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

Table 5 Current account balance: institutional quality—political risks (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 .1393 − .0759 .0161 − .0815 − .1150 − .0603
  (1.74)* (− 1.59) (.31) (− 1.51) (− 1.63) (− 1.21)
Fiscal balance − .0441 .1202 .1990 .3207 .1247 .3032
  (− .27) (1.02) (2.09)** (3.39)*** (1.34) (3.46)***
Terms of trade .0457 .0196 .0678 .0837 .0615 .0801
  (1.31) (1.24) (2.50)** (4.81)*** (2.76)*** (4.79)***
Real effective exchange rate − .0751 − .0571 − .1195 − .1083 − .1065 − .1074
  (− 1.37) (− 2.94)*** (− 5.12)*** (− 4.25)*** (− 3.57)*** (− 4.43)***
Trade openness − .0510 − .0179 − .1197 − .1034 − .0682 − .0977
  (− 1.09) (− .71) (− 3.98)*** (− 3.83)*** (− 2.33)** (− 3.84)***
Relative income − 29.6275 − 13.6657 − 214.1652 − 10.7705 − 6.1277 − 13.2496
  (− 2.30)** (− 1.42) (− 3.44)*** (− .68) (− .33) (− 1.21)
Average net crude oil export/GDP .1267 .5266 .4277 .6448 .7978 .6390
  (.34) (2.30)** (3.67)*** (4.56)*** (3.41)*** (4.55)***
Total private credit/GDP − .0326 − .0208 − .0676 − .0277 − .0209 − .0290
  (− 2.77)*** (− 3.66)*** (− 2.54)** (− 2.88)*** (− 2.82)*** (− 3.70)***
Polcon V − .4662 − 3.1961 − 1.5152 − 1.8629 − 2.5681 − 1.8285
  (− .29) (− 1.74)* (− 1.23) (− 1.57) (− 1.96)* (− 1.60)
R-sq .1281 .1340 .3370 .2822 .2083 .2659
Number of observations 242 452 750 960 725 1202
  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