Table 6.

Dumitrescu and Hurlin (2012) analysis

Null hypothesis	W-bar	Z-bar stat
	Statistic	Statistic	P-value
LnTR → LnCO2	3.863	2.160**	0.030
LnCO2 → LnTR	4.236	2.677*	0.007
LnRGDP → LnCO2	3.566	1.747***	0.080
LnCO2 → LnRGDP	3.842	2.130**	0.033
LnRGDP2 → LnCO2	8.183	19.553*	0.000
LnCO2 → LnRGDP2	9.010	8.021	0.440
FDI → LnCO2	2.383	0.105	0.915
LnCO2 → FDI	4.741	3.379*	0.000
LnDC → LnCO2	6.296	5.538*	3.E-0
LnCO2 → LnDC	4.021	2.379**	0.017

^* < 0.01, ** < 0.05, *** < 0.10; → “does not Granger-cause”