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Table 2.

Ordinary Least Squares Estimates

	Exports		Imports
Explanatory Variables	(1)	(2)	(3)	(4)
$l n (A C F I C_{i t} C B T_{j t})$	0.263^***	0.265^***	0.280^***	0.257^***
	(0.029)	(0.026)	(0.058)	(0.054)
$l n (G D P_{i t})$	0.861^***	1.716^***	1.366^***	1.762^***
(0.057)	(0.062)	(0.110)	(0.111)
$l n (G D P_{j t})$	0.417^***	0.479^***	0.761^***	0.867^***
(0.046)	(0.044)	(0.098)	(0.090)
$l n (D i s t a n c e_{i j})$	−0.315^***	−0.431^***	−0.620^***	−0.586^***
(0.060)	(0.056)	(0.111)	(0.105)
$B o r d e r_{i j}$	3.572^***	3.451^***	3.155^***	3.686^***
(0.606)	(0.575)	(0.842)	(0.810)
$R e l i g i o n_{i j}$	1.897^***	2.568^***	1.443^***	1.856^***
(0.223)	(0.223)	(0.536)	(0.500)
$l n (P o p u l a t i o n_{i t})$	0.591^***	−0.448^***	−0.084	−0.604^***
(0.075)	(0.078)	(0.154)	(0.146)
$l n (P o p u l a t i o n_{j t})$	0.266^***	0.205^***	−0.279^***	−0.270^***
(0.046)	(0.046)	(0.095)	(0.090)
$l n (A r e a_{i t})$	−0.650^***	−0.488^***	−0.970^***	−0.798^***
(0.031)	(0.023)	(0.060)	(0.046)
$l n (A r e a_{j t})$	−0.079^***	−0.078^***	0.194^***	0.179^***
(0.021)	(0.020)	(0.038)	(0.036)
$S F I_{j t}$	−0.038^***	−0.038^***	−0.065^***	−0.079^***
(0.011)	(0.011)	(0.024)	(0.022)
$l n (T C P_{j, t - 1})$	0.126^***	0.129^***	0.090^**	0.092^***
(0.020)	(0.019)	(0.035)	(0.032)
Fixed effects	No	Province Country Year	No	Province Country Year
No. of observations	8,504	8,504	6,599	6,599
F-statistic	443.889	961.344	194.546	361.034
R-squared	0.717	0.685	0.552	0.514
$δ$	1.012	1.015	1.010	1.011

	Exports		Imports
Explanatory Variables	(1)	(2)	(3)	(4)
$l n (A C F I C_{i t} C B T_{j t})$	0.263^***	0.265^***	0.280^***	0.257^***
	(0.029)	(0.026)	(0.058)	(0.054)
$l n (G D P_{i t})$	0.861^***	1.716^***	1.366^***	1.762^***
(0.057)	(0.062)	(0.110)	(0.111)
$l n (G D P_{j t})$	0.417^***	0.479^***	0.761^***	0.867^***
(0.046)	(0.044)	(0.098)	(0.090)
$l n (D i s t a n c e_{i j})$	−0.315^***	−0.431^***	−0.620^***	−0.586^***
(0.060)	(0.056)	(0.111)	(0.105)
$B o r d e r_{i j}$	3.572^***	3.451^***	3.155^***	3.686^***
(0.606)	(0.575)	(0.842)	(0.810)
$R e l i g i o n_{i j}$	1.897^***	2.568^***	1.443^***	1.856^***
(0.223)	(0.223)	(0.536)	(0.500)
$l n (P o p u l a t i o n_{i t})$	0.591^***	−0.448^***	−0.084	−0.604^***
(0.075)	(0.078)	(0.154)	(0.146)
$l n (P o p u l a t i o n_{j t})$	0.266^***	0.205^***	−0.279^***	−0.270^***
(0.046)	(0.046)	(0.095)	(0.090)
$l n (A r e a_{i t})$	−0.650^***	−0.488^***	−0.970^***	−0.798^***
(0.031)	(0.023)	(0.060)	(0.046)
$l n (A r e a_{j t})$	−0.079^***	−0.078^***	0.194^***	0.179^***
(0.021)	(0.020)	(0.038)	(0.036)
$S F I_{j t}$	−0.038^***	−0.038^***	−0.065^***	−0.079^***
(0.011)	(0.011)	(0.024)	(0.022)
$l n (T C P_{j, t - 1})$	0.126^***	0.129^***	0.090^**	0.092^***
(0.020)	(0.019)	(0.035)	(0.032)
Fixed effects	No	Province Country Year	No	Province Country Year
No. of observations	8,504	8,504	6,599	6,599
F-statistic	443.889	961.344	194.546	361.034
R-squared	0.717	0.685	0.552	0.514
$δ$	1.012	1.015	1.010	1.011

Notes: Standard errors clustered at the level of province–country pair are included in parentheses. Significance level = ^*p < 0.1, ^**p < 0.05, ^***p < 0.01.

Source: Authors’ calculations.

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