First Stage

First Stage

First Stage

Second Stage

ΔLWPEN

ΔUNION

ΔFDI

ΔC3UNION

ΔLWPEN

−99.79

[0.165]

ΔUNION

−0.54

[0.672]

ΔFDI

−11.80

[0.451]

Instrument: ΔTARIFF

0.01

1.98

0.00

[0.768]

[0.610]

[0.946]

Instrument: Lag2(LWPEN)

−0.02

−1.12

0.01

[0.591]

[0.136]

[0.697]

Instrument: Lag2(UNION)

0.00

−0.13

0.00

[0.782]

[0.034]

[0.650]

Instrument: Lag2(FDI)

0.00

−1.09

−0.24

[0.855]

[0.231]

[0.224]

Year Fixed Effects

Included

Included

Included

Included

Constant

Included

Included

Included

Included

N

407

407

407

407

R2

0.006

0.019

0.045

UWETS

1.08

WWETS

0.13