. 2021 Jan 15;28(18):23482–23500. doi: 10.1007/s11356-021-12400-3

Table 8.

Outcomes of Dumitrescu-Hurlin panel causality

Variables	LnEF	LnREM	LnFD	LnGDP	LnGDP²	LnENG	LnTE	LnURP
LnEF	-	0.6212 (− 0.5357) 0.5922	5.2026*** (5.9434) 0.0000	5.5950*** (6.4983) 0.0000	5.3769*** (6.1899) 0.0000	0.8007 (− 0.2819) 0.7781	3.7616*** (3.9055) 0.0001	5.1913*** (5.9274) 0.0000
LnREM	2.3169* (1.8623) 0.0626	-	2.2196* (1.7248) 0.0846	3.8622*** (4.0477) 0.0001	3.8681*** (4.0562) 0.0000	2.0781 (1.5247) 0.1273	1.3363 (0.4756) 0.6343	1.7925 (1.1208) 0.2624
LnFD	0.9258 (− 0.1050) 0.9164	0.6426 (− 0.5054) 0.6133	-	0.8052 (− 0.2754) 0.7830	0.8251 (− 0.2473) 0.8047	1.7037 (0.9952) 0.3196	2.9274*** (2.7257) 0.0064	2.4165** (2.0032) 0.0452
LnGDP	1.7778 (1.0999) 0.2714	2.1028 (1.5596) 0.1188	3.8258*** (3.9963) 0.0001	-	1.9943 (1.4062) 0.1597	2.4793** (2.0921) 0.0364	0.6499 (− 0.4951) 0.6205	7.9358*** (9.8087) 0.0000
LnGDP²	1.6946 (0.9823) 0.3259	2.1356 (1.6060) 0.1083	3.7517*** (3.8914) 0.0001	1.9428 (1.3333) 0.1824	-	2.4477** (2.0474) 0.0406	0.7054 (− 0.4166) 0.6770	7.2912*** (8.8971) 0.0000
LnENG	1.1668 (0.2359) 0.8135	1.9793 (1.3849) 0.1661	2.1824* (1.6722) 0.0945	1.7882 (1.1146) 0.2650	1.6763 (0.9565) 0.3388	-	0.3776 (− 0.8802) 0.3787	2.5250** (2.1567) 0.0310
LnTE	3.0372*** (2.8810) 0.0040	0.5330 (− 0.6605) 0.5089	7.2444*** (8.8310) 0.0000	3.4951*** (3.5286) 0.0004	3.2459*** (3.1761) 0.0015	0.8427 (− 0.2225) 0.8240	-	5.0003*** (5.6573) 0.0000
LnURP	0.1113 (− 1.2568) 0.2088	1.2432 (0.3440) 0.7309	3.3875*** (3.3765) 0.0007	5.7120*** (6.6638) 0.0000	5.3861*** (6.2029) 0.0000	2.0478 (1.4818) 0.1384	1.8333 (1.1784) 0.2386	-

Variables

LnEF

LnREM

LnFD

LnGDP

LnGDP²

LnENG

LnTE

LnURP

LnEF

0.6212 (− 0.5357)

0.5922

5.2026*** (5.9434)

0.0000

5.5950*** (6.4983)

0.0000

5.3769*** (6.1899)

0.0000

0.8007

(− 0.2819)

0.7781

3.7616*** (3.9055)

0.0001

5.1913*** (5.9274)

0.0000

LnREM

2.3169* (1.8623)

0.0626

2.2196* (1.7248)

0.0846

3.8622*** (4.0477)

0.0001

3.8681*** (4.0562)

0.0000

2.0781 (1.5247)

0.1273

1.3363 (0.4756)

0.6343

1.7925 (1.1208)

0.2624

LnFD

0.9258 (− 0.1050)

0.9164

0.6426 (− 0.5054)

0.6133

0.8052 (− 0.2754)

0.7830

0.8251 (− 0.2473)

0.8047

1.7037 (0.9952)

0.3196

2.9274*** (2.7257)

0.0064

2.4165** (2.0032)

0.0452

LnGDP

1.7778 (1.0999)

0.2714

2.1028 (1.5596)

0.1188

3.8258*** (3.9963)

0.0001

1.9943 (1.4062)

0.1597

2.4793** (2.0921)

0.0364

0.6499 (− 0.4951)

0.6205

7.9358*** (9.8087)

0.0000

LnGDP²

1.6946 (0.9823)

0.3259

2.1356 (1.6060)

0.1083

3.7517*** (3.8914)

0.0001

1.9428 (1.3333)

0.1824

2.4477** (2.0474)

0.0406

0.7054 (− 0.4166)

0.6770

7.2912*** (8.8971)

0.0000

LnENG

1.1668 (0.2359)

0.8135

1.9793 (1.3849)

0.1661

2.1824* (1.6722)

0.0945

1.7882 (1.1146)

0.2650

1.6763 (0.9565)

0.3388

0.3776 (− 0.8802)

0.3787

2.5250** (2.1567)

0.0310

LnTE

3.0372*** (2.8810)

0.0040

0.5330 (− 0.6605)

0.5089

7.2444*** (8.8310)

0.0000

3.4951*** (3.5286)

0.0004

3.2459*** (3.1761)

0.0015

0.8427 (− 0.2225)

0.8240

5.0003*** (5.6573)

0.0000

LnURP

0.1113 (− 1.2568)

0.2088

1.2432 (0.3440)

0.7309

3.3875*** (3.3765)

0.0007

5.7120*** (6.6638)

0.0000

5.3861*** (6.2029)

0.0000

2.0478 (1.4818)

0.1384

1.8333 (1.1784)

0.2386

Note: Top values represent the w-stat. () represents Z-stats. ***, **, and * indicate significance level at 1%, 5%, and 10% respectively