OLS, RE and FE estimations using standardized value (standard deviation) of exchange rate
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables/approach | OLS | RE | FE | OLS | RE | FE |
| Exchange rate volatility | −0.282*** (0.0694) | −0.431** (0.182) | −1.167** (0.547) | |||
| Exchange rate volatility (t-1) | −0.290*** (0.0725) | −0.414** (0.182) | −1.163* (0.600) | |||
| Level of output | 1.281*** (0.0548) | 1.055*** (0.146) | 1.606* (0.897) | 1.275*** (0.0571) | 1.066*** (0.146) | 1.774* (0.936) |
| Output volatility | 0.0368 (0.0357) | −0.0306 (0.0256) | −0.0471* (0.0261) | 0.0432 (0.0369) | −0.0525* (0.0274) | −0.0726*** (0.0280) |
| Level of income | 1.211*** (0.152) | 0.223 (0.298) | −1.078 (0.690) | 1.152*** (0.158) | 0.238 (0.304) | −1.255* (0.726) |
| Bilateral distance | −3.231*** (0.130) | −2.997*** (0.353) | −3.203*** (0.136) | −2.984*** (0.351) | ||
| Common language | 9.226*** (1.746) | 7.541 (5.019) | 9.219*** (1.821) | 7.622 (4.983) | ||
| Common border | −1.812*** (0.216) | −1.443** (0.603) | −1.767*** (0.224) | −1.448** (0.599) | ||
| Constant | 7.911*** (1.345) | 15.11*** (3.251) | −3.888 (5.954) | 7.729*** (1.415) | 14.74*** (3.283) | −4.336 (6.301) |
| Observations | 622 | 622 | 622 | 573 | 573 | 573 |
| R-squared | ||||||
| Overall | 0.7274 | 0.7613 | 0.2852 | 0.7266 | 0.6979 | 0.2984 |
| Within | 0.0312 | 0.0458 | 0.0393 | 0.0560 | ||
| Between | 0.6979 | 0.2858 | 0.7625 | 0.2958 | ||
| Year dummy | Yes | Yes | Yes | Yes | Yes | Yes |
| Country-pair | 56 | 56 | 56 | 56 | 56 | 56 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables/approach | OLS | RE | FE | OLS | RE | FE |
| Exchange rate volatility | −0.282*** (0.0694) | −0.431** (0.182) | −1.167** (0.547) | |||
| Exchange rate volatility ( | −0.290*** (0.0725) | −0.414** (0.182) | −1.163* (0.600) | |||
| Level of output | 1.281*** (0.0548) | 1.055*** (0.146) | 1.606* (0.897) | 1.275*** (0.0571) | 1.066*** (0.146) | 1.774* (0.936) |
| Output volatility | 0.0368 (0.0357) | −0.0306 (0.0256) | −0.0471* (0.0261) | 0.0432 (0.0369) | −0.0525* (0.0274) | −0.0726*** (0.0280) |
| Level of income | 1.211*** (0.152) | 0.223 (0.298) | −1.078 (0.690) | 1.152*** (0.158) | 0.238 (0.304) | −1.255* (0.726) |
| Bilateral distance | −3.231*** (0.130) | −2.997*** (0.353) | −3.203*** (0.136) | −2.984*** (0.351) | ||
| Common language | 9.226*** (1.746) | 7.541 (5.019) | 9.219*** (1.821) | 7.622 (4.983) | ||
| Common border | −1.812*** (0.216) | −1.443** (0.603) | −1.767*** (0.224) | −1.448** (0.599) | ||
| Constant | 7.911*** (1.345) | 15.11*** (3.251) | −3.888 (5.954) | 7.729*** (1.415) | 14.74*** (3.283) | −4.336 (6.301) |
| Observations | 622 | 622 | 622 | 573 | 573 | 573 |
| Overall | 0.7274 | 0.7613 | 0.2852 | 0.7266 | 0.6979 | 0.2984 |
| Within | 0.0312 | 0.0458 | 0.0393 | 0.0560 | ||
| Between | 0.6979 | 0.2858 | 0.7625 | 0.2958 | ||
| Year dummy | Yes | Yes | Yes | Yes | Yes | Yes |
| Country-pair | 56 | 56 | 56 | 56 | 56 | 56 |
Note(s): S.E. in parentheses. *, ** and ***Significant at 10, 5 and 1% level, respectively
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