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Table 7. 
Dynamic Panel Data Analysis (Dependent Variables: Exports and Imports in Year t+1)
Fixed-Effects EstimationArellano–Bond Estimation
(1)(2)(3)(4)(5)(6)
Dependent Variablesxij,t as Exportxij,t as Exportxij,t as Importxij,t as Importxij,t as Exportxij,t as Import
ln(xij,t) 0.896*** 0.800*** 0.855*** 0.806*** 0.273** 0.440*** 
(0.007) (0.009) (0.008) (0.009) (0.139) (0.152)  
ln(ACFICitCBTjt) 0.109*** 0.069*** 0.116*** 0.074*** 1.140*** 0.992** 
(0.009) (0.012) (0.013) (0.020) (0.212) (0.475)  
ln(GDPit)  0.422***  0.242***   
 (0.052)  (0.093)    
ln(GDPjt)  0.073***  0.060*   
 (0.017)  (0.031)    
ln(Distanceij)  −0.032  −0.074   
 (0.032)  (0.050)    
Borderij  0.658***  0.776***   
 (0.130)  (0.219)    
Religionij  0.431***  0.449***   
 (0.076)  (0.171)    
ln(Populationit)  −0.132**  −0.001   
 (0.059)  (0.118)    
ln(Populationjt)  0.068***  −0.006   
 (0.018)  (0.031)    
ln(Areait)  −0.122***  −0.217***   
 (0.015)  (0.034)    
ln(Areajt)  −0.026***  0.016   
 (0.008)  (0.013)    
SFIjt  −0.011***  −0.025***   
 (0.004)  (0.008)    
ln(TCPj,t-1)  0.027***  0.015   
 (0.008)  (0.014)    
 Province Province Province Province Province Province 
 Country Country Country Country Country Country 
Fixed effects Year Year Year Year Year Year 
No. of observations 6,685 6,685 4,958 4,958 6,229 4,535 
Harris–Tzavalis statistics 0.159*** 0.159*** 0.083*** 0.083***   
Hansen test (p-value)     [0.529] [0.004] 
Serial correlation of order 1 (p-value)     [0.000] [0.000] 
Serial correlation of order 2 (p-value)     [0.274] [0.127] 
Fixed-Effects EstimationArellano–Bond Estimation
(1)(2)(3)(4)(5)(6)
Dependent Variablesxij,t as Exportxij,t as Exportxij,t as Importxij,t as Importxij,t as Exportxij,t as Import
ln(xij,t) 0.896*** 0.800*** 0.855*** 0.806*** 0.273** 0.440*** 
(0.007) (0.009) (0.008) (0.009) (0.139) (0.152)  
ln(ACFICitCBTjt) 0.109*** 0.069*** 0.116*** 0.074*** 1.140*** 0.992** 
(0.009) (0.012) (0.013) (0.020) (0.212) (0.475)  
ln(GDPit)  0.422***  0.242***   
 (0.052)  (0.093)    
ln(GDPjt)  0.073***  0.060*   
 (0.017)  (0.031)    
ln(Distanceij)  −0.032  −0.074   
 (0.032)  (0.050)    
Borderij  0.658***  0.776***   
 (0.130)  (0.219)    
Religionij  0.431***  0.449***   
 (0.076)  (0.171)    
ln(Populationit)  −0.132**  −0.001   
 (0.059)  (0.118)    
ln(Populationjt)  0.068***  −0.006   
 (0.018)  (0.031)    
ln(Areait)  −0.122***  −0.217***   
 (0.015)  (0.034)    
ln(Areajt)  −0.026***  0.016   
 (0.008)  (0.013)    
SFIjt  −0.011***  −0.025***   
 (0.004)  (0.008)    
ln(TCPj,t-1)  0.027***  0.015   
 (0.008)  (0.014)    
 Province Province Province Province Province Province 
 Country Country Country Country Country Country 
Fixed effects Year Year Year Year Year Year 
No. of observations 6,685 6,685 4,958 4,958 6,229 4,535 
Harris–Tzavalis statistics 0.159*** 0.159*** 0.083*** 0.083***   
Hansen test (p-value)     [0.529] [0.004] 
Serial correlation of order 1 (p-value)     [0.000] [0.000] 
Serial correlation of order 2 (p-value)     [0.274] [0.127] 

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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