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

Table 8.

Dynamic ARDL simulations analysis

InCO₂ (Carbon emissions)
Cons	-1.0656** (-2.52)	-1.0671*** (-3.14)	-1.0762 (0.79)	-1.0789** (-2.92)	-1.0601 (-1.37)
$In {SE}_{t - 1}$	0.2058*** (4.19)	0.2157** (2.38)	0.2520*** (3.18)	0.2368*** (3.59)	0.2036** (2.47)
$Δ I n {SE}_{t}$	0.3627** (2.45)	0.2628*** (3.01)	0.3177** (2.48)	0.3517** (2.15)	0.2920** (2.38)
${InTE}_{t - 1}$	-0.6252*** (-5.38)	-0.6003** (-2.39)	-0.6088 (-0.71)	-0.7120** (-2.38)	-0.6894** (-2.11)
$Δ In {TE}_{t}$	-0.6266** (-2.31)	-0.6181 (-1.41)	-0.6218*** (-3.53)	-0.5026** (-2.54)	-0.6189** (-2.62)
${InEPU}_{t - 1}$	0.1517** (2.52)	0.1702*** (3.01)	0.0891 (1.58)	1.0263*** (3.78)	1.2817 (0.91)
$Δ {InEPU}_{t}$	0.2526*** (4.65)	0.2018 (1.26)	0.2410** (2.51)	1.7910 (1.25)	0.2195** (2.48)
${InEI}_{t - 1}$	0.6120*** (3.60)	0.6104 (0.52)	0.6028*** (3.83)	0.6137*** (3.40)	0.5968** (2.46)
$Δ {InEI}_{t}$	0.1574** (2.48)	0.1091 (1.50)	0.1423** (2.42)	0.1003** (2.55)	0.1443** (2.52)
$I n ({EI}_{t - 1} * {EPU}_{t - 1})$		0.1617*** (3.61)
$Δ In ({EI}_{t} * {EPU}_{t})$		0.3174** (2.41)
${InREC}_{t - 1}$	-0.3582** (-2.37)	-0.3106** (-2.45)	0.3064** (2.48)	-0.2854** (-2.50)	-0.3067 (-0.51)
$Δ {InREC}_{t}$	-0.6149 (-0.16)	-0.6066 (-0.94)	0.6107 (0.85)	-0.6057** (-2.60)	-0.6019** (-2.44)
$I n ({REC}_{t - 1} * {EPU}_{t - 1})$			0.4103** (2.48)
$Δ In ({REC}_{t} * {EPU}_{t})$			0.2610** (2.49)
${InNREC}_{t - 1}$	0.4287*** (3.71)	0.4051*** (4.13)	0.4101*** (3.02)	-0.4006 (-0.42)	0.4186*** (4.08)
$Δ {InNREC}_{t}$	0.1727* (1.99)	0.1705 (0.98)	0.1855** (2.47)	-0.1744** (-2.59)	0.1695** (2.58)
$I n ({NREC}_{t - 1} * {EPU}_{t - 1})$				0.2078** (2.54)
$Δ In ({NREC}_{t} * {EPU}_{t})$				0.1503** (2.61)
${InECI}_{t - 1}$	0.5816** (2.45)	0.5018 (1.30)	0.5275** (2.47)	0.5013** (2.56)	0.5805*** (3.61)
$Δ {InECI}_{t}$	0.2578 (0.73)	0.2065** (2.59)	0.2508 (0.60)	0.2144** (2.57)	0.2501 (0.82)
$I n ({ECI}_{t - 1} * {EPU}_{t - 1})$					-0.1952*** (-3.61)
$Δ In ({ECI}_{t} * {EPU}_{t})$					-0.1018 (-1.53)
${InOPEN}_{t - 1}$	0.1053*** (3.17)	0.1141 (1.53)	0.1087** (2.35)	0.1007 (0.88)	0.1307 (0.38)
$Δ {InOPEN}_{t}$	0.2147** (2.44)	0.2307** (2.51)	0.2208 (0.64)	0.2061** (2.56)	0.2101** (2.35)
${InTECH}_{t - 1}$	-0.1458*** (-3.19)	-0.1357** (-2.37)	-0.1020*** (-3.17)	-0.1268*** (-3.55)	-0.1336** (-2.45)
$Δ {InTECH}_{t}$	-0.3027** (-2.46)	-0.3628*** (-3.05)	-0.2177** (-2.45)	-0.2517** (-2.18)	-0.3920** (-2.37)
ECT(-1)	-0.8262*** (-3.70)	-0.8270*** (-3.44)	-0.8101*** (-3.83)	-0.8020*** (-3.61)	-0.8207*** (-3.08)
R-squared	0.7605	0.7509	0.7627	0.7480	0.7565
Adj R-squared	0.7252	0.7187	0.7271	0.7068	0.7300
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

