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) | 0.798*** | 0.400*** | 0.639*** | 0.405*** |
(0.031) | (0.007) | (0.028) | (0.0006) | |
Real GDP growth rate | −0.215*** | 0.798*** | −0.028** | 0.458*** |
(0.018) | (0.033) | (0.012) | (0.004) | |
∆ REER | −0.014*** | −0.091*** | −0.004** | −0.008*** |
(0.004) | (0.011) | (0.002) | (0.001) | |
Commodity price index | −0.005 | 0.009*** | 0.007*** | −0.004*** |
(0.003) | (0.003) | (0.001) | (0.0005) | |
Openness of trade | −0.004 | 0.042*** | −0.003 | 0.084*** |
(0.025) | (0.008) | (0.005) | (0.002) | |
de facto capital openness | 0.0001 | −0.002*** | −0.004*** | −0.006*** |
(0.0006) | (0.0001) | (0.001) | (0.0001) | |
Exchange rate stability index | 1.081 | −4.948** | 0.304 | −2.937*** |
(1.683) | (1.925) | (1.034) | (0.135) | |
Asian crisis dummy | 10.54* | −2.253* | – | 0.684 |
(6.071) | (18.74) | – | (0.612) | |
Sargan test (p value) | 0.193 | 0.214 | 0.197 | 0.221 |
Hansen J test (p value) | 0.172 | 0.178 | 0.227 | 0.219 |
Diff-in-Hansen test (p value) | 0.138 | 0.163 | 0.211 | 0.194 |
A–B test AR(1) (p value) | 0.024 | 0.011 | 0.007 | 0.004 |
A–B test AR(2) (p value) | 0.583 | 0.582 | 0.590 | 0.577 |
Observations | 837 | 992 | 1457 | 3286 |
Number of countries | 27 | 32 | 47 | 106 |