Table 7.

The long-run elasticity estimates in context of models (5) and (6)

Model	(5)	(5)	(5)	(6)	(6)	(6)
Dep. var.	lnCO2	lnCO2	lnCO2	lnCO2	lnCO2	lnCO2
Estimator	CUP-FM	CUP-BC	FGLS	CUP-FM	CUP-BC	GFLS
Regressors
lnIOPEN	0.414***	0.456**	0.391***	0.460***	0.517***	0.474***
	(0.153)	(0.230)	(0.101)	(0.059)	(0.019)	(0.049)
lnIOPEN2	0.232**	0.186**	0.147***	0.038**	0.021**	0.041***
	(0.115)	(0.0676)	(0.036)	(0.013)	(0.010)	(0.011)
lnREC	− 2.041***	− 2.157***	− 2.334***
	(1.055)	(0.038)	(0.109)
lnIOPEN*lnREC	− 0.491**	− 0.443***	− 0.385***
	(0.241)	(0.121)	(0.062)
lnNREC				3.176***	3.529***	4.170***
				(0.075)	(0.061)	(0.033)
lnIOPEN*NREC				0.359***	0.224**	0.192***
				(0.137)	(0.111)	(0.046)
lnEI	1.129***	1.332***	1.401**
	(0.391)	(0.400)	(0.689)
lnIOPEN*lnEI	− 0.129**	− 0.133**	− 0.102***
	(0.062)	(0.065)	(0.029)
lnACFT				0.308***	0.332***	0.391***
				(0.102)	(0.121)	(0.117)
lnIOPEN*lnACFT				− 0.021**	− 0.028**	− 0.032***
				(0.009)	(0.015)	(0.010)
lnOIL	− 0.177**	− 0.118**	− 0.159**	− 0.444***	− 0.158**	− 0.141***
	(0.081)	(0.056)	(0.079)	(0.113)	(0.078)	(0.049)
lnGNIPC	406.73***	403.851***	384.84***	39.175***	29.922***	41.891***
	(29.810)	(28.944)	(23.052)	(12.805)	(13.149)	(12.599)
lnGNIPC2	− 2.634***	− 2.623***	− 2.669***	− 1.377***	− 1.194**	− 1.263***
	(0.600)	(0.541)	(0.187)	(0.109)	(0.367)	(0.360)
Constant	− 0.986***	− 0.992**	− 1.012**	− 0.179***	− 0.158***	− 0.182***
	(0.014)	(0.482)	(0.507)	(0.003)	(0.002)	(0.004)
Wald Chi2			1293***			4634***
Adj. R2	0.729	0.712		0.785	0.763
Observations	101	101	102	101	101	102

The standard errors are reported within the parentheses; ***, **, and * denote statistical significance at 1%, 5%, and 10% levels respectively