Table 4.
Regression results of countries with high oil consumption.
| Explained variable: EI (GMM) | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| L.EI | 0.8946∗∗∗ | 0.8993∗∗∗ | 0.8612∗∗∗ | 0.8841∗∗∗ | 0.8904∗∗∗ | 0.8847∗∗∗ |
| [0.0023] | [0.0025] | [0.0031] | [0.0011] | [0.0013] | [0.0013] | |
| FIA | -0.0786∗∗∗ | |||||
| [0.0057] | ||||||
| FIE | -0.0313∗∗∗ | |||||
| [0.0014] | ||||||
| FID | -0.2498∗∗∗ | |||||
| [0.0100] | ||||||
| FMA | -0.0806∗∗∗ | |||||
| [0.0057] | ||||||
| FME | -0.0042∗∗∗ | |||||
| [0.0011] | ||||||
| FMD | -0.0725∗∗∗ | |||||
| [0.0039] | ||||||
| _cons | 0.0514∗∗∗ | 0.0650∗∗∗ | 0.1010∗∗∗ | 0.0605∗∗∗ | 0.0567∗∗∗ | 0.0584∗∗∗ |
| [0.0024] | [0.0033] | [0.0051] | [0.0020] | [0.0022] | [0.0016] | |
| Control variables | YES | YES | YES | YES | YES | YES |
| Observations | 888 | 848 | 888 | 888 | 888 | 888 |
| NO of country | 41 | 41 | 41 | 41 | 41 | 41 |
| NO of IVs | 73 | 71 | 73 | 73 | 73 | 73 |
| AR (2) test (p-value) | 0.4188 | 0.2917 | 0.4055 | 0.3130 | 0.3780 | 0.3867 |
| Sargan test (p-value) | 0.9951 | 0.9965 | 0.9985 | 0.9946 | 0.9953 | 0.9983 |
Standard errors in brackets,∗∗∗ 1% ∗∗ 5% ∗ 10%,∗p < 0.1, ∗∗p < 0.05, ∗∗∗p < 0.01.