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

Table 3 Current account balance: financial development (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 .1515 − .0682 − .0088 − .0796 − .1111 − .0582
  (1.95)* (− 1.48) (− .13) (− 1.50) (− 1.59) (− 1.19)
Fiscal balance − .0195 .1070 .3179 .3212 .1390 .3043
  (− .12) (.96) (3.32)*** (3.45)*** (1.53) (3.53)***
Terms of trade .0448 .0156 .1082 .0798 .0574 .0764
  (1.29) (1.02) (5.29)*** (4.61)*** (2.57)** (4.60)***
Real effective exchange rate − .0697 − .0625 − .1310 − .1086 − .1102 − .1075
  (− 1.50) (− 3.66)*** (− 3.79)*** (− 4.36)*** (− 3.78)*** (− 4.57)***
Trade openness − .0649 − .0155 − .1762 − .0926 − .0588 − .0893
  (− 1.37) (− .74) (− 4.92)*** (− 3.70)*** (− 2.34)** (− 3.78)***
Relative income − 25.2878 − 15.5177 − 177.0909 − 11.7724 − 8.7412 − 12.9486
  (− 1.98)** (− 1.67)* (− 2.72)*** (− .78) (− .49) (− 1.25)
Average net crude oil .0648 .5471 .6198 .6493 .8169 .6431
Export/GDP (.18) (2.58)*** (4.31)*** (4.52)*** (3.55)*** (4.53)***
Total private credit/GDP − .0360 − .0247 − .0556 − .0303 − .0240 − .0319
  (− 2.96)*** (− 3.88)*** (− 2.01)** (− 2.92)*** (− 2.67)*** (3.84)***
R-sq .1308 .1324 .3356 .2754 .1994 .2595
Number of observations 259 494 753 987 752 1246
  1. All variables are used in their first differences. t-statistics in parenthesis. *, **, *** indicate significance at 10%, 5%, 1%, respectively. The estimates for the constants are not shown