Trade Openness and Volatility



Table A7. Specialization and Trade Openness at the Country Level: Robustness Results

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

Manuf. Trade/Output

Total Trade/GDP

Herfindahl of exports

0.378+
(0.183)

0.297**
(0.095)

0.196**
(0.045)

0.230*
(0.086)

0.481**
(0.153)

0.181**
(0.062)

0.479*
(0.217)

0.166**
(0.044)

0.209+
(0.113)

0.242**
(0.068)

0.362**
(0.110)

0.229**
(0.063)

0.483**
(0.125)

GDP per capita

0.276

-0.057

-0.179**

-0.080

0.041

-0.103+

-0.154**

-0.167**

0.440

(GDP per capita)2

Pop. density

Population

Mining GDP share

Agr. GDP share

(0.327)

(0.098)

(0.036)

(0.166)

(0.103)

(0.056)

(0.056)

(0.053)

(0.717)
-0.007
(0.042)
-0.001
(0.001)
0.000
0.000
0.386
(1.306)
0.025+
(0.012)

Constant

-4.807

-1.501+

-0.611+

-0.553

-1.745**

-0.965**

-0.737

-0.562

-4.994

(3.017)

(0.763)

(0.325)

(1.645)

(0.572)

(0.338)

(0.462)

(0.449)

(3.251)

Observations

20

36

53

20

36

53

56

55

53

R2_________________

0.253

0.162

0.430

0.721

0.408

0.505

0.156

-

0.605

Sample

Developed

Developing

no outliers

Developed

Developing

no outliers

full

fa∏

full

Estimation

OLS

OLS

OLS

OLS

OLS

OLS

OLS

IV

OLS

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 Herfindahl index of manufacturing production shares (averaged over the period). All regressors are in natural logs (except
Pop. density, Population, Mining and Agr.) and are period averages. In the instrumental variables regressions, the instrument for trade openness is the
natural openness from Prankel and Romer (1999).



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