Table 17. Granger causality based on panel vector error correction model.

Excluded	Short-run causality				Long-run causality
	Dependent variable
	ΔGDPCG	ΔGGE	ΔENVTR	ΔPEC	ECT
ΔGDPCG	-	10.94***	2.17	3.04	-0.40***
ΔGGE	1.87	-	7.59**	13.18***	0.003***
ΔENVTR	6.74**	4.41	-	17.11***	-0.02**
ΔPEC	2.35	8.97**	8.12**	-	0.002**

Source: Authors’ computations. For the definition of variables, please see Table 4.

*** indicates the statistical significance at 1% levels.

** indicates the statistical significance at 5% levels.

* indicates the statistical significance at 10% levels.