1
49 Zh h{dplqhg wkh vhqvlwlylw| ri wkh hvwlpdwhg sdudphwhuv +xqfrqvwudlqhg dqg uhvwulfwhg

uhgxfhg irupv, wr xvlqj wkh Oleru udwh rq vl{0prqwk lqvwuxphqwv lqvwhdg ri wkh XV Ihghudo
ixqgv udwh1 Zh qg wkdw wkh srlqw hvwlpdwhv duh txlwh urexvw exw wkh }hur uhvwulflwlrqv
iru wkh vkruwhu vdpsoh duh uhmhfwhg iru wkh prgho edvhg rq wkh Oleru udwh1 Wkxv rqh
fdqqrw ghwhuplqh zkhwkhu h{0srvw whvwv iurp wkh Oleru0edvhg prgho duh gxh wr sdudphwhu
lqvwdelolw|1

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Jlyhq wkh frh!flhqw hvwlpdwhv/ zh xvh g|qdplf vlpxodwlrqv wr jhqhudwh
suhglfwlrqv iru 4<<60<; zlwk 4<<5 dv wkh lqlwldo frqglwlrq=
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wkhq wkh revhuyhg glvfuhsdqf| glhuv vljqlfdqwo| iurp lwv h{shfwhg ydoxh
dqg zh lqwhusuhw wklv uhvxow dv d odujh glvfuhsdqf|1
Wdeoh 9= Sdudphwhu Hvwlpdwhv zlwk ILPO= 4<:50<; dqg 4<:50<5
Wudgh (}| Vhuylfhv (r| Lqyhvwphqw (| Wudqvihuv (|
:50<; :50<5 :50<; :50<5 :50<; :50<5 :50<; :50<5

(}|3 0 0 0 0 0 0 0 0
(r|3 0 0 0 0 0 0 3168 3168
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VHU 315;4 315<7 3166< 31689 3165< 31664 314:6 314;6
W Vwdwlvwlfdo vljqlfdqfh dw wkh 8( ohyho

K|srwkhvlv Whvwlqj zlwk revhuydwlrqv hqglqj lq 4<<5
Qxoo K|srwkhvlv= Whvw Vwdwlvwlf Uhvxow +s0ohyho,
Yhfwru ri uhvlgxdov lv qrupdo 2 EH ;14< +3174,
Yhfwru ri uhvlgxdov lv vhu1 lqghshqghqw I+49/ 55, 41:: +3144,
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4;
Iljxuh 7 uhsruwv wkh uhvxowv zklfk uhyhdo vwdwlvwlfdoo| vljqlfdqw xqghu0
suhglfwlrqv lq wkh wudgh glvfuhsdqf| dqg ryhusuhglfwlrq iru wkh ryhudoo glv0
fuhsdqf|/ mxvw dv rqh h{shfwv1 Ryhudoo/ wkh uhvxowv vkrz wkdw wkh prgho*v
frqghqfh lqwhuydov duh qduurz hqrxjk wr ghwhfw wkh Hxurshdq vzlwfk lq
gdwd uhfruglqj surfhgxuhv dv d pdmru ghyhorsphqw1 E| lwvhoi/ wklv qglqj
grhv qrw frqvwlwxwh dq hqgruvhphqw ri wkh dssurdfk1 Krzhyhu/ qrw ehlqj
deoh wr lghqwli| d nqrzq vljqlfdqw fkdqjh zrxog txhvwlrq lwv xvhixoqhvv1

Percent of World Imports
Trade Services
1
2

0
1

-1
1995 2000 1995 2000
-1 Investment
Income 0
-2
-.5
-3
-1 Transfers
-4
1995 2000 1995 2000

0
Overall
-2

1995 2000

Iljxuh 7= <8( Frqghqfh Edqgv iru Iruhfdvw Glvfuhsdqflhv4<<60<;

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ryhu 4<<<05334 duh odujh1 Wr wklv hqg zh xvh wkh LPI*v h{wudsrodwlrqv iru
wkh h{rjhqrxv yduldeohv +wdeoh :,14:

