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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