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Table 2 Relationship between selected openness measures and labor productivity (long-run coefficient (β) and adjustment coefficients (α1, α2))

From: Openness and productivity of the Swiss economy

  (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix)
Liabilities, total 0.165***
(16.09)
        
Liabilities, FDI   0.131***
(10.07)
       
Liabilities, equity    0.134***
(10.01)
      
Liabilities, debt     0.198***
(14.32)
     
Trade openness      0.277
(1.09)
    
Real openness       −1.771*
(1.84)
   
Export rate (without gold and transit trade)        0.411***
(5.46)
  
Import rate (without gold and transit trade)         0.245***
(22.07)
 
Real effective exchange rates          3.178***
(4.01)
Adjustment coefficient 1 − 0.26***
(2.89)
− 0.11*
(1.69)
− 0.17**
(2.11)
− 0.21**
(2.58)
− 0.06
(1.72)
− 0.05**
(2.37)
− 0.01
(0.138)
0.05
(0.23)
− 0.01
(0.90)
Adjustment coefficient 2 1.10
(1.39)
1.90**
(2.61)
1.28
(1.17)
1.26*
(1.70)
− 0.02
(0.16)
− 0.12*
(1.98)
0.47*
(1.83)
2.21**
(2.34)
0.14***
(3.33)
Adj. R2 Eq. 1 0.128 0.107 0.116 0.094 0.005 0.079 − 0.059 − 0.055 − 0.044
Adj. R2 Eq. 2 0.009 0.111 − 0.021 0.049 0.026 0.123 0.072 0.138 0.206
No. of observations 40 40 40 40 40 40 30 30 40
  1. t values in parentheses. ***significant at 1%; **significant at 5%; *significant at 10%