. 2022 Jun 8;29(51):77199–77237. doi: 10.1007/s11356-022-21107-y

Table 11.

Dynamic ARDL simulations analysis controlling for structural break

InCO₂ (Carbon emissions)
Cons	-1.0613** (-2.51)	-1.0603*** (-3.02)	-1.0703 (0.31)	-1.0753** (-2.31)	-1.0643 (-1.45)
_D93	0.0263 (0.51)	0.0250 (0.30)	0.0184 (1.28)	0.0213 (0.68)	0.0140 (0.83)
$In {SE}_{t - 1}$	0.2003*** (4.05)	0.2164** (2.15)	0.2522*** (3.19)	0.2366*** (3.50)	0.2034** (2.40)
$Δ I n {SE}_{t}$	0.3603** (2.03)	0.2605*** (3.17)	0.3173** (2.49)	0.3514** (2.10)	0.2921** (2.34)
${InTE}_{t - 1}$	-0.6203*** (-5.64)	-0.6028** (-2.24)	-0.6081 (-0.74)	-0.7124** (-2.30)	-0.6890** (-2.13)
$Δ In {TE}_{t}$	-0.6221** (-2.54)	-0.6126 (-1.38)	-0.6214*** (-3.50)	-0.5023** (-2.52)	-0.6183** (-2.60)
${InEPU}_{t - 1}$	0.1564** (2.43)	0.1716*** (3.21)	0.0894 (1.51)	1.0261*** (3.70)	1.2811 (0.90)
$Δ {InEPU}_{t}$	0.2515*** (4.04)	0.2004 (1.16)	0.2411** (2.52)	1.7912 (1.20)	0.2194** (2.47)
${InEI}_{t - 1}$	0.6171*** (3.03)	0.6164 (0.50)	0.6021*** (3.80)	0.6134*** (3.41)	0.5960** (2.43)
$Δ {InEI}_{t}$	0.1541** (2.61)	0.1053 (1.21)	0.1422** (2.40)	0.1001** (2.54)	0.1448** (2.54)
$I n ({EI}_{t - 1} * {EPU}_{t - 1})$		0.1632*** (3.27)
$Δ In ({EI}_{t} * {EPU}_{t})$		0.3153** (2.82)
${InREC}_{t - 1}$	-0.3541** (-2.82)	-0.3128** (-2.73)	0.3066** (2.40)	-0.2850** (-2.51)	-0.3067 (-0.52)
$Δ {InREC}_{t}$	-0.6106 (-0.21)	-0.6025 (-0.90)	0.6104 (0.81)	-0.6054** (-2.64)	-0.6010** (-2.43)
$I n ({REC}_{t - 1} * {EPU}_{t - 1})$			0.4100** (2.42)
$Δ In ({REC}_{t} * {EPU}_{t})$			0.2612** (2.46)
${InNREC}_{t - 1}$	0.4235*** (3.45)	0.4003*** (4.11)	0.4102*** (3.01)	-0.4003 (-0.43)	0.4183*** (4.01)
$Δ {InNREC}_{t}$	0.1704* (1.98)	0.1752 (0.94)	0.1850** (2.41)	-0.1745** (-2.50)	0.1697** (2.50)
$I n ({NREC}_{t - 1} * {EPU}_{t - 1})$				0.2075** (2.53)
$Δ In ({NREC}_{t} * {EPU}_{t})$				0.1500** (2.64)
${InECI}_{t - 1}$	0.5832** (2.31)	0.5075 (1.31)	0.5273** (2.41)	0.5016** (2.53)	0.5807*** (3.62)
$Δ {InECI}_{t}$	0.2591 (0.42)	0.2043** (2.04)	0.2503 (0.61)	0.2147** (2.50)	0.2506 (0.81)
$I n ({ECI}_{t - 1} * {EPU}_{t - 1})$					-0.1953*** (-3.69)
$Δ In ({ECI}_{t} * {EPU}_{t})$					-0.1013 (-1.54)
${InOPEN}_{t - 1}$	0.1069*** (3.84)	0.1120 (1.42)	0.1081** (2.33)	0.1005 (0.83)	0.1305 (0.30)
$Δ {InOPEN}_{t}$	0.2118** (2.31)	0.2382** (2.36)	0.2202 (0.62)	0.2060** (2.53)	0.2102** (2.34)
${InTECH}_{t - 1}$	-0.1424*** (-3.26)	-0.1381** (-2.05)	-0.1025*** (-3.12)	-0.1260*** (-3.51)	-0.1335** (-2.40)
$Δ {InTECH}_{t}$	-0.3030** (-2.31)	-0.3604*** (-3.01)	-0.2170** (-2.41)	-0.2510** (-2.15)	-0.3921** (-2.34)
ECT(-1)	-0.8202*** (-3.03)	-0.8248*** (-3.52)	-0.8104*** (-3.86)	-0.8025*** (-3.65)	-0.8208*** (-3.06)
R-squared	0.7613	0.7521	0.7621	0.7484	0.7561
Adj R-squared	0.7291	0.7172	0.7270	0.7061	0.7304
N	60	60	60	60	60
P val of F-sta	0.0000***	0.0000***	0.0000***	0.0000***	0.0000***
Simulations	1000	1000	1000	1000	1000

