Medium-term determinants of current accounts in industrial and developing countries: an empirical exploration

摘要: Abstract This paper provides an empirical investigation of the medium-term determinants current accounts for a large sample industrial and developing countries, utilizing approach that highlights macroeconomic longer-term saving investment balances. Cross-section panel regression techniques are used to characterize variation account across countries over time. We find balances positively correlated with government budget initial stocks net foreign assets. Among measures financial deepening associated while indicators openness international trade negatively