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

Table 4 Current account balance: macroeconomic stability (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 .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
  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