The current account as a percent of GDP in 1996 is shown in Table 3 with 25
observations. There are two outliers, Singapore and Venezuela, with a very high
current account surplus. This measure of the current account is not signi"cant in
explaining the exchange rate depreciation by itself (Table 4). Even if we drop
Singapore and Venezuela there is no signi"cant result using the current account
as an explanatory variable.