Table 9. Cross-Country and Cross-Decade Impacts of Changes in Openness
|
Sample |
____________________________Effect____________________________ | |||
|
Sector Volatility |
Comovement |
Specialization |
Total | |
|
Full ∆σA2 ∆σA2 /σA2 |
0.0009 0.1016 |
-0.0003 -0.0389 |
0.0011 0.1281 |
0.0016 0.1908 |
|
Developed |
0.0003 0.2432 |
-0.0001 -0.0945 |
0.0003 0.2517 |
0.0005 0.4005 |
|
Developing |
0.0012 0.1367 |
-0.0004 -0.0503 |
0.0018 0.1971 |
0.0025 0.2834 |
|
1970s |
0.0008 0.0717 |
-0.0004 -0.0369 |
0.0005 0.0451 |
0.0009 0.0799 |
|
1980s |
0.0007 0.0909 |
-0.0007 -0.0837 |
0.0008 0.1045 |
0.0009 0.1118 |
|
1990s |
0.0013 0.1865 |
-0.0007 -0.1015 |
0.0013 0.1918 |
0.0019 0.2767 |
Notes: This table reports the estimated change in aggregate volatility, in absolute terms (∆σA2 ), and relative to the
average aggregate volatility in the sample (∆σA2 /σA2 ). The first three columns report the individual effects, and the
last column the combined effect. The trade opening used in this table is equivalent to moving from the 25th to 75th
percentile of trade openness in the sample.
30
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