An Intertemporal Benchmark Model for Turkey’s Current Account



Table VII: Test for equality of the optimal and actual current account

Restrictions

Coefficient

Standard error

T-statistic

c 1 - a 1 = 0

0.3922

0.209949

1.868074

c 2 - a 2 = 0

0.0789

0.228639

0.345085

c 3 - a 3 = 0

0.2241

0.22555

0.99357

c 4 - a 4 = 0

-0.4352

0.229637

-1.89516

c 5 - a 5 = 0

-0.0303

0.158773

-0.19084

d 1 - b1 = 1.0512 10

0.8214

0.184162

-1.24781

d 2 - b 2 = 0

0.1298

0.228679

0.567608

d 3 - b 3 = 0

-0.3639

0.244109

-1.49073

d 4 - b 4 = 0

0.7648

0.256563

2.980939*

d 5 - b 5 = 0

-0.5837

0.208832

-2.79507*

Reject the null, which implies that the restrictions do not hold.

10 The restriction is d1 - b1 = 1 + r where r is the world rate of interest. We use the average rate in our
sample for this test.

25



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