Trade Openness and Volatility



Table Al. Country Summary Statistics: 1970-99

Country

Growth

Imports /
Output

Exports /
Output

Country

Growth

Imports/
Output

Exports/
Output

Avg-

St. Dev.

Avg.

St. Dev.

Australia*

0.028

0.038

0.172

0.161

Korea

0.055

0.049

0.178

0.186

Austria*

0.027

0.045

0.319

0.293

Malawi

0.057

0.155

0.713

0.329

Bangladesh

-0.008

0.145

0.405

0.191

Malaysia

0.032

0.047

0.471

0.506

Belgium*

0.042

0.058

0.339

0.384

Malta

0.054

0.074

0.989

0.388

Canada*

0.024

0.044

0.136

0.263

Mauritius

-0.008

0.090

0.437

0.628

Chile

0.041

0.143

0.197

0.226

Mexico

0.017

0.059

0.146

0.473

ChinajP-R-:Hong Kong

0.050

0.077

1.837

0.784

New Zealand*

0.011

0.054

0.250

0.327

Colombia

0.022

0.053

0.198

0.079

Norway*

0.026

0.040

0.363

0.284

Costa Rica

-0.026

0.096

0.373

0.184

Pakistan

0.058

0.063

0.358

0.294

Cyprus

0.020

0.067

0.875

0.202

Panama

0.013

0.084

2.071

0.504

Denmark

0.012

0.071

0.414

0.397

Peru

-0.027

0.119

0.154

0.154

Ecuador

0.027

0.084

0.409

0.099

Philippines

0.013

0.108

0.296

0.261

Egypt

0.017

0.068

0.340

0.149

Poland

0.044

0.082

0.229

0.184

Fiji

-0.007

0.118

0.656

0.471

Portugal*

0.021

0.072

0.344

0.260

Finland*

0.032

0.047

0.218

0.317

Senegal

-0.022

0.183

0.532

0.241

France*

0.038

0.042

0.170

0.187

Singapore

0.037

0.088

0.851

0.646

Germany*

0.028

0.039

0.139

0.204

South Africa

0.009

0.070

0.177

0.144

Greece*

0.026

0.041

0.465

0.197

Spain*

0.030

0.063

0.154

0.134

Guatemala

0.006

0.091

0.450

0.255

Sri Lanka

0.011

0.131

0.767

0.364

Honduras

-0.013

0.115

0.526

0.259

Sweden*

0.025

0.049

0.279

0.367

Hungary

0.038

0.063

0.231

0.217

Syrian Arab Republic

0.033

0.166

0.372

0.162

Iceland*

0.030

0.063

0.406

0.395

Taiwan

0.036

0.043

0.179

0.352

India

0.043

0.049

0.092

0.094

Tanzania

-0.032

0.138

0.725

0.282

Indonesia

0.049

0.066

0.532

0.306

Trinidad and Tobago

0.042

0.123

0.447

0.679

Ireland*

0.043

0.052

0.390

0.419

Turkey

0.037

0.068

0.159

0.101

Israel

0.030

0.133

0.353

0.276

United Kingdom*

0.029

0.048

0.207

0.196

Italy*

0.036

0.067

0.198

0.245

United States*

0.021

0.030

0.086

0.034

Jamaica

0.017

0.076

0.454

0.236

Uruguay

0.022

0.128

0.173

0.206

Japan*

0.035

0.051

0.039

0.101

Zimbabwe

0.056

0.107

0.097

0.111

Jordan

0.028

0.138

0.866

0.138

Notes: ‘Growth’ is the real manufacturing output per worker growth rate computed annually over 1970-99. Imports and exports to output are
averages of total manufacturing imports and exports divided by total manufacturing output. These summary statistics are calculated based on
the sample used in the cross-sectional regressions of Table 1. A * indicates a country in the developed subsample.



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