Two models were estimated, each applying nominal and real exchange rates. Both models adopted the panel-corrected standard errors (PCSE) linear regression method proposed by Beck and Katz [41]. The method takes into account the first-order panel autocorrelation, panel-level heteroskedastic errors, and errors contemporaneously correlated across panels. In this regard, the null hypothesis that there is no first-order autocorrelation was rejected in the Wooldridge test for panel **data** [42]. A Fisher-type panel unit root test that can be applied to unbalanced panels was performed, and the results rejected the null hypothesis that all panels contain a unit root for all variables (Table 3). Since the estimation results of the two models are not significantly different, we focused on the results of the nominal exchange rate model. Time effects are not presented, but almost all are significant, reflecting the shocks common to all countries at some point in time such as Chile's production cuts in around 2010. The three null hypotheses that all countries have the same effect, all the exchange rate effects are zero, and all the tariff rate effects are zero were all rejected at the 10% significance level (Table 4). Therefore, it can be said that country-specific markups were apparent in some importing countries. Table 4. Results of joint significance test.