Trade Openness and Volatility



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)
25th pctile

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)
25th pctile

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)
25th pctile

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 25
th to 75th percentile of trade openness in the
sample.

31



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