Table 7.

Summary results of VECM (m = 2)

Dependent variables	Short-run coefficients						Long-run coefficients
	ΔL(ECFP)	ΔL(GREC)	ΔL(GREC2)	ΔL(PEC)	ΔL(ECI)	ΔL(OTT)	ECT
ΔL(ECFP)	-	−0.070**	−1.427**	−0.077***	0.344***	−0.147*	−1.858***
		(−0.028)	(−0.580)	(−0.029)	(−0.082)	(−0.079)	[−9.206]
ΔL(GREC)	−8.857**	-	−17.552	1.872	−3.023	−3.831	−0.054***
	(−4.005)		(−31.563)	(−1.493)	(−2.315)	(−4.412)	[−10.438]
ΔL(GREC2)	−0.427**	0.050	-	−0.087	0.139	0.370*	−0.029***
	(−0.191)	(−0.073)		(−0.071)	(−0.110)	(−0.213)	[−5.988]
ΔL(PEC)	−0.339	0.197*	3.949*	-	−0.037	0.811**	−0.535***
	(−0.290)	(−0.111)	(−2.289)		(−0.168)	(−0.325)	[−4.437]
ΔL(ECI)	0.582***	−0.242***	−5.108***	−0.211***	-	−0.182*	−0.443***
	(−0.149)	(−0.057)	(−1.177)	(−0.056)		(−0.109)	[−3.802]
ΔL(OTT)	0.501***	0.059	1.234	0.081**	−0.025	-	−0.259***
	(−0.098)	(−0.037)	(−0.769)	(−0.036)	(−0.056)		[-5.110]
Observations	160
R-squared	0.800	0.234	0.482	0.284	0.390	0.539	---
S.E. of regression	0.067	0.025	0.529	0.025	0.035	0.075	---
F-statistic	8.862	10.119	10.456	5.189	5.756	2.379	---
Log likelihood	228.666	366.699	−117.765	390.861	300.266	218.566	---

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