Table 7.
PMG ARDL model results.
| Whole Sample | Countries with Ecological Deficits | Countries with Ecological Reserves | |
|---|---|---|---|
| Long-run coefficients | |||
| lnREC | −0.120 (0.025) * | −0.173 (0.029) * | −0.201 (0.054) * |
| lnNRR | 0.043 (0.006) * | 0.018 (0.007) ** | 0.013 (0.010) |
| lnGDP | 0.106 (0.040) * | 0.208 (0.048) * | −0.239 (0.065) * |
| lnGE | 0.036 (0.020) *** | −0.115 (0.066) | 0.265 (0.049) * |
| lnURB | −0.686 (0.106) * | −0.419 (0.174) ** | −1.299 (0.237) * |
| lnHC | −1.957 (0.129) * | −0.125 (0.106) | −3.541 (0.811) * |
| Short-run coefficients | |||
| ECT (−1) | −0.593 (0.093) * | −0.866 (0.096) * | −0.523 (0.137) * |
| ∆lnREC | −0.433 (0.245) *** | −0.267 (0.304) | −0.304 (0.210) *** |
| ∆lnNRR | 0.024 (0.011) ** | −0.002 (0.006) | −0.011 (0.013) |
| ∆lnGDP | 0.656 (0.239) *** | 0.606 (0.302) ** | 0.293 (0.157) *** |
| ∆lnGE | −0.143 (0.133) | 0.0472 (0.140) | −0.304 (0.263) |
| ∆lnURB | 10.789 (18.692) | 19.967 (23.028) | 15.715 (21.145) |
| ∆lnHC | 2.072 (6.224) | −8.590 (5.167) *** | 13.673 (11.916) |
| C | −0.996 (0.491) ** | −2.626 (0.563) * | 0.925 (0.610) *** |
| Hausman test | 0.59 [0.988] | 0.40 [0.998] | 3.04 [0.803] |
*, **, *** represents 1%, 5%, and 10% level of significance, respectively. () represents the standard error of the estimates. [] represents the probability values of the Hausman test.