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Economic Analysis Letters

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Economic Policies and Balance of Payments Across Global Income Groups

by Ayesha Iqbal a ,  Min Bai a,*  and  Abhishek Mukherjee a
a
School of Accounting, Finance & Economics, Waikato Management School, The University of Waikato, Hamilton, New Zealand
*
Author to whom correspondence should be addressed.
JEA  2025 4(2):104; https://doi.org/10.58567/jea04020007
Received: 15 October 2024 / Accepted: 14 February 2025 / Published Online: 21 February 2025
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Abstract

This research paper investigates the policy impact of tariff, interest rate, and political stability on balance of payments among three income groups classified by the World Bank. The global panel data is taken from the World Bank from 2002 to 2022 and divided into three groups based on the classification on per capita income into High Income, Upper middle income, and Lower middle-income countries. This study explores how these variables impact balance of payments in different economic conditions and if their impact is different. The study employed in this paper is the Panel Least Squares, Fixed Effects Regression, GMM and Dumitrescu panel granger causality tests. The findings do confirm that these variables indeed have unlike impacts in the selected groups and the importance of tariff and interest rate as a policy tool cannot be sidelined. This research contributes to a deeper understanding of the complex relationship between macroeconomic variables within each income group also highlighting the importance of political stability for economic outlook.

Keywords: Tariff; interest rate; political stability; balance of payment; higher income countries; upper middle-income countries; lower middle-income countries;
Copyright: © 2025 by Iqbal, Bai and Mukherjee. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
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APA Style
Iqbal, A., Bai, M., & Mukherjee, A. (2025). Economic Policies and Balance of Payments Across Global Income Groups. Journal of Economic Analysis, 4(2), 104. doi:10.58567/jea04020007
ACS Style
Iqbal, A.; Bai, M.; Mukherjee, A. Economic Policies and Balance of Payments Across Global Income Groups. Journal of Economic Analysis, 2025, 4, 104. doi:10.58567/jea04020007
AMA Style
Iqbal A, Bai M, Mukherjee A. Economic Policies and Balance of Payments Across Global Income Groups. Journal of Economic Analysis; 2025, 4(2):104. doi:10.58567/jea04020007
Chicago/Turabian Style
Iqbal, Ayesha; Bai, Min; Mukherjee, Abhishek 2025. "Economic Policies and Balance of Payments Across Global Income Groups" Journal of Economic Analysis 4, no.2:104. doi:10.58567/jea04020007

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ACS Style
Iqbal, A.; Bai, M.; Mukherjee, A. Economic Policies and Balance of Payments Across Global Income Groups. Journal of Economic Analysis, 2025, 4, 104. doi:10.58567/jea04020007
AMA Style
Iqbal A, Bai M, Mukherjee A. Economic Policies and Balance of Payments Across Global Income Groups. Journal of Economic Analysis; 2025, 4(2):104. doi:10.58567/jea04020007
Chicago/Turabian Style
Iqbal, Ayesha; Bai, Min; Mukherjee, Abhishek 2025. "Economic Policies and Balance of Payments Across Global Income Groups" Journal of Economic Analysis 4, no.2:104. doi:10.58567/jea04020007
APA style
Iqbal, A., Bai, M., & Mukherjee, A. (2025). Economic Policies and Balance of Payments Across Global Income Groups. Journal of Economic Analysis, 4(2), 104. doi:10.58567/jea04020007

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