Table 3 Persistency results [AR(4) process of current account balance]

Lag 1. CAB (% of GDP)

0.535***

0.434***

0.382***

0.378***

(0.017)

(0.018)

(0.004)

(0.005)

Lag 2. CAB (% of GDP)

0.157***

0.065***

0.039***

0.024***

(0.017)

(0.017)

(0.002)

(0.002)

Lag 3. CAB (% of GDP)

0.134***

0.053***

0.032***

0.038***

(0.012)

(0.012)

(0.003)

(0.004)

Lag 4. CAB (% of GDP)

0.126***

0.047***

0.027***

0.024***

(0.014)

(0.013)

(0.003)

(0.003)

Observations

3180

3180

3074

3180

R-squared

0.42

0.47

–

–

Number of country

106

106

106

106