Table 2.

Determinants of fiscal balance (commodity-exporting and commodity-importing countries)

	Dependent variable:${\mathit{FB}}_{i,t}$
	Commodity-exporting countries			Commodity-importing countries
	Pooled OLS (1)	FE (2)	RE (3)	Pooled OLS (4)	FE (5)	RE (6)
${\mathit{FB}}_{i,t-1}$	0.68*** (0.02) [0.06]	0.55*** (0.03) [0.09]	0.68*** (0.02) [0.06]	0.67*** (0.02) [0.004]	0.51*** (0.02) [0.004]	0.67*** (0.02) [0.004]
${\mathit{CPV}}_{i,t}$	–0.08*** (0.02) [0.02]	–0.07*** (0.02) [0.02]	–0.08*** (0.02) [0.02]	–0.02 (0.02) [0.02]	–0.02 (0.02) [0.02]	–0.02 (0.02) [0.02]
$PC{\mathit{CP}}_{i,t}$	0.05*** (0.006) [0.008]	0.04*** (0.006) [0.007]	0.05*** (0.006) [0.0006]	0.04*** (0.006) [0.01]	0.03*** (0.006) [0.008]	0.04*** (0.006) [0.01]
${\mathit{CAP}}_{i,t}$	0.0007 (0.002) [0.001]	0.001 (0.002) [0.001]	0.0007 (0.002) [0.001]	0.003 (0.006) [0.007]	0.009 (0.006) [0.005]	0.003 (0.006) [0.007]
${\mathit{MI}}_{i,t}$	–0.33***(0.09)[0.12]	–1.03***(0.20)[0.32]	–0.33***(0.09)[0.12]	–0.20***(0.06)[0.09]	–0.97***(0.17)[0.41]	–0.20***(0.06)[0.09]
${\mathit{RIR}}_{i,t}$	–0.03 (0.02) [0.02]	–0.03* (0.02)[0.02]	–0.03 (0.02) [0.02]	–0.01 (0.02) [0.02]	–0.05*** (0.02) [0.03]	–0.01 (0.02) [0.02]
${\mathit{RIR}}_{i,t}$*${\mathit{CPV}}_{i,t}$	–0.003 (0.002) [0.003]	–0.005** (0.002) [0.003]	–0.003 (0.002) [0.003]	–0.004** (0.002) [0.002]	–0.003* (0.002) [0.002]	–0.004** (0.002) [0.003]
R2	0.54	0.48	0.54	0.48	0.38	0.48
Periods	26	26	26	26	26	26
Countries	45	45	45	63	63	63
Observations	806	806	806	1131	1131	1131

Standard errors are presented below the corresponding coefficients in brackets. The asterisks ***, ** and * indicate the significance at the 1, 5 and 10 per cent level, respectively. Cluster standard errors are presented in square brackets