|Table 5: Results of regressions run by using GMM models, the dependent variable is exports (), but separating Brazilian states into more and less industrialized states.|
| Source: estimated by the authors.|
*Indicates level of significance of 1%; **indicates level of significance of 5%; ***indicates level of significance of under 10%, ns: nonsignificant. Robust std error are in parentheses. aTime dummies are not reported. bSee endnote number 12.
(1) states from Southeast and South Regions; (2) other Brazilian states.