Table 4 Current account balance: macroeconomic stability (1986–2013)

GDP

.1284

− .0717

− .0047

− .0756

− .1202

− .0544

(1.84)*

(− 1.75)*

(− .07)

(− 1.40)

(− 1.82)*

(− 1.09)

Fiscal balance

− .0563

− .2192

.2912

.2971

.1505

.2810

(− .38)

(− 1.53)

(3.34)***

(3.39)***

(1.68)*

(3.46)***

Terms of trade

.0560

.0261

.1011

.0738

.0578

.0707

(1.60)

(1.56)

(5.16)***

(4.40)***

(2.55)**

(4.39)***

Real effective exchange rate

− .0831

− .0460

− .1103

− .0932

− .1108

− .0929

(− 2.00)**

(− 2.94)***

(− 4.36)***

(− 5.04)***

(− 3.84)***

(− 5.27)***

Trade openness

− .0223

.0019

− .1990

− .1034

− .0542

− .0994

(− .52)

(.10)

(− 5.51)***

(− 4.04)***

(− 2.29)**

(− 4.12)***

Relative income

− 16.2272

− 28.3194

− 194.3722

− 13.4536

− 8.0804

− 14.0832

(− 1.27)

(− 2.95)***

(− 3.01)***

(− .87)

(− .46)

(− 1.34)

Average net crude oil export/GDP

− .3252

.7246

.5610

.5876

.8262

.5805

(− .79)

(4.62)***

(4.21)***

(4.38)***

(3.62)***

(4.38)***

Total private credit/GDP

− .0315

− .0195

− .0567

− .0305

− .0241

− .0323

(− 2.73)***

(− 3.23)***

(− 2.10)**

(− 2.97)***

(− 2.67)***

(− 3.90)***

Inflation rate (CPI)

− .4638

.0000

.0118

.0117

− .0188

.0118

(− 2.72)***

(.11)

(36.42)***

(40.45)***

(− .95)

(41.31)***

R-sq

.1797

.2457

.4385

.3632

.2013

.3428

Number of observations

259

611

744

978

750

1237