Table 3.

Baseline estimation results.

Notes: This table reports the estimation results using the PPML method. ***, **, and * indicate the 1, 5, and 10% levels of statistical significance, respectively. The standard errors reported in parentheses are those clustered by country pairs. In all specifications, we controlled for country pair-year fixed effects, country pair-month fixed effects, and year-month fixed effects. All figures in this table are based on export statistics. “Wald Statistics” indicates statistics on the Wald test on the null hypothesis that the coefficient for Importers’ COVID-19 severity is equal to that for Exporters’ COVID-19 severity. Its p-value is reported in “Wald p-value.” “COVID-19 measure” indicates the variable to measure the severity of the COVID-19 damage. Case and Death represent the numbers of confirmed cases and deaths, respectively. Immobility is defined as the percent change in visits to retail and recreational outlets multiplied by negative one for the importers’ COVID-19 severity and the same measure but considering visits to workplaces for exporters’ COVID-19 severity. Similarly, the Lockdown variable represents the share of days when stay-at-home orders were effective in the case of importers’ COVID-19 severity and the share of days when workplace-closing orders were effective in the case of exporters’ COVID-19 severity.