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

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