Trade Openness and Volatility



Table 8. Volatility, Correlation and Specialization Coefficients Across Decades

Sector Volatility

(3)
1990s

(1)

1970s

(2)
1980s

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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