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Fig 1.

Trade opening trend.

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Fig 1 Expand

Fig 2.

Financial opening trend.

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Fig 2 Expand

Table 1.

Descriptive statistics of basic variables.

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Table 1 Expand

Fig 3.

Trade opening and real exchange rate volatility.

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Fig 3 Expand

Fig 4.

Financial opening and real exchange rate volatility.

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Fig 4 Expand

Table 2.

OLS regression results.

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Table 2 Expand

Table 3.

Regression results of instrumental variable method.

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Table 3 Expand