Table 3 Open in new tab The main...

	(1)	(2)	(3)	(4)
$Δ \ln {MP}^{tot}$	4.070^***	3.631^***	2.303^**
	(1.313)	(1.175)	(1.058)
$Δ \ln {MP}^{tot} \cdot D 1880$				0.496
				(1.932)
$Δ \ln {MP}^{tot} \cdot D 1900$				−1.438^*
				(0.829)
$Δ \ln {MP}^{tot} \cdot D 1910$				0.503
				(0.612)
$Δ \ln {MP}^{tot} \cdot D 1940$				2.193^***
				(0.568)
Observations	2,425	2,425	12,125	12,125
Specification	Long difference	Long difference	Panel 1880–1940	Panel 1880–1940
Controls	No	Yes	Yes	Yes
Clusters	47	47	47	47

	(1)	(2)	(3)	(4)
$Δ \ln {MP}^{tot}$	4.070^***	3.631^***	2.303^**
	(1.313)	(1.175)	(1.058)
$Δ \ln {MP}^{tot} \cdot D 1880$				0.496
				(1.932)
$Δ \ln {MP}^{tot} \cdot D 1900$				−1.438^*
				(0.829)
$Δ \ln {MP}^{tot} \cdot D 1910$				0.503
				(0.612)
$Δ \ln {MP}^{tot} \cdot D 1940$				2.193^***
				(0.568)
Observations	2,425	2,425	12,125	12,125
Specification	Long difference	Long difference	Panel 1880–1940	Panel 1880–1940
Controls	No	Yes	Yes	Yes
Clusters	47	47	47	47

Table 3

The main explanatory variable is log market potential change due to the Panama Canal, in Column 3 interacted with a dummy for the year 1940

	(1)	(2)	(3)	(4)
	Δ lnpop 1940–1900		Lnpop
$Δ \ln {MP}^{tot}$	4.070^***	3.631^***	2.303^**
	(1.313)	(1.175)	(1.058)
$Δ \ln {MP}^{tot} \cdot D 1880$				0.496
				(1.932)
$Δ \ln {MP}^{tot} \cdot D 1900$				−1.438^*
				(0.829)
$Δ \ln {MP}^{tot} \cdot D 1910$				0.503
				(0.612)
$Δ \ln {MP}^{tot} \cdot D 1940$				2.193^***
				(0.568)
Observations	2,425	2,425	12,125	12,125
Specification	Long difference	Long difference	Panel 1880–1940	Panel 1880–1940
Controls	No	Yes	Yes	Yes
Clusters	47	47	47	47

	(1)	(2)	(3)	(4)
	Δ lnpop 1940–1900		Lnpop
$Δ \ln {MP}^{tot}$	4.070^***	3.631^***	2.303^**
	(1.313)	(1.175)	(1.058)
$Δ \ln {MP}^{tot} \cdot D 1880$				0.496
				(1.932)
$Δ \ln {MP}^{tot} \cdot D 1900$				−1.438^*
				(0.829)
$Δ \ln {MP}^{tot} \cdot D 1910$				0.503
				(0.612)
$Δ \ln {MP}^{tot} \cdot D 1940$				2.193^***
				(0.568)
Observations	2,425	2,425	12,125	12,125
Specification	Long difference	Long difference	Panel 1880–1940	Panel 1880–1940
Controls	No	Yes	Yes	Yes
Clusters	47	47	47	47

Notes: In Column 4, the omitted reference year is 1920. Control variables are longitude, latitude, log population in 1880, and an indicator for coastal counties. Panel regressions include year- and county-fixed effects and interact the control variables with year dummies. Robust standard errors are clustered using a chessboard grid of 5 × 5 degrees.

***

p < 0.01,

p < 0.05,

p < 0.1.

Source: Author calculation.

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