Table 2 Regional results for the correlations of TradeRisk indicators, price volatilities, and trade barriers.

Price volatility of mineral resources is best explained using the TradeRisk indicator for both the EU and the United States. There are also significant correlations between price volatility and import reliance, PageRank, and In-Strength TradeRisk. The level of applied protection (trade barriers) bir is negatively correlated with TradeRisk in the United States but not in the EU.

Correlation withCommentsσEUrσUSrbEUrbUSr
TradeRisk TirFull network effects and import reliance0.71***0.58***−0.11−0.39**
Import reliance IirNo use of trade networks0.48**0.51***−0.15−0.10
PageRank PirFull network effects, no import reliance used0.56***0.45***−0.23−0.43***
In-Strength TradeRisk Tistr,rNo network effects (only contributions from the nearest neighbors and import reliance)0.39*0.50***−0.12−0.11

*Significant at P < 0.05.

**Significant at P < 0.01.

***Significant at P < 0.001.