141 
Sources of welfare in VSC                  (4)(5)(6)(7) 4.259 (6.942) –0.003 (–0.035) 1.168** (3.291) –0.097** (–2.864) –1.618** (–3.061) –1.063** (–2.855) 0.000 (0.250) – 0.161 (0.779) –0.141 (–1.100) – –0.270* (–1.984) –0.572** (–5.566) –0.394* (–2.371) 0.454* (2.421) 0.881 842.997 
(7.448) –0.017 (0.757) 0.484** (4.688) –0.064** (–2.843) – –1.166** (–4.738) – 0.011** (6.758) ––– –0.107 (–1.409) –0.304** (–3.794) – 0.606** (5.956) 0.924 802.959 
(8.329) –0.028 (–0.576) – –0.084** (–3.813) –– 0.2E–03** (6.243) 0.012** (7.808) –––– –0.219** (–2.800) – 0.741** (9.480) 0.823 1302.193 
(4.406) 0.057 (0.831) 0.003** (2.513)a –0.072** (–2.968) –– 0.000 (0.350) 0.012** (7.046) –––– –0.281** (–3.195) – 0.697** (7.501) 0.860 105 aother source for trade openness: Penn World Tables (from 1985) **  significant at the 1% level; * significant at the 5% level; t statistics based on White heteroscedasti - city-consistent standard errors in parentheses