The dynamics of the magnetospheric current systems are studied in the course of the specific magnetospheric disturbance on January 9--12, 1997, caused by the interaction of the Earth's magnetosphere with a dense solar wind plasma cloud. To estimate the contribution of the different sources of the magnetospheric magnetic field to the disturbance ground measured, a dynamic paraboloid model of the magnetosphere is used. The model input parameters are defined by the solar wind density and velocity, by the strength and direction of the interplanetary magnetic field, and by the auroral AL index. The total energy of the ring current particles is calculated from the energy balance equation, where the injection function is determined by the value of the solar wind electric field. New analytical relations describing the dynamics of the different magnetospheric magnetic field sources dependent on the model input parameters are obtained. The analysis of the magnetic disturbances during the January 9--12, 1997, event shows that in the course of the main phase of the magnetic storm the contribution of the ring current, the currents on the magnetopause, and the currents in the magnetotail are approximately equal to each other by an order of magnitude. Nevertheless, in some periods one of the current systems becomes dominant. For example, an intense Dst positive enhancement (up to +50 nT) in the course of the magnetic storm recovery phase in the first hours on January 11, 1997, is associated with a significant increase of the currents on the magnetopause, while the ring current and the magnetotail current remain at a quiet level. A comparison of the calculated Dst variation with measurements indicates good agreement. The root mean square deviation is ~8.7 nT in the course of the storm. ¿ 2001 American Geophysical Union