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

Table 6 Current account balance: institutional quality—political stability (1996–2013)

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 .1797 − .0296 .1082 .01332 − .0337 .0393
  (2.29)** (− .60) (1.31) (.19) (− .39) (.64)
Fiscal balance − .0623 .1841 .2529 .2674 .1454 .2532
  (− .36) (1.48) (1.85)* (2.12)** (1.33) (2.28)**
Terms of trade .0372 .0028 .0947 .0650 .0573 .0605
  (1.04) (.16) (4.39)*** (3.36)*** (2.94)*** (3.34)***
Real effective exchange rate − .0552 − .0398 − .1344 − .1074 − .1091 − .1035
  (− 1.12) (− 1.04) (− 4.32)*** (− 3.35)*** (− 2.71)*** (− 3.78)***
Trade openness − .0729 − .0113 − .2254 − .1006 − .0677 − .0951
  (− 1.35) (− .50) (− 4.47)*** (− 2.76)*** (− 1.82)* (− 2.91)***
Relative income − 29.4922 − 7.6128 − 63.9564 18.5286 16.7302 − .2062
  (− 2.01)** (− .82) (− .60) (1.26) (1.29) (− .02)
Average net crude oil export/GDP − .0303 .5128 .5694 .6172 .8676 .6048
  (− .08) (2.00)** (3.57)*** (3.88)*** (3.00)*** (3.92)***
Total private credit/GDP − .0444 − .0265 − .0918 − .0285 − .0262 − .0327
  (− 3.27)*** (− 3.67)*** (− 2.61)** (− 2.44)** (− 2.87)*** (− 2.67)***
Political stability and absence of violence .2175 − .3655 − 1.3520 − 1.3147 − 2.0465 − 1.1350
  (.29) (− .48) (− 1.44) (− 1.67)* (− 2.11)** (− 1.72)*
R-sq .1641 .0953 .3621 .2595 .2100 .2380
Number of observations 226 399 447 619 485 845
  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