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Table 1.

Definition of key variables.

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Table 2.

Descriptive statistics of key variables.

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Table 3.

Mean values of key variables in different regions.

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Table 4.

Baseline results (Rtrade).

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Table 5.

Baseline results (Rexport).

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Table 6.

Baseline results (Rimport).

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Fig 1.

Causal relationship of all the variables depicted by path analysis.

Source: Authors’ drawn.

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Table 7.

System GMM estimates by region (Rtrade).

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Table 8.

System GMM estimates by region (Rexport).

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Table 9.

System GMM estimates by region (Rimport).

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Table 10.

Robustness check.

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