|(11)<br>Wood<br>-0.873<br>(0.043)_∗∗_<br>0.798<br>(0.077)_∗∗_<br>0.248<br>(0.068)_∗∗_<br>-4.230<br>(0.128)_∗∗_<br>0.555<br>(0.071)_∗∗_<br>-4.339<br>(0.159)_∗∗_<br>-3.737<br>(0.129)_∗∗_<br>-0.601<br>(0.117)_∗∗_<br>-9.539<br>(1.763)_∗∗_<br>67507<br>mn names.<br> individual<br>mations are<br>y pair and<br>s for trade<br> trade cost<br> and C are|
|---|
|(10)<br>Transport<br>-0.444<br>(0.076)_∗∗_<br>0.825<br>(0.109)_∗∗_<br>-0.080<br>(0.083)<br>-3.712<br>(0.233)_∗∗_<br>0.705<br>(0.093)_∗∗_<br>-2.897<br>(0.546)_∗∗_<br>-2.743<br>(0.202)_∗∗_<br>-0.153<br>(0.516)<br>-2.529<br>(8.386)<br>43567<br>ar in the colu<br>e data for all<br>ade. All esti<br>red by countr<br> border efect<br>if-equivalent<br>s in Panels B|
|(9)<br>Textiles<br>-0.773<br>(0.059)_∗∗_<br>0.345<br>(0.086)_∗∗_<br>0.209<br>(0.071)_∗∗_<br>-3.242<br>(0.157)_∗∗_<br>0.315<br>(0.085)_∗∗_<br>-2.641<br>(0.260)_∗∗_<br>-2.585<br>(0.176)_∗∗_<br>-0.056<br>(0.223)<br>-0.922<br>(3.681)<br>64522<br> as they appe<br> summing) th<br>al bilateral tr<br>rs are cluste<br>imates of the<br>nel B into tar<br>andard error|
|-2016<br>(8)<br>Rubber<br>-0.935<br>(0.051)_∗∗_<br>0.546<br>(0.094)_∗∗_<br>0.031<br>(0.068)<br>-3.232<br>(0.179)_∗∗_<br>0.520<br>(0.085)_∗∗_<br>-3.109<br>(0.214)_∗∗_<br>-2.597<br>(0.152)_∗∗_<br>-0.512<br>(0.165)_∗∗_<br>-8.177<br>(2.527)_∗∗_<br>20705<br>the sample, <br>ooling (not <br>ble is nomin<br>andard erro<br>een the est<br>ces from Pa<br>= 7. The st|
|TA, 2000<br>(7)<br>Other<br>-0.671<br>(0.065)_∗∗_<br>0.609<br>(0.128)_∗∗_<br>0.128<br>(0.093)<br>-3.869<br>(0.191)_∗∗_<br>0.496<br>(0.098)_∗∗_<br>-3.333<br>(0.262)_∗∗_<br>-3.200<br>(0.188)_∗∗_<br>-0.133<br>(0.208)<br>-2.191<br>(3.396)<br>34915<br>acturing in <br>ructed by p<br>ndent varia<br> brevity. St<br>erence betw<br>the diferen<br>e we set _σ_|
|tes CEF<br>(6)<br>Minerals<br>-0.912<br>(0.047)_∗∗_<br>0.626<br>(0.084)_∗∗_<br>0.139<br>(0.070)_∗_<br>-4.092<br>(0.148)_∗∗_<br>0.345<br>(0.077)_∗∗_<br>-4.502<br>(0.194)_∗∗_<br>-3.545<br>(0.143)_∗∗_<br>-0.957<br>(0.154)_∗∗_<br>-14.741<br>(2.185)_∗∗_<br>37020<br>ithin Manuf<br>ector is const<br>and the depe<br>e omitted for <br>ports the dif<br> transforms <br>)_∗_100, wher|
|ty Estima<br>(5)<br>Metals<br>-0.731<br>(0.070)_∗∗_<br>0.448<br>(0.102)_∗∗_<br>0.452<br>(0.067)_∗∗_<br>-3.534<br>(0.226)_∗∗_<br>0.561<br>(0.130)_∗∗_<br>-3.284<br>(0.267)_∗∗_<br>-2.767<br>(0.197)_∗∗_<br>-0.516<br>(0.181)_∗∗_<br>-8.248<br>(2.762)_∗∗_<br>46539<br>ain sectors w<br>nufacturing s<br>or is PPML <br> estimates ar<br>f the table re<br>ctor. Panel C<br>))1_/_(1_−σ_) _−_1|
|al Gravi<br>(4)<br>Machines<br>-0.559<br>(0.046)_∗∗_<br>0.530<br>(0.085)_∗∗_<br>0.138<br>(0.059)_∗_<br>-2.741<br>(0.167)_∗∗_<br>0.458<br>(0.062)_∗∗_<br>-2.276<br>(0.240)_∗∗_<br>-2.451<br>(0.157)_∗∗_<br><br>0.175<br>(0.199)<br>2.952<br>(3.411)<br>77449<br> for the 11 m<br>h main ma<br>The estimat<br>ects, whose <br> Panel B o<br> for each se<br>_U_CEFTA_<br>.|
|Table 2: Sector<br>(1)<br>(2)<br>(3)<br>Chemicals<br>Electronics<br>Food<br>A. Gravity Estimates<br>DIST<br>-0.826<br>-0.603<br>-0.663<br>(0.048)_∗∗_<br>(0.054)_∗∗_<br>(0.041)_∗∗_<br>CNTG<br>0.399<br>0.302<br>0.854<br>(0.082)_∗∗_<br>(0.080)_∗∗_<br>(0.082)_∗∗_<br>LANG<br>0.218<br>0.287<br>0.449<br>(0.069)_∗∗_<br>(0.066)_∗∗_<br>(0.065)_∗∗_<br>BRDR<br>-3.087<br>-3.006<br>-5.272<br>(0.157)_∗∗_<br>(0.190)_∗∗_<br>(0.118)_∗∗_<br>FTA<br>0.348<br>0.271<br>0.393<br>(0.071)_∗∗_<br>(0.077)_∗∗_<br>(0.059)_∗∗_<br>BRDR_EU_CEFTA<br>-2.854<br>-2.643<br>-5.488<br>(0.263)_∗∗_<br>(0.319)_∗∗_<br>(0.178)_∗∗_<br>BRDR_EU<br>-2.982<br>-2.425<br>-3.982<br>(0.152)_∗∗_<br>(0.175)_∗∗_<br>(0.117)_∗∗_<br>B. CEFTA vs. EU Border: _BRDR_EU_CEFTA_-_BRDR_EU_<br>CEFTA vs. EU<br>0.128<br>-0.218<br>-1.506<br>(0.229)<br>(0.272)<br>(0.153)_∗∗_<br>C. CEFTA vs. EU Border: Tarif Equivalents<br>CEFTA vs. EU<br>2.153<br>-3.570<br>-22.195<br>( 3.905 )<br>(4.377)<br>(1.987)_∗∗_<br>_N_<br>61024<br>100591<br>80999<br>**Notes**: Panel A of this table reports gravity estimation results <br>All estimates are obtained with data for 2013. The data for eac<br>manufacturing products within the corresponding main sector. <br>obtained with exporter-product and importer-product fxed ef<br>are reported in parentheses. + _p <_ 0_._10, _∗p < ._05, _∗∗p < ._01. <br>within the EU vs. trade between CEFTA members and the EU <br>changes %∆_tCEF T A,EU_ = (_exp_(_BRDR_EU_)_/exp_(_BRDR_E_<br>constructed with the Delta method. See text for further details|

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