Description of variables
| Variables | Description | Expected |
|---|---|---|
| Dependent variables | ||
| Danish total export | Log (monetary value of Danish export in mil. USD) 152 countries in the period 2002–18 | |
| Danish total import | Log (monetary value of Danish import in mil. USD) 152 countries in the period 2002–18 | |
| Independent variables | ||
| GDPj | Log (GDP of country j in constant prices 2010 in mil. USD) | +/– |
| GDPj per capita | Log (GDP per capita of country j in constant prices 2010 in USD) | +/– |
| Distancej | Log (Distance between Copenhagen and capitals of country j) | – |
| REERj | Log (Real effective exchange rate of country j, CPI-based) | + |
| Oil price | Log (Annual average OPEC oil price in USD per barrel) | + |
| Dummy variables | ||
| Common language | Trade partners with official Scandinavian languages | + |
| State border | Land border with Denmark | + |
| Landlocked state | All states without access to the sea | – |
| Trade bloc | Membership in EEA or EFTA | + |
| Sanctions | Only for Russia since 2014 | – |
| Variables | Description | Expected |
|---|---|---|
| Danish total export | Log (monetary value of Danish export in mil. USD) 152 countries in the period 2002–18 | |
| Danish total import | Log (monetary value of Danish import in mil. USD) 152 countries in the period 2002–18 | |
| GDP | Log (GDP of country | +/– |
| GDP | Log (GDP per capita of country | +/– |
| Distance | Log (Distance between Copenhagen and capitals of country | – |
| REER | Log (Real effective exchange rate of country | + |
| Oil price | Log (Annual average OPEC oil price in USD per barrel) | + |
| Common language | Trade partners with official Scandinavian languages | + |
| State border | Land border with Denmark | + |
| Landlocked state | All states without access to the sea | – |
| Trade bloc | Membership in EEA or EFTA | + |
| Sanctions | Only for Russia since 2014 | – |
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