Table 3.

Descriptive statistics and correlation matrix

Statistics	CO2	REM	FDI	FFEC	GDP
Mean	13.14	0.86	− 1.21	3.99	6.54
Median	13.19	0.86	− 0.66	4.06	6.49
Maximum	14.24	1.55	1.21	4.27	7.28
Minimum	12.11	− 0.85	− 5.42	3.58	5.99
Std. Dev	0.62	0.50	1.60	0.22	0.39
Skewness	− 0.01	− 0.98	− 0.56	− 0.58	0.32
Kurtosis	1.93	4.90	2.62	2.07	1.91
Correlation matrix
CO2	1.00
REM	0.82*	1.00
FDI	0.93*	0.85*	1.00
FFEC	0.98*	0.79*	0.94*	1.00
GDP	0.99*	0.83*	0.90*	0.94*	1.00

Authors’ calculation. *Significance level at 1%