Variable Definition Source Mean Min (standard (Max) deviation) Dependent variable Output Standard deviation of the real GDP per World Bank, World 2.935 0.112 volatility capita growth Development (2.546) (12.335) Indicators Independent variables Sources of shocks of trade Standard deviation of of trade. Terms Bank, World 0.046 0.0002 volatility of trade are constructed by dividing each Development (0.059) (0.416) year's export deflator by the import Indicators deflator. Deflators are measured as the ratio of current to constant local currency exports/imports. Inflation rate Standard deviation of the annual World Economic 11.546 0.145 volatility percentage changes of average consumer Outlook (WEO) (56.134) (574.165) prices. Exchange rate Standard deviation of exchange rate, European Bank for 58.033 0.002 volatility annual average. Reconstruction and (191.77) (1379.783) Development (EBRD), macroeconomic indicators Government Standard deviation of the of general Economic 3.229 0 expenditure government total expenditure (total Outlook (WEO) (3.339) (23.24) volatility expense and the net acquisition of nonfinancial assets) to GDP. Variables influencing the transmission of shocks Export Herfindahl index, Gini coefficient, total Author's own 5.306 1.722 diversification Theil and components of the Theil index: calculation using (0.981) (6.759) the between (extensive) and the within export data at the (intensive) HS6-digit level from The main results explained with the within UNCTAD component.
Variable Definition Source Mean (standard deviation) Min (Max) Dependent variable Output volatility Standard deviation of the real GDP per capita growth World Bank, World Development Indicators 2.935 (2.546) 0.112 (12.335) Independent variables Sources of shocks of trade volatility Standard deviation of of trade. Terms of trade are constructed by dividing each year's export deflator by the import deflator. Deflators are measured as the ratio of current to constant local currency exports/imports. Bank, World Development Indicators 0.046 (0.059) 0.0002 (0.416) Inflation rate volatility Standard deviation of the annual percentage changes of average consumer prices. World Economic Outlook (WEO) 11.546 (56.134) 0.145 (574.165) Exchange rate volatility Standard deviation of exchange rate, annual average. European Bank for Reconstruction and Development (EBRD), macroeconomic indicators 58.033 (191.77) 0.002 (1379.783) Government expenditure volatility Standard deviation of the of general government total expenditure (total expense and the net acquisition of nonfinancial assets) to GDP. Economic Outlook (WEO) 3.229 (3.339) 0 (23.24) Variables influencing the transmission of shocks Export diversification Herfindahl index, Gini coefficient, total Theil and components of the Theil index: the between (extensive) and the within (intensive) The main results explained with the within component. Author's own calculation using export data at the HS6-digit level from UNCTAD 5.306 (0.981) 1.722 (6.759)