Table 5.
The Dumitrescu–Hurlin panel causality test results
| Model (1) | Model (2) | Model (3) | |||
|---|---|---|---|---|---|
| Null hypothesis (Ho) | Z-bar stat. | Null hypothesis (Ho) | Z-bar stat. | Null hypothesis (Ho) | Z-bar stat. |
| lnROILP → lnREC | 8.382*** (0.000) | lnROILP → lnRES | 4.649*** (0.000) | lnROILP → lnRELEC | 6.071*** (0.003) |
| lnREC → lnROILP | 2.296** (0.030) | lnRES → lnROILP | 1.192 (0.231) | lnRELEC → lnROILP | 1.874 (0.382) |
| lnRGDP → lnREC | 9.841*** (0.000) | lnRGDP → lnRES | 3.351*** (0.002) | lnRGDP → lnRELEC | 3.298*** (0.001) |
| lnREC → lnRGDP | 2.113** (0.035) | lnRES → lnRGDP | 1.034 (0.300) | lnRELEC → lnRGDP | 5.570*** (0.000) |
| lnDEPEND → lnREC | 1.147 (0.684) | lnDEPEND → lnRES | 6.112*** (0.000) | lnDEPEND → lnRELEC | 3.396*** (0.001) |
| lnREC → lnDEPEND | 3.083*** (0.002) | lnRES → lnDEPEND | 8.222*** (0.000) | lnRELEC → lnDEPEND | 0.684 (0.297) |
| lnCO2 → lnREC | 1.271 (0.682) | lnCO2 → lnRES | 6.671*** (0.000) | lnCO2 → lnRELEC | 7.487*** (0.000) |
| lnREC → lnCO2 | 2.708*** (0.007) | lnRES → lnCO2 | 4.019*** (0.000) | lnRELEC → lnCO2 | 0.912 (0.306) |
| lnTO → lnREC | 11.286*** (0.000) | lnTO → lnRES | 6.993*** (0.000) | lnTO → lnRELEC | 2.335** (0.020) |
| lnREC → lnTO | 2.228*** (0.006) | lnRES → lnTO | 0.442 (0.341) | lnRELEC → lnTO | 2.347** (0.018) |
→ Indicates does not Granger cause; The p values, computed using 100 bootstrap replications, are reported within the parentheses
***, **, *Statistical significance at 1%, 5% and 10% levels, respectively