For your data analysis, you first need to obtain data from the World Bank (see the link below) and follow the steps described below. Notice that World Bank regularly updates its database; therefore it is crucial to obtain all data as soon as possible. The data range is from 2003 to 2015.
You need to obtain the country-level data for Italy and Sweden on:
- Imports of goods and services (in current US$)
- Exports of goods and services (in current US$)
- GDP (in current US$)
- GDP per capita (in current US$)
- GINI Index (World Bank estimate) from the World Bank's World Development Indicators:
-Step 1: Using data you obtained for Italy and Sweden, plot openness (as a percentage) against GINI index for each nation. Use two graphs, one for each country. You need to use your openness calculations from Step1 of Assignment 1). Put openness (as a percentage) on the vertical axis and GINI index on the horizontal axis.
-Step 2: Using data you obtained for Italy and Sweden, calculate the correlation coefficient (using CORREL command in excel) between Openness (as a percentage) and the GINI Index for each nation. Report and interpret this relationship in up to 200 words and state for which country this relationship is stronger. [Hint: the GINI is often used as a proxy for the ratio of skilled to unskilled wages in empirical studies].
-Step 3: Assume that both Italy and Sweden are skilled-labour abundant. First define, Stolper-Samuelson theorem and then check whether your data findings are in line with the Stolper-Samuelson theorem. Explain your answer up to 200 words.
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