Table 5.
Panel ARDL estimates of carbon dioxide model (1, 0, 0, 0) (Selection of optimal lag length is based on the Bayesian Information Criterion (BIC))
| (LR) | (SR) | |
|---|---|---|
| Variables | PMG | PMG |
| ECT | − 0.299** | |
| (0.116) | ||
| D (energy consumption) | 0.00966 | |
| (0.0122) | ||
| D (gross domestic product) | 0.000506 | |
| (0.00430) | ||
| D (gross domestic product squared) | 5.02e–05 | |
| (6.36e–05) | ||
| Trend | 0.00258 | |
| (0.0197) | ||
| Energy consumption | 0.00931 | |
| (0.0138) | ||
| Gross domestic product | 0.0116** | |
| (0.00528) | ||
| Gross domestic product squared | − 6.92e–05 | |
| (0.000247) | ||
| Constant | 0.482 | |
| (0.918) |
Source: Authors’ computation
***, **, *Statistical significance at 1%, 5%, and 10% respectively. Standard errors are in parenthesis