The set of structural control variables contains: (i) the ratio of foreign direct investment (FDI) to output as suggested in Prat et al. (2010) (which should have a negative effect on the current account since FDI allows a more sustainable financing of deficits); (ii) the ratio of net exports of oil to output (controlling for oil-exporter countries whose current account balances strongly depend on oil prices); and (iii) the terms of trade that helps to account for world market prices (which are expected to have a positive effect).