Explanatory

variables

Dependent variable^(a)

Import volatility

(normalized st. dev. of import 1999-2011)

Export volatility

(normalized st. dev. of export 1999-2011)

Imported inputs over total import^(b)

0.0066

(0.0087)

0.0021

(0.0090)

−0.0109

(0.0082)

−0.0080

(0.0057)

0.0466

(0.0133)^***

0.0377

(0.0136)^***

0.0186

(0.0122)

0.0228

(0.0093)^**

Inputs over production

0.0111

(0.0170)

0.0445

(0.0160)^***

−0.0136

(0.0114)

0.0285

(0.0258)

0.0622

(0.0239)^**

−0.0136

(0.0185)

Import value^(b)

5.97e−07

(2.16e−07)^***

2.70e−07

(1.58e−07)^*

1.08e−06

(3.26e−07)^***

6.81e−07

(2.37e−07)^***

Import/GDP^(b)

1.3339

(0.0788)^***

1.7147

(0.1286)^***

Dummy EU15

−0.0078 (0.0027)^***

−0.0048

(0.0025)^*

−0.0079

(0.0041)^*

−0.0066

(0.0041)

Import/GDP^*EU15

0.8914

(0.1088)^***

1.4884

(0.1774)^***

Country dummy

yes

yes

no

no

yes

yes

no

no

Sector dummy

yes

yes

yes

yes

yes

yes

yes

yes

No. observations

435

432

432

432

435

432

432

432

R²

0.5576

0.5667

0.4763

0.7472

0.4396

0.4571

0.3583

0.6322