Preliminary and Incomplete Abstract


Tables. Table A.1. Comparison between our estimates for merchandise exports and the medians of the estimates of the structural gravity models



Download 1,67 Mb.
Page7/10
Date08.12.2018
Size1,67 Mb.
1   2   3   4   5   6   7   8   9   10

Tables.

Table A.1. Comparison between our estimates for merchandise exports and the medians of the estimates of the structural gravity models.

CAGE dimension

Variables

Our estimates (OLS)

Medians for the structural gravity models in Head and Mayer (2013) – Table 4

Cultural

Common official language

0.784

0.33

Administrative

Colonial link

0.73

0.84

RTA/ Regional Bloc

0.258

0.28

Geographical

Distance (logged)

-1.553

-1.14

Share a common border

0.478

0.52

Economic

Ratio of pcincome (logged)

-0.0191

-

Product of gdps (logged)

0.646

0.86/0.67

Table A.2. Results for merchandise exports

VARIABLES

(1)

(2)

(3)

(4)

Merchandise exports

Merchandise exports

Merchandise exports

Merchandise exports

C

Common oficial language

0.686***

0.769***

0.697***

0.779***

(0.0623)

(0.0639)

(0.0620)

(0.0636)

Religion similarity index

0.577***

0.560***

0.582***

0.564***

(0.0813)

(0.0764)

(0.0814)

(0.0766)

A

Colonial linkage

0.654***

0.623***

0.618***

0.587***

(0.134)

(0.110)

(0.134)

(0.110)

Trade Agreement

0.357***

0.286***

0.373***

0.301***

(0.0606)

(0.0637)

(0.0608)

(0.0640)

Common currency







-0.562***

-0.468***







(0.146)

(0.157)

Ratio of the business sophistication (exporter/importer)-logged

0.434***




0.435***




(0.159)




(0.159)




G

Distance (logged)

-1.488***

-1.550***

-1.500***

-1.558***

(0.0377)

(0.0395)

(0.0380)

(0.0397)

Share a common border

0.250

0.318*

0.291*

0.349**

(0.157)

(0.164)

(0.155)

(0.162)

E

Product of gdps (logged)

0.700***

0.627***

0.700***

0.629***

(0.0416)

(0.0413)

(0.0416)

(0.0413)

Ratio of pc income (max/min)- logged

0.0369**




0.0250




(0.0153)




(0.0155)




Ratio of Economic Complexity Index (max/min)- logged




1.151***




1.100***




(0.113)




(0.114)

Ratio of pc income (exporter/importer)- logged




-0.0719*




-0.0718*




(0.0417)




(0.0417)




Constant

-10.26***

-6.439***

-10.16***

-6.425***







(1.789)

(2.116)

(1.789)

(2.115)




Observations

48,377

46,945

48,377

46,945




Adjusted R-squared

0.802

0.790

0.802

0.790

Robust standard errors in parentheses, clustered by country – pair. *** p<0.01, ** p<0.05, * p<0.1

Table A.3. Results for services exports

VARIABLES

(1)

(2)

(3)

(4)

Services exports

Services exports

Services exports

Services exports

C

Common language (>9%)

0.353***

0.254**

0.357***

0.272***

(0.113)

(0.101)

(0.113)

(0.101)

A

Colonial linkage

0.723***

0.867***

0.718***

0.842***

(0.193)

(0.152)

(0.193)

(0.151)

Trade Agreement

0.398***

0.434***

0.402***

0.443***

(0.107)

(0.112)

(0.107)

(0.112)

Common currency







-0.0862

-0.281**







(0.101)

(0.110)

Ratio of the business sophistication (exporter/importer)-logged

0.388




0.390




(0.245)




(0.245)




G

Distance (logged)

-0.927***

-0.952***

-0.935***

-0.974***

(0.0561)

(0.0597)

(0.0569)

(0.0606)

E

Product of gdps (logged)

0.634***

0.319***

0.628***

0.313***

(0.0730)

(0.0750)

(0.0731)

(0.0752)

