Table 3

Bilateral trade with China and TFP

Model(1)(2)(3)(4)(5)(6)(7)(8)
Dep. VarTFP1TFP2
L.TFP0.8920***0.8933***0.8938***0.8942***0.8420***0.8428***0.8421***0.8417***
[0.0004][0.0004][0.0004][0.0004][0.0003][0.0003][0.0004][0.0005]
Cap−0.0032***−0.0039***−0.0024***−0.0024***0.0012***0.0009***0.0018***0.0018***
[0.0001][0.0001][0.0001][0.0001][0.0001][0.0001][0.0002][0.0002]
HC0.0021***0.0023***0.0037***0.0021***−0.0078***−0.0081***−0.0071***−0.0071***
[0.0005][0.0006][0.0003][0.0004][0.0003][0.0004][0.0006][0.0005]
ToCN0.0001***0.0002***0.00001***0.0001***0.00001***0.00001***−0.00001***−0.00001***
[0.00001][0.00001][0.00001][0.00001][0.00001][0.00001][0.00001][0.00001]
TradeCN−0.0001***   −0.0001***   
[0.00001]   [0.00001]   
ExCN 0.0001***   −0.0001***  
 [0.00001]   [0.00001]  
ImCN  0.0001***   0.0001*** 
  [0.00001]   [0.00001] 
TBCN   −0.0003***   −0.00001***
   [0.00001]   [0.00001]
Constant0.0434***0.0495***0.0326***0.0329***−0.0096***−0.0063***−0.0176***−0.0176***
[0.0014][0.0009][0.0011][0.0017][0.0011][0.0014][0.0022][0.0021]
Long-run coefficientsTradeCNExCNImCNTBCNTradeCNExCNImCNTBCN
Coefficient−0.0010***0.0006***0.001***−0.003***−0.0004***−0.0007***0.0006***−0.0002***
[0.00004][0.00004][0.0001][0.00008][0.00005][0.00006][0.00008][0.00005]
Observations1,6831,6831,6831,6831,6831,6831,6831,683
Number of instruments9999999999999999
Number of countries9797979797979797
AR(2) pval0.004250.004210.004130.004680.4020.4000.4090.408
Sargan test χ2620.9624.7620.8626.2548.5537.2533.2516.5
Hansen J statistic97.3994.2694.8195.9997.2997.4294.7696.62

Note(s): GMM estimators; Standard errors are presented in [ ]; *, ** and *** denote the significance level at 10, 5 and 1%, respectively

Source(s): Authors’ calculation. Formed by authors

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