Macroeconomic, institutional and financial determinants of current Account balances

Variables Number of Observations Data Source
Dependent Variables
1 Current Account/GDP (%) 2936 WEO*
Macroeconomic Determinants
2 GDP (%) 3111 World Bank
3 Terms of Trade 2363 World Bank
4 Real Effective Exchange Rate 3132 Bruegel Think Tank
5 Trade openness (X+M)/GDP (%) 3079 World Bank
6 Average Net Crude Oil Export/GDP (%)**** 2457 EIA**, World Bank
7 Government Expenditures/GDP (%) 3062 World Bank
8 Fiscal Balance/GDP (%) 2012 World Bank, OECD
9 Relative Income (US=1) 3139 World Bank
Demographics Determinants
10 Old-Age Dependency Ratio (%) 3385 World Bank
11 Youth Dependency Ratio (%) 3385 World Bank
Macroeconomic Stability Determinant
12 Inflation Rate (CPI) 3031 WEO*
Financial Determinants
13 Total Private Credit/GDP (%) 2945 World Bank
14 Stock Market Capitalization/GDP (%) 1984 World Bank
15 Market Turnover/GDP (%) 1957 World Bank
16 Banks Net Interest Margin (%) 1718 World Bank
Institutional Determinants
17 Size of Government Index 1492 Fraser Institute
18 Economic Freedom Summary Index 1492 Fraser Institute
19 Legal System and Property Rights Index 1493 Fraser Institute
20 Regulation Index 1492 Fraser Institute
21 Freedom to trade internationally Index 1492 Fraser Institute
22 Political Constraint (Polcon V) Index 2942 POLCON***
23 Voice and Accountability Index 1536 World Bank
24 Control of Corruption Index 1552 World Bank
25 Government Effectiveness Index 1552 World Bank
26 Political Stability and Absence of Violence Index 1552 World Bank
27 Regulatory Quality Index 1552 World Bank
28 Rule of Law Index 1552 World Bank
Human Capital Determinants
29 Government Education Expenditure/GDP (%) 1785 World Bank