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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 2 Current account balance: baseline specifications (1986–2013)

From: Macroeconomic, institutional and financial determinants of current account balances: a panel data assessment

 

Industrial

High income

Developing

Full sample -

Full sample -

Full sample

Industrial

Africa and Industrial

GDP

.1631

− .1152

.0043

− .0883

− .1259

− .0653

 

(2.27)**

(− 2.19)**

(.07)

(− 1.69)*

(− 1.81)*

(− 1.36)

Fiscal balance/GDP

.0111

.1766

.3302

.3394

.1763

.3197

 

(.07)

(1.52)

(3.39)***

(3.59)***

(1.92)*

(3.68)***

Terms of trade

.0549

.0244

.1118

.0818

.0576

.0793

 

(1.72)*

(1.60)

(5.47)***

(4.73)***

(2.58)**

(4.85)***

Real effective exchange rate

− .0669

− .0502

− .1345

− .1057

− .1028

− .1049

 

(− 1.47)

(− 2.98)***

(− 4.00)***

(− 4.26)***

(− 3.48)***

(− 4.49)***

Trade openness

− .0410

− .0085

− .1789

− .0921

− .0584

− .0884

 

(− .90)

(− .42)

(− 5.00)***

(− 3.70)***

(− 2.32)**

(− 3.77)***

Relative income

− 27.9918

− 18.6167

− 187.4111

− 17.9461

− 16.0701

− 17.1117

 

(− 2.34)**

(− 2.03)**

(− 2.88)***

(− 1.15)

(− .82)

(1.68)*

Average net crude oil export/GDP

.4006

.6631

.6314

.6580

.8318

.6543

 

(1.28)

(3.08)***

(4.43)***

(4.61)***

(3.75)***

(4.65)***

R-sq

.0913

.1335

.3319

.2720

.1999

.2540

Number of observations

285

529

754

997

761

1282

  1. All variables are used in their first differences. t-statistics in parenthesis. *, **, *** indicate significance level at 10%, 5%, 1%, respectively. The estimates for the constants are not shown