Wdeoh := Dvvxpswlrqv iru H{rjhqrxv Yduldeohv
J E mK  -EI _t
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4<<< 4:14 815 616
5333 5614 81; 715
5334 4;1: 916 61<
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4:
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uhdo zruog lqwhuhvw udwh +LPI/ 5333/ sdjh 5::, zlwk wkh surmhfwlrqv iru lq dwlrq lq wkh XV
JGS gh dwru +LPI/ 5333/ sdjh 548,1 Iru wkh zruog jurzwk udwh/ zh xvh wkh surmhfwlrqv
uhsruwhg rq LPI+5333/ sdjh 5::,1

4<
Wkh uhvxowv vxjjhvw wkdw wkh LPI*v fxuuhqw0dffrxqw suhglfwlrqv hperg| d
joredo glvfuhsdqf|/ (|S c wkdw lv vljqlfdqwo| ehorz rxu prgho*v h{shfwdwlrq
e |  +jxuh 8,1 Wklv qglqj fdoov/ dffruglqj wr rxu
ri wkdw glvfuhsdqf|/ .E(
dssurdfk/ iru d uh0wklqnlqj ri wkh fxuuhqw0dffrxqw iruhfdvwv iru wkh lqglylgxdo
frxqwulhv1

Percent of
-.5 World Imports
E(D) + 2δ
-1

-1.5

-2 E(D)
-2.5

-3 E(D) - 2δ
-3.5

-4

-4.5
Dc
1998 1999 2000 2001 2002 2003

Iljxuh8= <8( Frqghqfh Edqg iru Iruhfdvwv ri Joredo Glvfuhsdqf|

8 Frqfoxvlrqv
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jdwh glvfuhsdqf|/ hvwlpdwlqj wkh dvvrfldwhg sdudphwhuv/ dqg jhqhudwlqj wkh
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sduh wklv prgho0edvhg iruhfdvw zlwk wkh glvfuhsdqf| hperglhg lq frxqwulhv*
fxuuhqw0dffrxqw iruhfdvwv1 Li wkh jds lq glvfuhsdqflhv lv ehorz d fulwlfdo ydoxh/
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53
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9 Gdwd Dsshqgl{
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wzr sulqflsohv= grxeoh hqwu| dqg uhvlghqf|1 Wkh sulqflsoh ri grxeoh hqwu|
uhtxluhv wkdw hyhu| lqfuhdvh lq dvvhw pxvw eh rvhw e| d ghfuhdvh lq dqrwkhu
dvvhw ru e| dq lqfuhdvh lq d oldelolw|1 Wkxv hyhu| wudqvdfwlrq lv uhfrughg
dv erwk d ghelw +lqfuhdvh lq dvvhwv, dqg dv d fuhglw +ghfuhdvh lq dvvhw ru
lqfuhdvh lq oldelolwlhv,1 Wkh sulqflsoh ri uhvlghqf| uhvwulfwv wkh uhfruglqj wr
wudqvdfwlrqv ehwzhhq uhvlghqwv ri rqh frxqwu| dqg uhvlghqwv ri wkh uhvw ri
wkh zruog1 Wkdw lv/ uhvlghqf| ri wkh wudqvdfwru/ dqg qrw flwl}hqvkls/ lv wkh
ghwhuplqdqw idfwru iru uhfruglqj wkh wudqvdfwlrq1

Gdwd Vrxufhv Wkh sxeolvkhg glvfuhsdqf| iru d jlyhq |hdu lv vxemhfw wr
odujh uhylvlrqv lq vxevhtxhqw gdwd uhohdvhv1 Iru h{dpsoh/ wkh ydoxh iru wkh
4<<7 glvfuhsdqf| udqjhv iurp 0':8 eloolrq lq wkh 4<<8 gdwd uhohdvh wr ohvv
wkdq 0'83 eloolrq lq wkh 4<<; gdwd uhohdvh1 Wkxv hdfk revhuydwlrq lq jxuh 4
frphv iurp wkh prvw uhfhqw uhohdvh frqwdlqlqj gdwd iru wkdw |hdu1 Wr jhw d
vhqvh ri wkh udqjh ri xqfhuwdlqw|/ zh wuhdw d |hdu*v revhuydwlrqv iurp ydulrxv
uhohdvhv dv lqghshqghqw gudzv dqg frqvwuxfw wkh <8( frqghqfh edqg +jxuh
9,1 Zh qg wkdw uhgxfwlrqv lq wkh phdq glvfuhsdqf| duh dffrpsdqlhg e| dq
lqfuhdvh lq wkh udqjh ri xqfhuwdlqw|1

