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Prepared by Marta Ruiz-Arranz.
The dataset covers the EU-15 and AC-10 countries and spans the period 1978–2002.
The coefficient of the dummy variable DEUAC on the log of export flows regression is -0.33 (column 1). Thus, the impact on trade is computed as ((e–033–1)xl00 = –28.l).
(e–031–1.02–1)x100 = –73.55
See IMF, SM/04/02 (1/8/04), for a review of the literature.