The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
From: Determinants of current account imbalance in the global economy: a dynamic panel analysis
 | (1) | (2) | (3) | (4) |
---|---|---|---|---|
Developed | Emerging | Developing | Full sample | |
Lag CAB (% of GDP) | 0.740*** | 0.407*** | 0.645*** | 0.414*** |
(0.045) | (0.003) | (0.013) | (0.001) | |
Real GDP growth rate | −0.225*** | 0.819*** | −0.049*** | 0.471*** |
(0.018) | (0.024) | (0.016) | (0.003) | |
∆ REER | −0.016*** | −0.103*** | −0.003** | −0.008*** |
(0.006) | (0.009) | (0.001) | (0.0009) | |
Commodity price index | −0.005 | 0.0139*** | 0.009*** | 0.0001 |
(0.005) | (0.004) | (0.002) | (0.0004) | |
Net foreign assets (% of GDP) | 2.893 | −0.423 | 2.064*** | −0.146** |
(1.957) | (0.538) | (0.715) | (0.064) | |
Openness of trade | 0.042*** | 0.036*** | 0.011 | 0.066*** |
(0.013) | (0.011) | (0.008) | (0.002) | |
de jure capital openness | −1.114 | 0.981 | −4.499 | −0.856* |
(3.749) | (2.139) | (4.094) | (0.153) | |
Exchange rate stability index | 1.517* | −2.079** | −0.712* | −3.200*** |
(1.084) | (1.294) | (1.369) | (0.230) | |
Sargan test (p value) | 0.231 | 0.185 | 0.217 | 0.280 |
Hansen J test (p value) | 0.273 | 0.168 | 0.236 | 0.260 |
Diff-in-Hansen test (p value) | 0.183 | 0.151 | 0.179 | 0.231 |
A–B test AR(1) (p value) | 0.056 | 0.021 | 0.000 | 0.014 |
A–B test AR(2) (p value) | 0.483 | 0.458 | 0.478 | 0.479 |
Observations | 837 | 992 | 1457 | 3286 |
Number of countries | 27 | 32 | 47 | 106 |