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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