Ratio of pc income (max/min)- logged

0.403***




0.397***




(0.0484)




(0.0492)




Ratio of Economic Complexity Index (max/min)- logged




1.338***




1.367***




(0.269)




(0.269)

Ratio of pc income (max/min)- logged




-0.108*




-0.103




(0.0631)




(0.0632)




Constant

-7.071*

10.40**

-6.726*

10.88**







(4.052)

(4.234)

(4.067)

(4.247)




Observations

7,670

6,740

7,670

6,740




Adjusted R-squared

0.871

0.870

0.871

0.871

Robust standard errors in parentheses, clustered by country – pair. *** p<0.01, ** p<0.05, * p<0.1

Table A.4. Results for FDI outward stocks

 VARIABLES

(1)

(2)

(3)

(4)

FDI outward stocks

FDI outward stocks

FDI outward stocks

FDI outward stocks

C

Common official language 

0.465***

0.584***

0.584***

0.593***

(0.152)

(0.167)

(0.167)

(0.167)

Religion similarity  index

0.775***

0.908***

0.908***

0.861***

(0.241)

(0.243)

(0.244)

(0.245)

Common legal origin 

0.358***

0.383***

0.383***

0.367***

(0.0993)

(0.101)

(0.101)

(0.101)

A

Colonial linkage 

1.212***

1.162***

1.162***

1.162***

(0.196)

(0.204)

(0.204)

(0.204)

Ratio of the rule of law (source/target) – logged







-0.940**

-1.023**







(0.465)

(0.470)

Ratio of hiring regulations (source/target) – logged










-0.0875










(0.0847)

G

Distance (logged) 

-1.217***

-1.225***

-1.225***

-1.233***

(0.0600)

(0.0610)

(0.0610)

(0.0609)

E

Product of gdps (logged) 

0.466***

0.478***

0.492***

0.514***

(0.0832)

(0.0855)

(0.0854)

(0.0859)

Ratio pc income (source / target) - logged 

0.247***

0.312***

0.339***

0.357***

(0.0834)

(0.0860)

(0.0872)

(0.0882)

Difference of Economic Structure Index




-1.004*

-1.005*

-0.906*




(0.516)

(0.516)

(0.520)




Constant

-10.55**

-9.209**

-9.283**

-13.18***




 

(4.573)

(4.556)

(4.558)

(4.481)




Observations

11,241

9,858

9,858

9,795




Adjusted R-squared

0.768

0.782

0.782

0.781

Robust standard errors in parentheses, clustered by country – pair. *** p<0.01, ** p<0.05, * p<0.1
Table A.5. Specific results for FDI outward flows.

 VARIABLES

(1)

(2)

(3)

(4)

(5)

FDI outward flows

FDI outward flows

FDI outward flows

FDI outward flows

FDI outward flows

C

Common official language 

0.342**

0.487***

0.487***

0.495***

0.495***

(0.144)

(0.155)

(0.155)

(0.154)

(0.154)

Religion similarity index

0.870***

0.949***

0.949***

0.847***

0.847***

(0.244)

(0.246)

(0.246)

(0.249)

(0.249)

Common legal origin 

0.184*

0.189*

0.189*

0.172*

0.172*

(0.0981)

(0.104)

(0.104)

(0.103)

(0.103)

A

Colonial linkage 

1.021***

0.925***

0.925***

0.963***

0.963***

(0.168)

(0.171)

(0.171)

(0.171)

(0.170)

Ratio of the rule of law (source/target) – logged







0.132

-0.154










(0.581)

(0.593)




Ratio of hiring regulations (source/target) – logged










-0.339***

-0.336***










(0.112)

(0.111)

G

Distance (logged) 

-1.017***

-1.014***

-1.014***

-1.021***

-1.021***

(0.0627)

(0.0647)

(0.0647)

(0.0648)

(0.0648)

E

Product of gdps (logged) 

0.291**

0.327**

0.327**

0.373***

0.372***

(0.129)

(0.129)

(0.129)

(0.129)

(0.130)

Ratio pc income (source / target) - logged 

-0.0619

0.0715

0.0694

0.112

0.109

(0.127)

