Table 5.
Regression results of low oil consumption countries.
| Explained variable: EI (GMM) | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| L.EI | 0.8515∗∗∗ | 0.8839∗∗∗ | 0.8517∗∗∗ | 0.8283∗∗∗ | 0.8658∗∗∗ | 0.8652∗∗∗ |
| [0.0075] | [0.0079] | [0.0101] | [0.0127] | [0.0087] | [0.0062] | |
| FIA | -0.0470∗∗∗ | |||||
| [0.0050] | ||||||
| FIE | -0.0311∗∗∗ | |||||
| [0.0037] | ||||||
| FID | -0.1201∗∗∗ | |||||
| [0.0141] | ||||||
| FMA | -0.0791∗∗∗ | |||||
| [0.0109] | ||||||
| FME | -0.0108∗∗∗ | |||||
| [0.0027] | ||||||
| FMD | -0.0499∗∗∗ | |||||
| [0.0083] | ||||||
| _cons | 0.0297∗∗∗ | 0.0298∗∗∗ | 0.0251 | 0.0646∗∗∗ | 0.0542∗∗∗ | 0.0308∗∗∗ |
| [0.0048] | [0.0112] | [0.0160] | [0.0142] | [0.0082] | [0.0052] | |
| Control variables | YES | YES | YES | YES | YES | YES |
| Observations | 535 | 535 | 535 | 535 | 560 | 535 |
| NO of country | 26 | 26 | 26 | 26 | 26 | 26 |
| NO of IVs | 71 | 71 | 71 | 71 | 73 | 71 |
| AR (2) test (p-value) | 0.5229 | 0.5388 | 0.4193 | 0.4334 | 0.9469 | 0.4336 |
| Sargan test (p-value) | 1.0000 | 1.0000 | 1.0000 | 1.0000 | 1.0000 | 1.0000 |
Standard errors in brackets, ∗∗∗ 1% ∗∗ 5% ∗ 10%, ∗p < 0.1, ∗∗p < 0.05, ∗∗∗p < 0.01.