Table 8. Volatility, Correlation and Specialization Coefficients Across Decades
Sector Volatility |
(3) | ||
(1) 1970s |
(2) | ||
Trade/Output |
0.131** |
0.148** |
0.246** |
(0.028) |
(0.033) |
(0.045) | |
Observations |
1401 |
1455 |
1431 |
R2 |
0.622 |
0.674 |
0.495 |
Comovement | |||
(1) |
(2) |
(3) | |
1970s |
1980s |
1990s | |
Trade/Output |
-0.030* |
-0.060** |
-0.064** |
(0.012) |
(0.016) |
(0.018) | |
Observations |
1378 |
1379 |
1404 |
R2 |
0.270 |
0.288 |
0.288 |
Specialization | |||
(1) |
(2) |
(3) | |
1970s |
1980s |
1990s | |
Trade/Output |
0.180 |
0.342** |
0.468** |
(0.130) |
(0.120) |
(0.136) | |
Observations |
52 |
51 |
50 |
R2 |
— |
— |
— |
Notes: Robust standard errors in parentheses. + significant at 10%; * significant at 5%; ** significant at 1%. Sector
volatility and comovement decade regressions run with country and sector fixed effects, corresponding to column (4)
of Tables 1 and 4. Specialization decade regressions run using IV, corresponding to column (3) of Table 7.
29
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