Trade Openness and Volatility

Table A4. Volatility of Annual Output Growth per Worker: Panel Robustness Results

	(1)	(2)	(3)	(4)	(5)	(6)
Trade/Output	0.108**	0.092**	0.229**	0.130**	0.242**	0.083**
	(0.028)	(0.025)	(0.019)	(0.031)	(0.019)	(0.030)
Output per worker			-0.624**	-0.195**	-0.552**	-0.293**
			(0.042)	(0.071)	(0.042)	(0.079)
Avg. output per worker	0.053 (0.083)
Growth of output per worker		5.890** (0.415)
Var(TOT)			-0.006 (0.007)
Var(Trade)				0.003 (0.013)
Share of manuf. trade					-1.325**
					(0.122)
Liq. needs×Private credit/GDP						-0.273 (0.909)
Observations	4287	4283	4241	4219	4218	3927
R²	0.670	0.708	0.196	0.672	0.216	0.693
^μt	yes	yes	no	yes	no	yes
μc × μi	yes	yes	no	yes	no	yes
^μi × ^μt	no	no	yes	no	yes	no

Notes: Robust standard errors in parentheses. + significant at 10%; * significant at 5%; ** significant at 1%. The
sample period is 1970-99. The dependent variable is the log variance of the growth rate of output per worker, 1970-99.
AAll variables are in natural logs except for Liq. needs×Private credit/GDP and Output per worker growth. ‘Liq.
needs’ stands for Raddatz (2005)’s sector-level measure of liquidity needs, which is inventories over sales, calculated
using COMPUSTAT data. All variables are period averages, except for output per worker which is the period’s initial
value. μ_c denotes the country fixed effects. μ_i denotes the sector fixed effects. All specifications are estimated using
OLS.

More intriguing information

1. Markets for Influence
2. The name is absent
3. Valuing Access to our Public Lands: A Unique Public Good Pricing Experiment
4. The name is absent
5. The name is absent
6. The Interest Rate-Exchange Rate Link in the Mexican Float
7. Globalization, Divergence and Stagnation
8. Sector Switching: An Unexplored Dimension of Firm Dynamics in Developing Countries
9. Macroeconomic Interdependence in a Two-Country DSGE Model under Diverging Interest-Rate Rules
10. The name is absent