My aim is to estimate the association between a country's real per capita growth (realgthpc) and exported-weighted real per capita growth of its trading partners (tpg_aenia for advanced economies, tpg_em for emerging markets, tpg_chn for china). I am using a panel of 26 countries with data at annual frequency. I control for the usual variables that are associated with growth such as inflation, physical and human capital, global growth etc. Moderation, crisis, recovery dummies capture the periods 2003-07, 2008-09, and 2010-11 respectively.

I first run the regression for the period 2001 to 2018. Guided by the Hausman test, I have used country fixed effects. Also, standard errors are clustered at the country-level. I find that a 1% increase in growth of EM trade partners is associated with a 0.5% increase in the growth of the reporting country.
Code:
xtreg realgthpc l.tpg_aenia l.tpg_em l.tpg_chn realpcgdp_5yago_bn gfcf_nomgdp prim_enrol cpi_ep_inflatn depratio open_gdp globalgthpc oiltrdbal_gdp oiltrdbal_gdp_5y gth_commexp_prind crisis_dummy moderation_dummy recovery_dummy, fe vce(cluster CountryNo)
Code:
Fixed-effects (within) regression               Number of obs     =        343
Group variable: CountryNo                       Number of groups  =         26

R-sq:                                           Obs per group:
     within  = 0.3832                                         min =          4
     between = 0.0080                                         avg =       13.2
     overall = 0.1749                                         max =         17

                                                F(16,25)          =      15.10
corr(u_i, Xb)  = -0.5907                        Prob > F          =     0.0000

                                   (Std. Err. adjusted for 26 clusters in CountryNo)
------------------------------------------------------------------------------------
                   |               Robust
         realgthpc |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------------+----------------------------------------------------------------
         tpg_aenia |
               L1. |  -.0420772   .1956026    -0.22   0.831    -.4449283    .3607739
                   |
            tpg_em |
               L1. |   .5208979   .2481788     2.10   0.046      .009764    1.032032
                   |
           tpg_chn |
               L1. |   .1076752   .5621433     0.19   0.850    -1.050081    1.265431
                   |
realpcgdp_5yago_bn |   .0309591   .0211014     1.47   0.155    -.0125001    .0744183
       gfcf_nomgdp |   .2013728   .0805251     2.50   0.019     .0355283    .3672173
        prim_enrol |   .0969751   .0289507     3.35   0.003     .0373501    .1566001
    cpi_ep_inflatn |  -.1490856   .0699263    -2.13   0.043    -.2931015   -.0050697
          depratio |  -.0002485   .0571743    -0.00   0.997    -.1180011    .1175041
          open_gdp |   .0272978    .023562     1.16   0.258    -.0212292    .0758247
       globalgthpc |   .7846087   .2894573     2.71   0.012     .1884603    1.380757
     oiltrdbal_gdp |    .061986    .079659     0.78   0.444    -.1020748    .2260467
  oiltrdbal_gdp_5y |   .0130573   .1709793     0.08   0.940     -.339081    .3651957
 gth_commexp_prind |   .0252099   .0140975     1.79   0.086    -.0038245    .0542443
      crisis_dummy |    .134008   .9356604     0.14   0.887    -1.793021    2.061037
  moderation_dummy |   .8694931   .6094907     1.43   0.166    -.3857765    2.124763
    recovery_dummy |   .5936562   .6663803     0.89   0.381    -.7787797    1.966092
             _cons |  -14.92877   6.315646    -2.36   0.026    -27.93609   -1.921454
-------------------+----------------------------------------------------------------
           sigma_u |  2.7801935
           sigma_e |  2.6945358
               rho |  .51564218   (fraction of variance due to u_i)
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