Table 9.

Regression results of countries without emission-reduction targets.

Explained variable: EI (GMM)	(1)	(2)	(3)	(4)	(5)	(6)
L.EI	0.8877∗∗∗	0.8855∗∗∗	0.8685∗∗∗	0.8865∗∗∗	0.8902∗∗∗	0.8899∗∗∗
	[0.0017]	[0.0017]	[0.0020]	[0.0019]	[0.0017]	[0.0017]
FIA	-0.0171∗∗∗
	[0.0013]
FIE		-0.0209∗∗∗
		[0.0009]
FID			-0.0990∗∗∗
			[0.0052]
FMA				-0.0396∗∗∗
				[0.0107]
FME					-0.0066∗∗∗
					[0.0007]
FMD						-0.0147∗∗∗
						[0.0024]
_cons	0.0181∗∗∗	0.0265∗∗∗	0.0293∗∗∗	0.0212∗∗∗	0.0196∗∗∗	0.0192∗∗∗
	[0.0015]	[0.0027]	[0.0044]	[0.0025]	[0.0020]	[0.0023]
Control variables	YES	YES	YES	YES	YES	YES
Observations	763	763	763	763	763	763
NO of country	37	37	37	37	37	37
NO of IVs	71	71	71	71	71	71
AR (2) test (p-value)	0.5048	0.5552	0.5199	0.5048	0.5002	0.5057
Sargan test (p-value)	0.9984	0.9990	0.9991	0.9992	0.9985	0.9988

Standard errors in brackets,∗∗∗ 1% ∗∗ 5% ∗ 10%,∗p < 0.1, ∗∗p < 0.05, ∗∗∗p < 0.01.