InCO₂ (Carbon emissions)

(1)

(2)

(3)

(4)

(5)

Cons

-1.0613**

(-2.51)

-1.0603***

(-3.02)

-1.0703

(0.31)

-1.0753**

(-2.31)

-1.0643

(-1.45)

_D93

0.0263

(0.51)

0.0250

(0.30)

0.0184

(1.28)

0.0213

(0.68)

0.0140

(0.83)

In {SE}_{t - 1}

0.2003***

(4.05)

0.2164**

(2.15)

0.2522***

(3.19)

0.2366***

(3.50)

0.2034**

(2.40)

Δ I n {SE}_{t}

0.3603**

(2.03)

0.2605***

(3.17)

0.3173**

(2.49)

0.3514**

(2.10)

0.2921**

(2.34)

{InTE}_{t - 1}

-0.6203***

(-5.64)

-0.6028**

(-2.24)

-0.6081

(-0.74)

-0.7124**

(-2.30)

-0.6890**

(-2.13)

Δ In {TE}_{t}

-0.6221**

(-2.54)

-0.6126

(-1.38)

-0.6214***

(-3.50)

-0.5023**

(-2.52)

-0.6183**

(-2.60)

{InEPU}_{t - 1}

0.1564**

(2.43)

0.1716***

(3.21)

0.0894

(1.51)

1.0261***

(3.70)

1.2811

(0.90)

Δ {InEPU}_{t}

0.2515***

(4.04)

0.2004

(1.16)

0.2411**

(2.52)

1.7912

(1.20)

0.2194**

(2.47)

{InEI}_{t - 1}

0.6171***

(3.03)

0.6164

(0.50)

0.6021***

(3.80)

0.6134***

(3.41)

0.5960**

(2.43)

Δ {InEI}_{t}

0.1541**

(2.61)

0.1053

(1.21)

0.1422**

(2.40)

0.1001**

(2.54)

0.1448**

(2.54)

I n ({EI}_{t - 1} * {EPU}_{t - 1})

0.1632***

(3.27)

Δ In ({EI}_{t} * {EPU}_{t})

0.3153**

(2.82)

{InREC}_{t - 1}

-0.3541**

(-2.82)

-0.3128**

(-2.73)

0.3066**

(2.40)

-0.2850**

(-2.51)

-0.3067

(-0.52)

Δ {InREC}_{t}

-0.6106

(-0.21)

-0.6025

(-0.90)

0.6104

(0.81)

-0.6054**

(-2.64)

-0.6010**

(-2.43)

I n ({REC}_{t - 1} * {EPU}_{t - 1})

0.4100**

(2.42)

Δ In ({REC}_{t} * {EPU}_{t})

0.2612**

(2.46)

{InNREC}_{t - 1}

0.4235***

(3.45)

0.4003***

(4.11)

0.4102***

(3.01)

-0.4003

(-0.43)

0.4183***

(4.01)

Δ {InNREC}_{t}

0.1704*

(1.98)

0.1752

(0.94)

0.1850**

(2.41)

-0.1745**

(-2.50)

0.1697**

(2.50)

I n ({NREC}_{t - 1} * {EPU}_{t - 1})

0.2075**

(2.53)

Δ In ({NREC}_{t} * {EPU}_{t})

0.1500**

(2.64)

{InECI}_{t - 1}

0.5832**

(2.31)

0.5075

(1.31)

0.5273**

(2.41)

0.5016**

(2.53)

0.5807***

(3.62)

Δ {InECI}_{t}

0.2591

(0.42)

0.2043**

(2.04)

0.2503

(0.61)

0.2147**

(2.50)

0.2506

(0.81)

I n ({ECI}_{t - 1} * {EPU}_{t - 1})

-0.1953***

(-3.69)

Δ In ({ECI}_{t} * {EPU}_{t})

-0.1013

(-1.54)

{InOPEN}_{t - 1}

0.1069***

(3.84)

0.1120

(1.42)

0.1081**

(2.33)

0.1005

(0.83)

0.1305

(0.30)

Δ {InOPEN}_{t}

0.2118**

(2.31)

0.2382**

(2.36)

0.2202

(0.62)

0.2060**

(2.53)

0.2102**

(2.34)

{InTECH}_{t - 1}

-0.1424***

(-3.26)

-0.1381**

(-2.05)

-0.1025***

(-3.12)

-0.1260***

(-3.51)

-0.1335**

(-2.40)

Δ {InTECH}_{t}

-0.3030**

(-2.31)

-0.3604***

(-3.01)

-0.2170**

(-2.41)

-0.2510**

(-2.15)

-0.3921**

(-2.34)

ECT(-1)

-0.8202***

(-3.03)

-0.8248***

(-3.52)

-0.8104***

(-3.86)

-0.8025***

(-3.65)

-0.8208***

(-3.06)

R-squared

0.7613

0.7521

0.7621

0.7484

0.7561

Adj R-squared

0.7291

0.7172

0.7270

0.7061

0.7304

P val of F-sta

0.0000***

Simulations

1000

Source: Authors’ calculations

*, ** and *** denote statistical significance at 10%, 5% and 1% levels, respectively

T-values in parentheses