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RDP 2007-11: Global Imbalances and the Global Saving Glut – A Panel Data Assessment
Equation (1)
C
A
B
i
t
G
D
P
i
t
=
η
i
+
β
1
C
A
B
i
t
−
1
G
D
P
i
t
−
1
+
β
2
C
A
B
i
t
−
2
G
D
P
i
t
−
2
+
β
3
d
e
p
e
n
d
e
n
c
y
r
a
t
i
o
i
t
+
β
4
f
i
n
a
n
c
i
a
l
d
e
e
p
n
e
s
s
i
t
+
∑
k
=
0
4
β
k
+
5
c
r
i
s
i
s
i
t
−
k
+
β
10
i
n
s
t
i
t
u
t
i
o
n
s
i
t
+
∑
l
=
0
1
β
11
+
l
t
e
r
m
s
o
f
t
r
a
d
e
i
t
−
l
+
β
13
g
r
o
w
t
h
i
t
+
β
14
f
i
s
c
a
l
b
a
l
a
n
c
e
i
t
+
β
15
g
r
o
w
t
h
i
t
∗
f
i
n
a
n
c
i
a
l
d
e
e
p
n
e
s
s
i
t
+
β
16
g
r
o
w
t
h
i
t
∗
i
n
s
t
i
t
u
t
i
o
n
i
t
+
β
17
g
r
o
w
t
h
i
t
∗
o
n
g
o
i
n
g
c
r
i
s
i
s
i
t
+
ε
i
t
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