Independent variable

Model 1

Model 2

Model 3

Model 4

Model 5

Model 6

Time-varying SFA model

Constant β 0

8.989*** (−8.924)

8.070*** (−8.166)

6.868*** (−6.699)

6.885*** (−6.649)

6.966*** (−6.632)

6.824*** (−6.294)

Ln(GDPD*GDPF)

0.769*** (−32.329)

0.769*** (−32.845)

0.771*** (−32.512)

0.761*** (−32.252)

0.767*** (−31.691)

0.782*** (−29.239)

Ln(POPD*POPF)

0.942*** (−40.83)

0.942*** (−41.901)

0.987*** (−38.892)

0.966*** (−37.763)

0.971*** (−37.146)

0.997*** (−30.985)

LnDIS

−0.829*** (−9.787)

−0.698*** (−8.213)

−0.620*** (−7.183)

−0.598*** (−6.774)

−0.609*** (−6.756)

−0.620*** (−6.656)

Lnrelation

0.441*** (−7.125)

0.367*** (−5.789)

0.315*** (−4.836)

0.327*** (−4.989)

0.331*** (−4.986)

0.331*** (−4.955)

Trade inefficiency function

Constant 0

−0.611** (−2.231)

−2.262*** (−5.471)

−2.705*** (−5.679)

−6.482*** (−5.977)

−5.566*** (−4.612)

−7.847*** (−3.909)

EFFI

−2.024*** (−8.028)

−2.723*** (−9.081)

−2.378*** (−8.036)

−2.948*** (−8.416)

−2.760*** (−8.006)

−2.905*** (−8.084)

LnFIX

0.530*** (−5.341)

0.673*** (−6.197)

0.623*** (−5.319)

0.609*** (−4.912)

0.587*** (−4.739)

PS

−0.621*** (−3.937)

−0.540*** (−3.287)

−0.527*** (−3.149)

−0.447*** (−2.628)

FF

1.014*** (−4.497)

1.308*** (−4.644)

1.482*** (−4.562)

INF

−0.505** (−2.347)

−0.524** (−2.404)

LnAK

0.132 (−1.579)

reference

Observations

768

768

768

768

768

768

Log likelihood

−975.372

−959.641

−951.160

−939.063

−924.372

−923.224