7.1 Benchmark results (continued)
| Variable | Exports (Excluding Agriculture) | Imports (Excluding Oil) | ||
|---|---|---|---|---|
| Selection | Trade | Selection | Trade | |
| Migrant Stock | 0.3168*** (0.0251) | 0.1365*** (0.0368) | 0.0784** (0.0187) | >0.2223*** (0.0343) |
| Zero Migrants | 0.3163*** (0.0796) | 0.5876*** (0.0829) | 0.2712*** (0.0875) | 0.0544 (0.0666) |
| Foreign GDP | 0.2301*** (0.0732) | 1.2235*** (0.054) | -0.3085*** (0.0897) | 1.497*** (0.0666) |
| New Zealand GDP | 0.9061 (0.7669) | -1.7969*** (0.458) | 2.9894*** (0.7083) | 2.3288*** (0.4265) |
| World GDP | 2.4103*** (0.4419) | 0.7683*** (0.2457) | -0.0108 (0.4242) | -0.5856** (0.2395) |
| Population | -0.7502*** (0.194) | 0.8398*** (0.1405) | -0.2379 (0.2346) | -0.5861*** (0.1237) |
| Distance | -1.7725*** (0.1373) | -2.1972*** (0.042) | -1.9731*** (0.1256) | -0.9596*** (0.0374) |
| Non-English | 0.0794 (0.0622) | 0.3262*** (0.0375) | 1.1437*** (0.0608) | -0.3814*** (0.0352) |
| Average Migrant Stock | 0.012 (0.0342) | 0.425*** (0.0268) | 0.4162*** (0.0394) | 0.3232*** (0.0203) |
| Average Foreign GDP | 0.5525*** (0.0808) | -0.3884*** (0.0557) | 0.7413*** (0.0952) | -0.6645*** (0.0673) |
| Average Population | 0.101 (0.1964) | -1.2046*** (0.1408) | -0.0201 (0.2368) | 0.7015*** (0.1248) |
| 1995 Dummy | -0.0845 (0.1166) | 0.3232*** (0.0678) | 0.0131 (0.107) | -0.1425** (0.0573) |
| Log Likelihood | -894.3868 | -6036.8670 | -948.6351 | -5549.9280 |
| Observations | 3385 | 2574 | 3385 | 2388 |
| Countries | 179 | 175 | 179 | 171 |
Notes – For definitions of the variables refer to Table 3. A constant term and country specific effects are included in all regressions. Dependent variables are in 1995 New Zealand dollars. Three stars (***) indicates that the coefficient is significantly different from zero at the 1% significance level, two stars (**) indicates that it is significant at the 5% level, and one star (*) indicates that it is significant at the 10% level.
As expected the effect of these exclusions is to increase the coefficient estimates on Migrant Stock in the trade equations for both exports (excluding agriculture) and imports (excluding oil).
