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Table 6.

Poisson Pseudo-Maximum-Likelihood Estimates

			Exports versus Imports
Explanatory Variables	Exports (1)	Imports (2)	(3)	(4)
$l n (A C F I C_{i t} C B T_{j t})$	0.388^***	0.294^***	0.191^***	0.184^***
(0.055)	(0.079)	(0.064)	(0.066)
$l n (A C F I C C B T_{i j t}) T y p e_{i j t}$				0.015^*
			(0.008)
$l n (G D P_{i t})$	1.618^***	1.132^***	0.845^***	0.900^***
(0.216)	(0.338)	(0.099)	(0.113)
$l n (G D P_{j t})$	0.515^***	0.509^***	0.946^***	0.897^***
(0.084)	(0.136)	(0.110)	(0.103)
$l n (D i s t a n c e_{i j})$	−0.414^***	−0.630^***	−0.456^***	−0.456^***
(0.090)	(0.164)	(0.154)	(0.154)
$B o r d e r_{i j}$	3.448^***	3.529^***	2.711^***	2.713^***
(0.339)	(0.732)	(0.485)	(0.486)
$R e l i g i o n_{i j}$	2.919^***	1.811^***	1.699^***	1.699^***
(0.414)	(0.621)	(0.509)	(0.509)
$l n (P o p u l a t i o n_{i t})$	0.302	0.477	0.013	−0.051
(0.261)	(0.409)	(0.111)	(0.121)
$l n (P o p u l a t i o n_{j t})$	0.028	−0.153	−0.081	−0.028
(0.069)	(0.122)	(0.107)	(0.100)
$l n (A r e a_{i t})$	−0.673^***	−0.830^***	−0.230^***	−0.209^***
(0.069)	(0.111)	(0.051)	(0.053)
$l n (A r e a_{j t})$	−0.093^***	0.069^**	−0.176^***	−0.195^***
(0.029)	(0.028)	(0.038)	(0.039)
$S F I_{j t}$	−0.056^***	−0.123^***	−0.020	−0.020
(0.018)	(0.033)	(0.022)	(0.022)
$l n (T C P_{j, t - 1})$	0.197^***	0.191^***	0.133^***	0.133^***
(0.037)	(0.060)	(0.041)	(0.041)
	Province	Province	Province	Province
	Country	Country	Country	Country
Fixed effects	Year	Year	Year	Year
No. of observations	20607	19819	40426	40426
Pseudo R-squared	0.864	0.775	0.768	0.769
$δ$	1.049	1.063	1.061	1.062

			Exports versus Imports
Explanatory Variables	Exports (1)	Imports (2)	(3)	(4)
$l n (A C F I C_{i t} C B T_{j t})$	0.388^***	0.294^***	0.191^***	0.184^***
(0.055)	(0.079)	(0.064)	(0.066)
$l n (A C F I C C B T_{i j t}) T y p e_{i j t}$				0.015^*
			(0.008)
$l n (G D P_{i t})$	1.618^***	1.132^***	0.845^***	0.900^***
(0.216)	(0.338)	(0.099)	(0.113)
$l n (G D P_{j t})$	0.515^***	0.509^***	0.946^***	0.897^***
(0.084)	(0.136)	(0.110)	(0.103)
$l n (D i s t a n c e_{i j})$	−0.414^***	−0.630^***	−0.456^***	−0.456^***
(0.090)	(0.164)	(0.154)	(0.154)
$B o r d e r_{i j}$	3.448^***	3.529^***	2.711^***	2.713^***
(0.339)	(0.732)	(0.485)	(0.486)
$R e l i g i o n_{i j}$	2.919^***	1.811^***	1.699^***	1.699^***
(0.414)	(0.621)	(0.509)	(0.509)
$l n (P o p u l a t i o n_{i t})$	0.302	0.477	0.013	−0.051
(0.261)	(0.409)	(0.111)	(0.121)
$l n (P o p u l a t i o n_{j t})$	0.028	−0.153	−0.081	−0.028
(0.069)	(0.122)	(0.107)	(0.100)
$l n (A r e a_{i t})$	−0.673^***	−0.830^***	−0.230^***	−0.209^***
(0.069)	(0.111)	(0.051)	(0.053)
$l n (A r e a_{j t})$	−0.093^***	0.069^**	−0.176^***	−0.195^***
(0.029)	(0.028)	(0.038)	(0.039)
$S F I_{j t}$	−0.056^***	−0.123^***	−0.020	−0.020
(0.018)	(0.033)	(0.022)	(0.022)
$l n (T C P_{j, t - 1})$	0.197^***	0.191^***	0.133^***	0.133^***
(0.037)	(0.060)	(0.041)	(0.041)
	Province	Province	Province	Province
	Country	Country	Country	Country
Fixed effects	Year	Year	Year	Year
No. of observations	20607	19819	40426	40426
Pseudo R-squared	0.864	0.775	0.768	0.769
$δ$	1.049	1.063	1.061	1.062

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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