-1.0656**

(-2.52)

-1.0671***

(-3.14)

-1.0762

(0.79)

-1.0789**

(-2.92)

-1.0601

(-1.37)

In {SE}_{t - 1}

0.2058***

(4.19)

0.2157**

(2.38)

0.2520***

(3.18)

0.2368***

(3.59)

0.2036**

(2.47)

Δ I n {SE}_{t}

0.3627**

(2.45)

0.2628***

(3.01)

0.3177**

(2.48)

0.3517**

(2.15)

0.2920**

(2.38)

{InTE}_{t - 1}

-0.6252***

(-5.38)

-0.6003**

(-2.39)

-0.6088

(-0.71)

-0.7120**

(-2.38)

-0.6894**

(-2.11)

Δ In {TE}_{t}

-0.6266**

(-2.31)

-0.6181

(-1.41)

-0.6218***

(-3.53)

-0.5026**

(-2.54)

-0.6189**

(-2.62)

{InEPU}_{t - 1}

0.1517**

(2.52)

0.1702***

(3.01)

0.0891

(1.58)

1.0263***

(3.78)

1.2817

(0.91)

Δ {InEPU}_{t}

0.2526***

(4.65)

0.2018

(1.26)

0.2410**

(2.51)

1.7910

(1.25)

0.2195**

(2.48)

{InEI}_{t - 1}

0.6120***

(3.60)

0.6104

(0.52)

0.6028***

(3.83)

0.6137***

(3.40)

0.5968**

(2.46)

Δ {InEI}_{t}

0.1574**

(2.48)

0.1091

(1.50)

0.1423**

(2.42)

0.1003**

(2.55)

0.1443**

(2.52)

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

0.1617***

(3.61)

Δ In ({EI}_{t} * {EPU}_{t})

0.3174**

(2.41)

{InREC}_{t - 1}

-0.3582**

(-2.37)

-0.3106**

(-2.45)

0.3064**

(2.48)

-0.2854**

(-2.50)

-0.3067

(-0.51)

Δ {InREC}_{t}

-0.6149

(-0.16)

-0.6066

(-0.94)

0.6107

(0.85)

-0.6057**

(-2.60)

-0.6019**

(-2.44)

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

0.4103**

(2.48)

Δ In ({REC}_{t} * {EPU}_{t})

0.2610**

(2.49)

{InNREC}_{t - 1}

0.4287***

(3.71)

0.4051***

(4.13)

0.4101***

(3.02)

-0.4006

(-0.42)

0.4186***

(4.08)

Δ {InNREC}_{t}

0.1727*

(1.99)

0.1705

(0.98)

0.1855**

(2.47)

-0.1744**

(-2.59)

0.1695**

(2.58)

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

0.2078**

(2.54)

Δ In ({NREC}_{t} * {EPU}_{t})

0.1503**

(2.61)

{InECI}_{t - 1}

0.5816**

(2.45)

0.5018

(1.30)

0.5275**

(2.47)

0.5013**

(2.56)

0.5805***

(3.61)

Δ {InECI}_{t}

0.2578

(0.73)

0.2065**

(2.59)

0.2508

(0.60)

0.2144**

(2.57)

0.2501

(0.82)

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

-0.1952***

(-3.61)

Δ In ({ECI}_{t} * {EPU}_{t})

-0.1018

(-1.53)

{InOPEN}_{t - 1}

0.1053***

(3.17)

0.1141

(1.53)

0.1087**

(2.35)

0.1007

(0.88)

0.1307

(0.38)

Δ {InOPEN}_{t}

0.2147**

(2.44)

0.2307**

(2.51)

0.2208

(0.64)

0.2061**

(2.56)

0.2101**

(2.35)

{InTECH}_{t - 1}

-0.1458***

(-3.19)

-0.1357**

(-2.37)

-0.1020***

(-3.17)

-0.1268***

(-3.55)

-0.1336**

(-2.45)

Δ {InTECH}_{t}

-0.3027**

(-2.46)

-0.3628***

(-3.05)

-0.2177**

(-2.45)

-0.2517**

(-2.18)

-0.3920**

(-2.37)

ECT(-1)

-0.8262***

(-3.70)

-0.8270***

(-3.44)

-0.8101***

(-3.83)

-0.8020***

(-3.61)

-0.8207***

(-3.08)

R-squared

0.7605

0.7509

0.7627

0.7480

0.7565

Adj R-squared

0.7252

0.7187

0.7271

0.7068

0.7300

P val of F-sta

0.0000***

Simulations

1000

Source: Authors’ calculations

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

T-values in parentheses