Table 2.
Panel unit root test results.
| CO2 | TR | RE | Y | Y2 | |
|---|---|---|---|---|---|
| Level | |||||
| LLC | 3.234 | 3.680 | -0.918 | -4.014*** | -4.175*** |
| (0.999) | (1.000) | (0.179) | (0.000) | (0.000) | |
| IPS | 4.589 | 5.169 | 3.37219 | -0.451 | -0.455 |
| (1.000) | (1.000) | (0.9996) | (0.326) | (0.324) | |
| Fisher-ADF | 15.762 | 16.890 | 20.783 | 39.828 | 39.791 |
| (1.000) | (1.000) | (0.9896) | (0.389) | (0.390) | |
| Fisher-PP | 19.462 | 61.202*** | 35.873 | 52.185* | 50.712* |
| (0.995) | (0.0099) | (0.5682) | (0.062) | (0.081) | |
| Breitung | 2.074 | 0.775 | 0.903 | 1.273 | 1.174 |
| (0.981) | (0.781) | (0.817) | (0.899) | (0.880) | |
| 1st Difference | |||||
| LLC | -5.102*** | 3.439 | -5.058*** | -7.627*** | -7.649*** |
| (0.000) | (0.999) | (0.000) | (0.000) | (0.000) | |
| IPS | -7.638*** | -6.425*** | -8.198*** | -5.759*** | -5.745*** |
| (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
| Fisher-ADF | 130.588*** | 111.120*** | 142.101*** | 101.287*** | 100.908*** |
| (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
| Fisher PP | 299.421*** | 506.483*** | 743.939*** | 193.839*** | 196.857*** |
| (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
| Breitung | -2.643*** | -3.797*** | -4.328*** | -4.746*** | -4.622*** |
| (0.004) | (0.000) | (0.000) | (0.000) | (0.000) |
Note: P-values in parentheses. Individual intercept and time trend is included in test regressions. ***: Rejection of the null hypothesis at 1% significance level, **: Rejection at 5%, and *: Rejection at 10%. Source: Eviews 9.0 output.