Table 3 Results of the PPML estimations considering the impact of the STR, the C&H, and the ECO on wine exports

\(\log {\text{C}}\& {\text{H}}_{{{\text{exporter}}, t}}\)

0.012

0.010

(0.023)

(0.022)

\(\log {\text{C}}\& {\text{H}}_{{{\text{importer}}, t}}\)

− 0.123***

− 0.065**

(0.037)

(0.026)

\(\log {\text{C}}\& {\text{H}}_{{{\text{importer}}, t - 1}}\)

− 0.066***

(0.020)

\(\log {\text{C}}\& {\text{H}}_{{{\text{importer}}, t - 2}}\)

− 0.066**

(0.027)

\(\log \;{\text{Str}}_{{{\text{exporter}}, t}}\)

− 0.009

− 0.005

(0.024)

(0.023)

\({\text{log}}\;{\text{Str}}_{{{\text{importer, }}t}}\)

− 0.121***

− 0.072***

(0.029)

(0.021)

\(\log {\text{Str}}_{{{\text{importer}}, t - 1}}\)

− 0.038*

(0.020)

\(\log \;{\text{Str}}_{{{\text{importer}}, t - 2}}\)

− 0.072***

(0.019)

\(\log {\text{Eco}}_{{{\text{exporter}}, t}}\)

0.032

0.030

(0.024)

(0.024)

\(\log {\text{Eco}}_{{{\text{importer}}, t}}\)

− 0.017

− 0.006

(0.011)

(0.009)

\(\log {\text{Eco}}_{{{\text{importer}}, t - 1}}\)

− 0.006

(0.009)

\(\log {\text{Eco}}_{{{\text{importer}}, t - 2}}\)

− 0.008

(0.012)

\({\text{Constant}}\)

20.120***

20.301***

20.149***

20.286***

19.851***

19.868***

(0.707)

(0.719)

(0.715)

(0.728)

(0.698)

(0.701)

Exporter controls

Yes

Yes

Yes

Yes

Yes

Yes

Importer controls

Yes

Yes

Yes

Yes

Yes

Yes

Time controls

Yes

Yes

Yes

Yes

Yes

Yes

N

206,097

197,539

206,097

197,539

206,097

197,539

pseudo-R²

0.892

0.893

0.892

0.893

0.892

0.893

RESET

7.84***

4.55**

7.34***

9.86***

7.34***

2.94*