Table 3 Age structure and bilateral...

Table 3

Age structure and bilateral trade balance

	(1)	(2)	(3)	(4)
	$T B_{$ M i l l i o n}$	$T B_{$ M i l l i o n}$	$T B_{$ M i l l i o n}$	$T B_{$ M i l l i o n}$
$W A P_{e x}$ - $W A P_{i m}$	691.56***		731.23***
$W A P_{e x}$ - $W A P_{i m}$	(52.97)		(53.44)
$O l d A g e_{e x}$ - $O l d A g e_{i m}$		545.39***	804.74***
$O l d A g e_{e x}$ - $O l d A g e_{i m}$		(142.08)	(143.33)
$D_{1}$				559.62***
$D_{1}$				(72.91)
$D_{2}$				−706.1***
$D_{2}$				(125.03)
$D_{3}$				259.39***
$D_{3}$				(58.17)
$Z_{i j t}$	X	X	X	X
$P a i r F E s$	X	X	X	X
$Y e a r F E s$	X	X	X	X
F-stat $D_{1} - D_{3}$				61.48
R²	0.48	0.48	0.48	0.48
N	749,736	749,736	749,736	749,736

	(1)	(2)	(3)	(4)
$W A P_{e x}$ - $W A P_{i m}$	691.56***		731.23***
(52.97)		(53.44)
$O l d A g e_{e x}$ - $O l d A g e_{i m}$		545.39***	804.74***
	(142.08)	(143.33)
$D_{1}$				559.62***
			(72.91)
$D_{2}$				−706.1***
			(125.03)
$D_{3}$				259.39***
			(58.17)
$Z_{i j t}$	X	X	X	X
$P a i r F E s$	X	X	X	X
$Y e a r F E s$	X	X	X	X
F-stat $D_{1} - D_{3}$				61.48
R²	0.48	0.48	0.48	0.48
N	749,736	749,736	749,736	749,736

Note(s): Coefficients and standard errors for D2/D3 scaled by 10/100 respectively to remain comparable to those in other results. F-stat is the F statistic resulting from a test of joint significance of three demographic variables. $Z_{i j t}$ contains controls for GDP and GDP per capita for both countries and regional trade agreements between the country-pair

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