Trade Openness and Volatility

Figure 3. Manufacturing Output Volatility and Openness

Notes: Manufacturing output volatility is calculated using annual growth rates over 1970-99, and the manufacturing
trade-to-output ratio is an average over 1970-99.

Figure 4. Trade and Specialization

Log(Trade∕GDP)

Notes: The Herfindahl of production shares and the manufacturing trade-to-output measures ratio are averages for
1970-99. The graph reports partial correlations with GDP per capita netted out.

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