Table 4

Bilateral trade with the US and TFP

Part A
Model(1)(2)(3)(4)(5)(6)(7)(8)
Dep. VarTFP1TFP2
L.TFP0.8913***0.8919***0.8942***0.8945***0.8384***0.8395***0.8402***0.8394***
[0.0004][0.0003][0.0005][0.0005][0.0006][0.0006][0.0003][0.0007]
Cap−0.0028***−0.0030***−0.0029***−0.0035***0.0008***0.0006***0.0005***0.0006***
[0.0002][0.0001][0.0002][0.0001][0.0001][0.0001][0.0001][0.0001]
HC0.0045***0.0046***0.0040***0.0038***−0.0083***−0.0084***−0.0083***−0.0093***
[0.0006][0.0006][0.0006][0.0004][0.0003][0.0004][0.0004][0.0005]
ToUS0.0001***0.0001***0.0001***0.0001***0.0001***0.0001***0.0001***0.0001***
[0.00001][0.00001][0.00001][0.00001][0.00001][0.00001][0.00001][0.00001]
TradeUS0.0004***   0.0004***   
[0.00001]   [0.00001]   
ExUS 0.0009***   0.0004***  
 [0.00001]   [0.00001]  
ImUS  0.0003***   0.0006*** 
  [0.00001]   [0.00001] 
TBUS   0.0008***   −0.0002***
   [0.00001]   [0.00001]
Constant0.0345***0.0379***0.0376***0.0456***−0.0093***−0.0060***−0.0059***−0.0056***
[0.0021][0.0017][0.0023][0.0020][0.0014][0.0016][0.0012][0.0022]
Long-run coefficientsTradeUSExUSImUSTBUSTradeUSExUSImUSTBUS
Coefficient0.004***0.008***0.003***0.008***0.003***0.003***0.004***−0.001***
[0.00007][0.0001][0.0001][0.0002][0.00006][0.0002][0.0001][0.0002]
Observations1,6831,6831,6831,6831,6831,6831,6831,683
Number of instruments9999999999999999
Number of countries9797979797979797
AR(2) pval0.004090.003870.004180.003640.3930.3930.3960.397
Sargan test χ2603.3604.7577.2614.3528.8532.3508525.7
Hansen J statistic95.8297.7893.3993.2992.3396.1093.1696.92

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

Source(s): Formed by authors

[ViewLarge]
This Feature Is Available To Subscribers Only

or Create an Account

Close subscription notice
Close access options