Table 5.
Wavelet-based granger causality outcomes.
| Frequency Domain | Dependent Variables | Independent Variables |
||||||
|---|---|---|---|---|---|---|---|---|
| CO2 | GDP | FD | REC | NREC | STC | TO | ||
| D1 | CO2 | - | 11.098∗∗ | 1.2919 | 1.2929 | 12.686∗∗ | 27.284∗ | 16.550∗ |
| GDP | 7.1984 | - | 0.8422 | 1.2435 | 7.9667 | 12.427∗∗ | 18.704∗ | |
| FD | 1.7651 | 2.7391 | - | 0.2071 | 2.4842 | 7.2444 | 15.600∗ | |
| REC | 0.7867 | 7.4102 | 0.2956 | - | 2.7345 | 1.5413 | 0.3859 | |
| NREC | 8.7044 | 12.029∗∗ | 2.5986 | 0.4735 | - | 6.2157 | 19.883∗ | |
| STC | 0.3094 | 7.9778 | 0.9115 | 2.6494 | 2.6144 | - | 4.0615 | |
| TO | 3.5704 | 22.924∗ | 2.3412 | 2.0701 | 4.8636 | 2.1690 | - | |
| D2 | CO2 | - | 12.918∗∗ | 1.8183 | 2.4783 | 12.837∗∗ | 10.910∗∗ | 13.754∗∗ |
| GDP | 8.1792 | - | 1.7885 | 2.1350 | 13.226∗∗ | 0.5207 | 1.8010 | |
| FD | 9.3410∗∗∗ | 1.7600 | - | 2.1065 | 14.008∗∗ | 0.5520 | 0.5536 | |
| REC | 6.3250 | 3.1195 | 2.0273 | 11.091∗∗ | 0.2573 | 0.7297 | ||
| NREC | 7.7233 | 3.2360 | 2.0526 | 2.1577 | - | 0.6205 | 1.2674 | |
| STC | 7.9840 | 2.3135 | 1.9177 | 3.5365 | 11.907∗∗ | - | 1.3766 | |
| TO | 6.7393 | 3.8980 | 1.8680 | 1.6409 | 11.505∗∗ | 0.6039 | - | |
| D3 | CO2 | - | 12.086∗∗ | 4.9182 | 7.9355 | 4.4693 | 7.5006 | 9.2965∗∗∗ |
| GDP | 7.1617 | - | 3.5590 | 7.2570 | 4.8785 | 9.9786∗∗∗ | 5.5637 | |
| FD | 4.8591 | 7.0919 | - | 7.2570 | 4.2132 | 5.4104 | 4.5923 | |
| REC | 4.9096 | 4.1484 | 3.9807 | - | 3.1812 | 5.6775 | 2.5232 | |
| NREC | 7.3275 | 9.4244∗∗∗ | 6.3610 | 9.1567 | - | 8.0226 | 7.8761 | |
| STC | 8.2631 | 9.0369 | 4.6638 | 7.9779 | 5.3386 | - | 9.1132 | |
| TO | 6.2332 | 5.0232 | 4.5170 | 8.1124 | 3.0037 | 8.5456 | - | |
| D4 | CO2 | - | 20.997∗ | 12.995∗∗ | 5.4357 | 16.789∗ | 36.203∗ | 37.495∗ |
| GDP | 19.674∗ | 12.567∗∗ | 8.2216 | 16.943∗ | 30.282∗ | 25.419∗ | ||
| FD | 17.875∗ | 33.708∗ | - | 19.543∗ | 20.045∗ | 44.264∗ | 33.284 | |
| REC | 17.932∗ | 46.432∗ | 22.152∗ | - | 42.893∗ | 34.616∗ | 38.435∗ | |
| NREC | 27.017∗ | 25.309∗ | 21.366∗ | 8.4328 | - | 37.188∗ | 46.964∗ | |
| STC | 10.142∗∗∗ | 10.236∗∗∗ | 4.4854 | 1.7089 | 6.6410 | - | 26.320∗ | |
| TO | 25.535∗ | 24.661∗ | 23.034∗ | 12.534∗∗ | 29.726∗ | 29.519∗ | - | |
| D5 | CO2 | - | 64.108∗ | 53.435∗ | 50.528∗ | 90.227∗ | 104.92∗ | 134.75∗ |
| GDP | 63.800 | - | 61.716∗ | 57.300∗ | 79.051∗ | 103.30∗ | 111.99∗ | |
| FD | 51.155∗ | 35.403∗ | - | 42.142∗ | 56.510∗ | 70.755∗ | 71.323∗ | |
| REC | 62.384∗ | 75.540∗ | 73.394∗ | - | 78.365∗ | 80.201∗ | 122.07∗ | |
| NREC | 83.327∗ | 73.040∗ | 70.876∗ | 59.465∗ | - | 111.34∗ | 132.99∗ | |
| STC | 65.292∗ | 41.660∗ | 38.751∗ | 36.411∗ | 63.458∗ | - | 87.318∗ | |
| TO | 64.406∗ | 78.307∗ | 69.333∗ | 74.518∗ | 91.151∗ | 122.80∗ | - | |
| D6 | CO2 | - | 24.433∗ | 99.430∗ | 35.880∗ | 71.227∗ | 103.70∗ | 70.340∗ |
| GDP | 11.358∗∗ | - | 23.958∗ | 21.110∗ | 11.720∗∗ | 6.5028 | 16.622∗ | |
| FD | 15.561∗ | 28.275∗ | - | 34.271∗ | 83.182∗ | 86.671∗ | 52.019∗ | |
| REC | 22.621∗ | 21.503∗ | 64.383∗ | - | 88.022∗ | 72.444∗ | 36.015∗ | |
| NREC | 55.018∗ | 26.594∗ | 104.90∗ | 27.080∗ | - | 105.55∗ | 79.426∗ | |
| STC | 69.969∗ | 20.443∗ | 106.76∗ | 44.829∗ | 65.342∗ | - | 68.691∗ | |
| TO | 31.632∗ | 22.776∗ | 85.893∗ | 19.300∗ | 68.775∗ | 81.749∗ | - | |
| Original | CO2 | - | 19.921∗ | 2.8196 | 3.5612 | 4.9296 | 31.522∗ | 12.163∗∗ |
| GDP | 3.6191 | - | 0.7184 | 6.0494 | 5.2993 | 24.136∗ | 20.105 | |
| FD | 13.873∗∗ | 4.3209 | - | 6.3716 | 27.439∗ | 7.0760 | 10.903∗∗∗ | |
| REC | 4.8212 | 22.209∗ | 9.0150 | - | 6.2049 | 10.771∗∗∗ | 2.0520 | |
| NREC | 6.3419 | 21.902∗ | 4.1963 | 2.5762 | - | 25.391 | 2.8214 | |
| STC | 11.716∗∗ | 1.5028 | 1.8859 | 3.7960 | 6.6469 | - | 2.0939 | |
| TO | 8.0379 | 12.083∗∗ | 7.5669 | 3.5670 | 6.1915 | 12.028∗∗ | - | |
Notes: D1-D2, D3-D4 and D5-D6 stands for short, medium and long-term respectively. ∗, ∗∗ and ∗∗∗ denotes P<1%, P<5% and P<10%. Chi-square value are reported.