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O. Distance, 669) (-0.0711) (-4.202) (-0.309) (-1.730) (-0.110) (-4.032) (-0.476) Common language OECD -1.503 -3.152 0.767 -43, ) (3.134) (0.167) (0.581) (-0.588) (2.899) (-0.208) Observations 82 82 82, pp.81-81

O. Distance, ) (-0.691) (-3.794) (-1.416) (-1.311) (-0.603) (-3.751) (-1.347) Common language OECD -1.077 1.834 1.011 -3, ) Dual exchange*Volatility (10ye.)

O. Distance, Common language OECD : binary variable which takes the value one if the country shares the same language with at least one member of OECD; lc100km : Ratio of coastal area (area within 100km of sea/ocean ) to total area; Sh (5years): Standard deviation of GDP per capita growth rate in previous 5 years; Sh (10years): Standard deviation of GDP per capita growth rate in previous 10 years Regional dummies are included in all specifications