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
More intriguing information
1. BUSINESS SUCCESS: WHAT FACTORS REALLY MATTER?2. Evaluating Consumer Usage of Nutritional Labeling: The Influence of Socio-Economic Characteristics
3. Non-farm businesses local economic integration level: the case of six Portuguese small and medium-sized Markettowns• - a sector approach
4. Nonparametric cointegration analysis
5. Before and After the Hartz Reforms: The Performance of Active Labour Market Policy in Germany
6. Auction Design without Commitment
7. Momentum in Australian Stock Returns: An Update
8. Naïve Bayes vs. Decision Trees vs. Neural Networks in the Classification of Training Web Pages
9. The growing importance of risk in financial regulation
10. Standards behaviours face to innovation of the entrepreneurships of Beira Interior