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Table 7.

Dynamic Panel Data Analysis (Dependent Variables: Exports and Imports in Year

t + 1

⁠)


	Fixed-Effects Estimation				Arellano–Bond Estimation
	(1)	(2)	(3)	(4)	(5)	(6)
Dependent Variables	$x_{i j, t}$ as Export	$x_{i j, t}$ as Export	$x_{i j, t}$ as Import	$x_{i j, t}$ as Import	$x_{i j, t}$ as Export	$x_{i j, t}$ as Import
$l n (x_{i j, t})$	0.896^***	0.800^***	0.855^***	0.806^***	0.273^**	0.440^***
(0.007)	(0.009)	(0.008)	(0.009)	(0.139)	(0.152)
$l n (A C F I C_{i t} C B T_{j t})$	0.109^***	0.069^***	0.116^***	0.074^***	1.140^***	0.992^**
(0.009)	(0.012)	(0.013)	(0.020)	(0.212)	(0.475)
$l n (G D P_{i t})$		0.422^***		0.242^***
	(0.052)		(0.093)
$l n (G D P_{j t})$		0.073^***		0.060^*
	(0.017)		(0.031)
$l n (D i s t a n c e_{i j})$		−0.032		−0.074
	(0.032)		(0.050)
$B o r d e r_{i j}$		0.658^***		0.776^***
	(0.130)		(0.219)
$R e l i g i o n_{i j}$		0.431^***		0.449^***
	(0.076)		(0.171)
$l n (P o p u l a t i o n_{i t})$		−0.132^**		−0.001
	(0.059)		(0.118)
$l n (P o p u l a t i o n_{j t})$		0.068^***		−0.006
	(0.018)		(0.031)
$l n (A r e a_{i t})$		−0.122^***		−0.217^***
	(0.015)		(0.034)
$l n (A r e a_{j t})$		−0.026^***		0.016
	(0.008)		(0.013)
$S F I_{j t}$		−0.011^***		−0.025^***
	(0.004)		(0.008)
$l n (T C P_{j, t - 1})$		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 Estimation				Arellano–Bond Estimation
	(1)	(2)	(3)	(4)	(5)	(6)
Dependent Variables	$x_{i j, t}$ as Export	$x_{i j, t}$ as Export	$x_{i j, t}$ as Import	$x_{i j, t}$ as Import	$x_{i j, t}$ as Export	$x_{i j, t}$ as Import
$l n (x_{i j, t})$	0.896^***	0.800^***	0.855^***	0.806^***	0.273^**	0.440^***
(0.007)	(0.009)	(0.008)	(0.009)	(0.139)	(0.152)
$l n (A C F I C_{i t} C B T_{j t})$	0.109^***	0.069^***	0.116^***	0.074^***	1.140^***	0.992^**
(0.009)	(0.012)	(0.013)	(0.020)	(0.212)	(0.475)
$l n (G D P_{i t})$		0.422^***		0.242^***
	(0.052)		(0.093)
$l n (G D P_{j t})$		0.073^***		0.060^*
	(0.017)		(0.031)
$l n (D i s t a n c e_{i j})$		−0.032		−0.074
	(0.032)		(0.050)
$B o r d e r_{i j}$		0.658^***		0.776^***
	(0.130)		(0.219)
$R e l i g i o n_{i j}$		0.431^***		0.449^***
	(0.076)		(0.171)
$l n (P o p u l a t i o n_{i t})$		−0.132^**		−0.001
	(0.059)		(0.118)
$l n (P o p u l a t i o n_{j t})$		0.068^***		−0.006
	(0.018)		(0.031)
$l n (A r e a_{i t})$		−0.122^***		−0.217^***
	(0.015)		(0.034)
$l n (A r e a_{j t})$		−0.026^***		0.016
	(0.008)		(0.013)
$S F I_{j t}$		−0.011^***		−0.025^***
	(0.004)		(0.008)
$l n (T C P_{j, t - 1})$		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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