Dependent variable	LnY	Direction of causality
		Short-run (Wald test χ2 statistic)					Long-run
		LnCO2	LnPD	LnTR	LnK	LnL	ECMt-1 [prob]
LnY		1.394 (0.014)∗∗	0.317 (0.181)	-0.893 (0.151)	-0.268 (0.202)	-0.101 (0.349)	1.816 (0.035)∗∗
LnCO2	0.158 (0.091)∗∗∗		-0.164 (0.108)	0.790 (0.088)∗∗∗	-0.745 (0.121)	-0.136 (0.021)∗∗	-0.507 (0.035)∗∗
LnPD	0.436 (0.539)	-0.297 (0.053)∗∗∗		1.212 (0.538)	1.044 (0.721)	-1.187 (1.244)	2.928 (0.042)∗∗
LnTR	-0.709 (0.099)∗∗∗	-0.506 (0.099)∗∗∗	-0.459 (0.118)		-0.197 (0.132)	0.578 (0.229)	1.217 (0.035)∗∗
LnK	0.540 (0.107)	-0.061 (0.105)	1.031 (0.012)∗∗	0.582 (0.106)		0.948 (0.247)	2.918 (0.047)∗∗
LnL	0.356 (0.027)∗∗	-0.307 (0.274)	1.358 (0.031)∗∗	1.447 (0.276)	1.026 (0.371)		-3.509 (0.022)∗∗

Notes:∗∗ and ∗∗∗ denote significance at 5% and 10 % levels, respectively; values within the parentheses are probabilities.