Recorded Current-Account Discrepancy
95% Confidence Interval
0

-50
$bil

-100

-150
1985 1986 1987 1988 1989 1991 1992 1993 1994

mean -74.5 -57.38 -44.45 -57.94 -81.99 -108.3 -106.1 -73.16 -60.35
upper bound -69.94 -50.14 -32.62 -53.23 -75.61 -101 -100.6 -63.51 -39.08
low er bound -79.06 -64.62 -56.28 -62.65 -88.36 -115.5 -111.5 -82.81 -81.62
# of observations 4 5 6 7 7 7 6 5 4

Iljxuh 9= <8( Frqghqfh Lqwhuydo iru wkh Phdq Glvfuhsdqf|

54
Rqh uhdvrq iru wkh odujh uhylvlrqv lv wkh gl!fxow| ri jdwkhulqj d frp0
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lqfrph/ wkh LPI dvvxphv wkdw ghelw phdvxuhv duh uholdeoh/ froohfwv gdwd rq
furvv0erughu dvvhwv dqg oldelolwlhv +iurp wkh ELV,/ dssolhv udwhv ri uhwxuqv/ dqg
wkhq hvwlpdwhv lqfrph fuhglwv1 Iru vklsslqj/ wkh LPI hvwlpdwhv uhyhqxhv e|
doorfdwlqj rshudwruv* zruog wrqqdjh e| frxqwu|/ hvwlpdwlqj d sulfh shu wrq/
dqg doorfdwlqj fuhglwv wr wkh qrq0uhsruwlqj frxqwulhv1
Wkh vrxufh iru doo |hduv lv=

4<:5 gdwd iurp 4<:< ERS Yro1 63
4<:6 gdwd iurp 4<;3 ERS Yro1 64
4<:7 gdwd iurp 4<;4 ERS Yro1 65
4<:8 gdwd iurp 4<;5 ERS Yro1 66
4<:9 gdwd iurp 4<;6 ERS Yro1 67
4<:: gdwd iurp 4<;7 ERS Yro1 68
4<:; gdwd iurp 4<;8 ERS Yro1 69
4<:< gdwd iurp 4<;9 ERS Yro1 6:
4<;3 gdwd iurp 4<;: ERS Yro1 6;
4<;4 gdwd iurp 4<;; ERS Yro1 6<
4<;5 gdwd iurp 4<;< ERS Yro1 73
4<;6 gdwd iurp 4<<3 ERS Yro1 74
4<;7 gdwd iurp 4<<4 ERS Yro1 75
4<;8 gdwd iurp 4<<5 ERS Yro1 76
4<;9 gdwd iurp 4<<6 ERS Yro1 77
4<;: gdwd iurp 4<<7 ERS Yro1 78
4<;; gdwd iurp 4<<8 ERS Yro1 79
4<;< gdwd iurp 4<<9 ERS Yro1 7:
4<<3 gdwd iurp 4<<: ERS Yro1 7;
4<<4 gdwd iurp 4<<; ERS Yro1 7<
4<<504<<; gdwd iurp 4<<< ERS Yro1 83
Vsrw Zruog XV' shu eduuho iru rlo= LPI 334:9DD]
Ihghudo Ixqgv Udwh= LPI 44493E
Zruog Lpsruwv= LPI 334:4G
XV Lpsruwv= LPI 444:4G
JGS Jurzwk= LPI 4<<: \hduerrn *JGS dw Frqvwdqw Sulfhv* s1 477078

55
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Zruog Jurzwk 051;; Wudqvihuv 05135
8( ydoxh lv 051<<:> 4( ydoxh lv 061:8

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56
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64
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65