The impact of COVID-19 government policy on the international wine trade

Agricultural and Food Economics

Table 5 Results of the PPML estimations considering exporter-month and importer-month controls or pair controls

Variables	Equation-1	Equation-1	Equation-2
	(i)	(ii)	(iii)
\(\log {\text{Dist}}\)	− 0.458***
\(\log {\text{Dist}}\)	(0.084)
\({\text{Comlang}}\)	0.758***
\({\text{Comlang}}\)	(0.175)
\({\text{Colony}}\)	0.297
\({\text{Colony}}\)	(0.509)
\({\text{Contig}}\)	0.284
\({\text{Contig}}\)	(0.298)
\(\log {\text{OGR}}_{{{\text{exporter}}, t}}\)		0.012	0.006
\(\log {\text{OGR}}_{{{\text{exporter}}, t}}\)		(0.030)	(0.029)
\(\log {\text{OGR}}_{{{\text{importer}}, t}}\)		− 0.119***	− 0.060**
\(\log {\text{OGR}}_{{{\text{importer}}, t}}\)		(0.040)	(0.027)
\(\log {\text{OGR}}_{{{\text{importer}}, t - 1}}\)			− 0.066***
\(\log {\text{OGR}}_{{{\text{importer}}, t - 1}}\)			(0.022)
\(\log {\text{OGR}}_{{{\text{importer}}, t - 2}}\)			− 0.061**
\(\log {\text{OGR}}_{{{\text{importer}}, t - 2}}\)			(0.027)
\({\text{Constant}}\)	19.945***	16.922***	17.090***
\({\text{Constant}}\)	(0.710)	(0.095)	(0.138)
Exporter controls	No	No	No
Importer controls	No	No	No
Time controls	No	Yes	Yes
Exporter-time controls	Yes	No	No
Importer-time controls	Yes	No	No
Pair controls	No	Yes	Yes
N	212,422	133,035	126,563
pseudo-R²	0.906	0.971	0.971