Trade Openness and Volatility

Table 10. The Impact of Changes in Openness Evaluated at Different Percentiles of the Data

Effect

Notes: This table reports the estimated change in aggregate volatility in absolute terms (∆σ_A² ), while evaluating σ² ,
ρ, and h at the 25^th and 75^th 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 75^th percentile of trade openness in the
sample.

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