Table 5.

Panel cointegration tests

Test	Statistic	Value
Westerlund (2007)	Gt	−4.529***
	Ga	−6.018
	Pt	−12.038***
	Pa	−6.479
Kao (1999)	t-stat	−3.054***

Source: authors’ compilation from Global Footprint Network (2021), Simoes and Hidalgo (2021), World Bank (2021), and IEA (2021)

***, **, and * represent statistical significance at the 1%, 5%, and 10%, respectively