(0.127)

(0.126)

(0.126)

(0.127)

Difference of Economic Structure Index




-1.014**

-1.014**

-0.789*

-0.789*




(0.469)

(0.469)

(0.465)

(0.465)




Constant

-2.670

-9.319

-9.338

-7.855

-7.930




 

(6.744)

(6.574)

(6.582)

(6.976)

(6.931)




Observations

11,961

10,535

10,535

10,449

10,449




Adjusted R-squared

0.697

0.703

0.703

0.703

0.703

Robust standard errors in parentheses, clustered by country – pair. *** p<0.01, ** p<0.05, * p<0.1

Table A.6. Specific results for International Portfolio equity assets.

VARIABLES

(1)

(2)

(3)

(4)

Portfolio eq. assets

Intl. Portfolio equity assets

Intl. Portfolio equity assets

Intl. Portfolio equity assets

C

Common official language 

0.342*

0.339*

0.339*

0.339*

(0.177)

(0.177)

(0.177)

(0.177)

Religion similarity index

1.179***

1.184***

1.184***

1.184***

(0.365)

(0.365)

(0.365)

(0.365)

Common legal origin 

0.475***

0.478***

0.478***

0.478***

(0.121)

(0.121)

(0.121)

(0.121)

A

Investment Freedom (sum-normalized)

1.367***

1.369***

1.367***

1.367***

(0.369)

(0.368)

(0.369)

(0.369)

Common currency 

0.118










(0.166)










Ratio of the rule of law (source/target) – logged




0.0602










(0.640)







Ratio of the political stability (source / target) – logged







-0.00902










(0.254)




G

Distance (logged) 

-1.028***

-1.038***

-1.038***

-1.038***

(0.0686)

(0.0655)

(0.0655)

(0.0655)

E

Product of market capitalization (logged) 

0.289***

0.289***

0.289***

0.289***

(0.0307)

(0.0308)

(0.0305)

(0.0307)

Ratio of pc income (max/min) - logged 

-0.334***

-0.335***

-0.335***

-0.335***

(0.0678)

(0.0680)

(0.0680)

(0.0680)




Constant

-10.39***

-10.32***

-10.29***

-10.29***




 

(1.562)

(1.589)

(1.559)

(1.552)




Observations

14,322

14,322

14,322

14,322




Adjusted R-squared

0.759

0.759

0.759

0.759

Robust standard errors in parentheses, clustered by country – pair. *** p<0.01, ** p<0.05, * p<0.1

Table A.7. Specific results for International long term debt.

 VARIABLES

(1)

(2)

(3)

Intl. Portfolio long term debt

Intl. Portfolio long term debt

Intl. Portfolio long term debt

C

Religion similarity index

1.145***

1.145***

1.145***

(0.220)

(0.220)

(0.220)

Common legal origin 

0.262***

0.263***

0.262***

(0.0692)

(0.0693)

(0.0693)

A

Investment Freedom (sum –normalized)

0.833***

0.805***

0.835***

(0.298)

(0.298)

(0.298)

Common currency 

1.207***

1.207***

1.207***

(0.129)

(0.129)

(0.129)

Ratio of the rule of law (source/target) - logged 




-0.943*







(0.499)




Ratio of the political stability (source/target) - logged







-0.318







(0.204)

G

Distance (logged) 

-0.761***

-0.761***

-0.761***

(0.0464)

(0.0464)

(0.0464)

E

Product of market capitalization (logged) 

0.146***

0.146***

0.144***

(0.0274)

(0.0274)

(0.0274)

Ratio pc income (max/min) - logged 

-0.480***

-0.479***

-0.480***

(0.0484)

(0.0484)

(0.0484)




Constant

-1.966

-1.989

-2.418




 

(1.912)

(1.765)

(2.011)




Observations

12,131

12,131

12,131




Adjusted R-squared

0.800

0.801

0.800



Share with your friends:
1   2   3   4   5   6   7   8   9   10


The database is protected by copyright ©sckool.org 2019
send message

    Main page