Table A6. Correlation of Annual Output Growth per Worker with Rest of the Manufacturing
Sector: Panel Robustness Results
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) | |
|
Trade/Output |
-0.022* |
-0.021* |
-0.048** |
-0.026* |
-0.053** |
-0.018+ |
|
(0.010) |
(0.010) |
(0.007) |
(0.010) |
(0.007) |
(0.011) | |
|
Output per worker |
0.008 |
-0.022 |
-0.020 |
-0.004 | ||
|
(0.014) |
(0.026) |
(0.014) |
(0.027) | |||
|
Avg. output per worker |
-0.019 (0.031) | |||||
|
Growth of output per worker |
-0.010 (0.124) | |||||
|
Var(TOT) |
-0.002 (0.003) | |||||
|
Var(Trade) |
0.000 (0.004) | |||||
|
Share of manuf. trade |
0.470** | |||||
|
Liq. needs×Private credit/GDP |
0.812** | |||||
|
Observations |
4161 |
4147 |
4117 |
4094 |
4133 |
3809 |
|
R2 |
0.672 |
0.672 |
0.055 |
0.684 |
0.078 |
0.712 |
|
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 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.
39
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