Table 3 Correlation matrix of variables... | Emerald Publishing

Table 3

Correlation matrix of variables

Variables	Bi_Trade	ExRate_Vol	Level of output	Output_vol	Level of income	Bi_Distance	Language	Border
Bi_Trade	1.0000
ExRate_Vol	−0.0753*	1.0000
Level of output	0.5380*	−0.1955*	1.0000
Output_vol	−0.1349*	−0.0172	−0.1151*	1.0000
Level of income	−0.1699*	−0.0236	−0.0588	0.1409*	1.0000
Bi_Distance	−0.6547*	−0.1690*	−0.1322*	0.1968*	0.3549*	1.0000
Language	0.2585*	0.1449*	−0.1411*	−0.0158	−0.1698*	−0.4351*	1.0000
Border	0.3486*	0.0403	0.4743*	−0.2178*	−0.2038*	−0.4576*	0.0947*	1.00000

Variables	Bi_Trade	ExRate_Vol	Level of output	Output_vol	Level of income	Bi_Distance	Language	Border
Bi_Trade	1.0000
ExRate_Vol	−0.0753*	1.0000
Level of output	0.5380*	−0.1955*	1.0000
Output_vol	−0.1349*	−0.0172	−0.1151*	1.0000
Level of income	−0.1699*	−0.0236	−0.0588	0.1409*	1.0000
Bi_Distance	−0.6547*	−0.1690*	−0.1322*	0.1968*	0.3549*	1.0000
Language	0.2585*	0.1449*	−0.1411*	−0.0158	−0.1698*	−0.4351*	1.0000
Border	0.3486*	0.0403	0.4743*	−0.2178*	−0.2038*	−0.4576*	0.0947*	1.00000

Note(s): * Significant at 10% level