Table 5.

Result of PMG-ARDL (1,1,1,1,1,1).

Model: LCO2 = F(LGDP, LGDP2,LAGR, LURB,LNRT)
Variable	Coefficient	Std. Error	T-stat.	P-value
Long run
LGDP	5.098∗∗∗	1.008	5.059	0.000
LGDP2	-0.310∗∗∗	0.068	-4.561	0.000
LAGR	-0.183∗∗	0.079	-2.331	0.020
LURB	1.579∗∗∗	0.220	7.177	0.000
LNRT	0.138∗∗	0.044	3.141	0.002
Short run
ECT(-1)	-0.371∗∗∗	0.080	-4.638	0.000
$\text{Δ}$LGDP	-22.456	18.689	-1.202	0.230
$\text{Δ}$LGDP2	1.552	1.250	1.242	0.215
$\text{Δ}$LAGR	0.041	0.091	0.450	0.653
$\text{Δ}$LURB	2.415	3.526	0.685	0.494
$\text{Δ}$LNRT	0.023	0.053	0.436	0.663
Constant	-6.333∗∗∗	1.445	-4.382	0.000

Note the asterisk (∗∗∗^,∗∗ and ∗) represents statistical rejection level of null of no co-integration test statistics at 1%,5% and 10% significance level. Also the fitted model is based on maximum lag 1 as suggested by Akaike information criterion With 256 observations.

Source: Authors computation