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** | |||||
|
Var(TOT) |
-0.006 (0.007) | |||||
|
Var(Trade) |
0.003 | |||||
|
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. μc denotes the country fixed effects. μi denotes the sector fixed effects. All specifications are estimated using
OLS.
37