, The column labeled SE (? ? A ) reports the standard error associated with the estimated change in aggregate correlation. Columns 4-7 present the change in the correlation due to severing of trade linkages and multinational linkages separately, along with corresponding standard errors. Columns 8 and 9 present the change in the correlation due to severing of direct linkages assuming that all firms have equal size

, The column labeled SE (? ? A ) reports the standard error associated with the estimated change in aggregate correlation. The last six columns present the change in the correlation due to severing of direct linkages and indirect linkages separately, along with corresponding standard errors. The results are based on estimation that allows coefficients on D S f, j, ? and U S f, j, ? as well as country fixed effects to differ in manufacturing and nonmanufacturing sectors, Notes: This table reports the results of the aggregation exercise in (12), augmented with indirect linkages

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