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

Table 7 Current account balance: all institutional quality determinants for full sample except Africa and industrial countries

From: Macroeconomic, institutional and financial determinants of current account balances: a panel data assessment

  Full sample - Full sample - Full sample - Full sample -
Africa and industrial Africa and industrial Africa and industrial Africa and industrial
GDP − .1407 − .1150 − .0337 − .0354
  (− 3.60)*** (− 1.63) (− .39) (− .42)
Fiscal balance .1005 .1247 .1454 .1332
  (.88) (1.34) (1.33) (1.24)
Terms of trade .0294 .0615 .0573 .0558
  (1.96)** (2.76)*** (2.94)*** (2.84)***
Real effective exchange rate − .0777 − .1065 − .1091 − .1109
  (− 4.18)*** (− 3.57)*** (− 2.71)*** (− 2.84)***
Trade openness − .0362 − .0682 − .0677 − .0663
  (− 1.70)* (− 2.33)** (− 1.82)* (− 1.85)*
Relative income 7.9815 − 6.1277 16.7302 14.1593
  (.62) (− .33) (1.29) (1.09)
Average net crude oil export/GDP .5975 .7978 .8676 .8906
  (2.59)*** (3.41)*** (3.00)*** (3.17)***
Total private credit/GDP − .0230 − .0209 − .0262 − .0273
  (− 2.68)*** (− 2.82)*** (− 2.87)*** (− 3.23)***
Political stability and the absence of violence 220132013)    − 2.0465  
    (− 2.11)**  
(1996–2013)     
Legal system and property rights (1990–2013) − .7381    
  (− 2.03)**    
Polcon V (1986–2013)   − 2.5681   
   (− 1.96)*   
Voice and accountability (1996–2013)     − 5.0551
     (− 2.08)**
R-sq .1573 .2083 .2100 .2150
Number of observations 500 725 485 485
  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