If there's no pst-file Outlook should create a new empty one. It's strange it doesn't.
I don't understand your mentioning "account" (accounts look like e-mail or Exchange) and "control panel" (doesn't look like creating a file).
Things to try:
1. Are you sure the .pst file is gone? Did you look in Explorer?
2. Can you restore an old version from your backup? Or don't you backup that file?
3. Now make a new Windows account (Windows user) and see what happens if you run Outlook there.
The .pst file for my Outlook 2007 (running on Windows 7) some how got deleted. Now when I try to open Outlook it gives me an error message that says it can't find the default data file.
I've tried several solutions in an effort to fix the problem. Including uninstalling MS Office and reinstalling it, but i still had the same issue. I've also tried a Microsoft "Fix It" app that deleted some registry entries. That allowed the new account wizard to come up upon opening of outlook, but once the account was created I still had the same problem. My final attempt was to go into the control panel and create a new .pst file manually but no luck.
Any help would be greatly appreciated!