Table 6.

The VAR estimation results.

	OPVt	GDPt	NRt	REt	CO2t	GFt
constant	0.0460**	−0.0147	0.0294**	0.0501*	−0.0138**	0.0331**
	[3.15]	[-1.55]	[3.27]	[1.83]	[-3.39]	[3.18]
ORt-1	−0.0587***	−0.0031	−0.0048	−0.0431***	−0.0050	−0.0039
	[-4.97]	[-0.47]	[-0.72]	[-4.17]	[-1.41]	[-0.61]
ORt-2	−0.0131	−0.0043	−0.0083	−0.0141	−0.0019	−0.0071
	[-0.70]	[-0.74]	[-1.12]	[-1.04]	[-0.83]	[-1.01]
ERt-1	−0.0957***	−0.0948***	−0.0572***	−0.0231	0.0035	0.0812***
	[-4.21]	[-5.65]	[-3.98]	[-0.66]	[0.40]	[3.49]
ERt-2	−0.0631*	−0.0355**	−0.0368*	−0.0439	0.0061	−0.0141
	[-1.88]	[-3.19]	[-1.80]	[-1.50]	[0.49]	[-0.80]
GRt-1	0.0131	0.0033	−0.0341**	−0.0021	−0.0111**	−0.0550***
	[0.50]	[0.44]	[-3.35]	[-0.07]	[-3.04]	[-3.39]
GRt-2	0.0390	0.0067	−0.0034	0.0304	−0.0049	−0.0039
	[1.63]	[0.64]	[-0.24]	[1.63]	[-1.05]	[-0.29]