The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 3 Current account balance: financial development (1986–2013)
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 |