“…All those theoretical considerations were met with an extensive strain of empirical research striving for their verifications. To enlist just a few, researchers were investigating the impact of: exchange rates (Bahmani-Oskooee, 1986;Brada & Méndez, 1988), exchange rate variability (Arizeet al, 2003;Klein & Shambaugh, 2006;Miron et al, 2013), factor endowments (Baldwin, 1971;Bowen et al, 1987;Staiger, 1988;Davis & Weinstein, 2001;Debaere, 2003), gravity variables (McCallum, 1995;Anderson & van Wincoop, 2003;Wang et al, 2010), free trade agreements (Frankel et al, 1995;Baier & Bergstrand, 2007;Beck et al, 2019;Gawrońska-Nowak et al, 2019), currency unions (Rose & van Wincoop, 2001;Frankel & Rose, 2002;Glick & Rose, 2002;Beck, 2014), institutions (de Groot et al, 2004;Kuncic, 2012), cultural factors (Carrère & Masood, 2018;Egger & Lassmann, 2018;Egger & Toubal, 2018).…”