Table 6 Baseline model and sector heterogenous effect

Ln initial production per capita

−0.114*** (0.0219)

Ln underval

0.0784** (0.0308)

LA× underval

0.0723*** (0.022)

Interactions of LA× underval with:

 16 Tobacco products

−0.139***

0.09

0.23

0.13

0.25

 17 Textiles

0.0526***

0.32

0.54

0.24

0.36

 18 Wearing apparel, fur

0.0159

0.32

0.54

0.24

0.36

 19 Leather, leather products and footwear

0.0720***

0.32

0.54

0.24

0.35

 20 Wood products (excl. furniture)

0.0497***

0.11

0.28

0.11

0.29

 21 Paper and paper products

0.0713***

0.18

0.28

0.20

0.29

 22 Printing and publishing

0.0154**

0.18

0.27

0.20

0.29

 23 Coke, refined petroleum products,nuclear fuel

−0.0547***

0.16

0.35

0.28

0.60

 24 Chemicals and chemical products

0.00586***

0.38

0.62

0.23

0.38

 25 Rubber and plastics products

−0.0302***

0.31

0.45

0.29

0.38

 26 Nonmetallic mineral products

0.0927***

0.11

0.25

0.13

0.26

 27 Basic metals

0.0822***

0.27

0.52

0.21

0.41

 28 Fabricated metal products

0.0806***

0.26

0.29

0.23

0.33

 29 Machinery and equipment n.e.c.

0.125***

0.50

0.57

0.26

0.35

 30 Office, accounting and computing machinery

−0.343***

0.80

0.77

0.49

0.48

 31 Electrical machinery and apparatus

−0.0255**

0.60

0.59

0.29

0.41

 32 Radio, television and communication equipment

−0.143***

0.69

0.70

0.33

0.65

 33 Medical, precision and optical instruments

0.0904***

0.27

0.65

0.15

0.38

 34 Motor vehicles, trailers, semitrailers

0.184***

0.46

0.64

0.33

0.45

 35 Other transport equipment

0.242***

0.29

0.51

0.19

0.36

 36 Furniture; manufacturing n.e.c.

−0.00448

0.23

0.30

0.21

0.31

Country controls

Yes

Sector–country FE

Yes

Year FE

Yes

Observations

9,552