Trade Openness and Volatility



Table A5. Correlation of Annual Output Growth per Worker with Rest of the Manufacturing Sector: Cross-Sectional Robustness
Results

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Trade/Output

-0.033**

-0.024*

-0.052**

-0.033*

-0.027**

-0.022*

-0.059**

-0.028**

(0.0f0)

(0.040)

(0.008)

(0.014)

(0.010)

(0.011)

(0.009)

(0.010)

Output per worker

0.029*

-0.042*

-0.045**

-0.043**

0.000

-0.043*

(0.014)

(0.017)

(0.017)

(0.017)

(0.014)

(0.017)

Avg. output per worker

-0.085**

(0.020)

Growth of output per worker

-0.130

(0.272)

Var(TOT)

-0.010**

(0.003)

Var(TOT) ×Trade∕ Output

0.001

(0.002)

CC

QO

Var(Trade)

0.006

0.011*

(0.005)

(0.005)

Var(Trade) × Trade/Output

0.006*

(0.003)

Share of manuf. trade

0.307**

(0.052)

Liq. needs×Private credit∕GDP

-1.500**

(0.425)

Observations

Ï5Ï5

Ï5Ï5

1495

1495

Ï5Ï5

Ï5Ï5

1487

Ï5Ï5

R2_________________________

0.376

0.367

0.108

0.373

0.372

0.375

0.118

0.406

μc

yθs

yes

no

yes

yes

yes

no

yes

μi_________________________________

yes

yes

yes

yes

yes

yes

yes

yes

Notes: Robust standard errors in parentheses. + significant at 10%; * significant at 5%; *t significant at 1%. The sample period is 1970-99.
The dependent variable is the correlation of the growth rate of output per worker with the rest of the manufacturing sector, 1970-99. All
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.



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