Table 2 Simulation results with... | Emerald Publishing

Table 2

Simulation results with correlated shocks

Dependent	Real value-added				Gross output
	Aggregate	Goods	Services	Cross	Aggregate	Goods	Services	Cross
	(1)	(2)	(3)	(4)	(1)	(2)	(3)	(4)
Baseline case: ${g v c}_{j i t}^{x} (s^{'}, s) = 0$
Log bilateral trade	0.015	0.032***	−0.001	0.008	0.017**	0.031***	0.003	0.006
Log bilateral trade	(0.009)	(0.010)	(0.010)	(0.007)	(0.008)	(0.008)	(0.010)	(0.007)
Constant	0.350***	0.459***	0.114**	0.214***	0.477***	0.711***	0.177***	0.317***
Constant	(0.048)	(0.054)	(0.053)	(0.037)	(0.046)	(0.045)	(0.054)	(0.040)
Observation	351	351	351	702	351	351	351	702
R Squared	0.01	0.04	0.00	0.00	0.01	0.07	0.00	0.00
GVC case: ${g v c}_{j i t}^{x} (s^{'}, s) \neq 0$
Log bilateral trade	0.026**	0.037***	0.013	0.017**	0.021*	0.024**	0.012	0.012
Log bilateral trade	(0.011)	(0.013)	(0.012)	(0.009)	(0.011)	(0.011)	(0.012)	(0.009)
Constant	0.388***	0.455***	0.180***	0.247***	0.479***	0.655***	0.213***	0.340***
Constant	(0.050)	(0.059)	(0.055)	(0.039)	(0.048)	(0.050)	(0.055)	(0.042)
Observation	351	351	351	702	351	351	351	702
R Squared	0.02	0.04	0.00	0.01	0.01	0.03	0.00	0.00

Dependent	Real value-added				Gross output
	Aggregate	Goods	Services	Cross	Aggregate	Goods	Services	Cross
	(1)	(2)	(3)	(4)	(1)	(2)	(3)	(4)
Baseline case: ${g v c}_{j i t}^{x} (s^{'}, s) = 0$
Log bilateral trade	0.015	0.032***	−0.001	0.008	0.017**	0.031***	0.003	0.006
Log bilateral trade	(0.009)	(0.010)	(0.010)	(0.007)	(0.008)	(0.008)	(0.010)	(0.007)
Constant	0.350***	0.459***	0.114**	0.214***	0.477***	0.711***	0.177***	0.317***
Constant	(0.048)	(0.054)	(0.053)	(0.037)	(0.046)	(0.045)	(0.054)	(0.040)
Observation	351	351	351	702	351	351	351	702
R Squared	0.01	0.04	0.00	0.00	0.01	0.07	0.00	0.00
GVC case: ${g v c}_{j i t}^{x} (s^{'}, s) \neq 0$
Log bilateral trade	0.026**	0.037***	0.013	0.017**	0.021*	0.024**	0.012	0.012
Log bilateral trade	(0.011)	(0.013)	(0.012)	(0.009)	(0.011)	(0.011)	(0.012)	(0.009)
Constant	0.388***	0.455***	0.180***	0.247***	0.479***	0.655***	0.213***	0.340***
Constant	(0.050)	(0.059)	(0.055)	(0.039)	(0.048)	(0.050)	(0.055)	(0.042)
Observation	351	351	351	702	351	351	351	702
R Squared	0.02	0.04	0.00	0.01	0.01	0.03	0.00	0.00

Note(s): Robust standard errors are in parentheses. ***, **, and * are significant at the 1, 5, and 10% levels, respectively

Source(s): Table by author