Table 10. The Impact of Changes in Openness Evaluated at Different Percentiles of the Data
Effect
|
Sector Volatility |
Comovement |
Specialization |
Total | |
|
Baseline |
0.0009 |
-0.0003 |
0.0011 |
0.0016 |
|
Sector Volatility (σi2) |
0.0004 |
-0.0002 |
0.0004 |
0.0006 |
|
75th pctile |
0.0013 |
-0.0004 |
0.0018 |
0.0027 |
|
Ratio 75th/25th |
2.90 |
1.95 |
4.44 |
4.22 |
|
Comovement (ρi,A-i) |
0.0008 |
-0.0003 |
0.0012 |
0.0016 |
|
75th pctile |
0.0010 |
-0.0003 |
0.0010 |
0.0017 |
|
Ratio 75th/25th |
1.29 |
1.00 |
0.87 |
1.05 |
|
Specialization (h) |
0.0007 |
-0.0004 |
0.0007 |
0.0011 |
|
75th pctile |
0.0009 |
-0.0003 |
0.0011 |
0.0017 |
|
Ratio 75th/25th |
1.28 |
0.95 |
1.60 |
1.60 |
Notes: This table reports the estimated change in aggregate volatility in absolute terms (∆σA2 ), while evaluating σ2 ,
ρ, and h at the 25th and 75th percentiles of their respective distributions. It also reports the ratio of the two. The
trade opening used in this table is equivalent to moving from the 25th to 75th percentile of trade openness in the
sample.
31
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