Table 6. Main estimation results...

Table 6.

Main estimation results

Independent variable	lnCO²	$\ln T G H G$	$\ln P M$
$L . \ln Y_{i t}$	0.6334*** (0.1153)	0.3521*** (0.0818)	0.7512*** (0.1036)
$\ln G D P C \leq γ_{1}$	0.6884*** (0.1744)	0.5354*** (0.1296)	0.0139 (0.0896)
$γ_{1} < \ln G D P C \leq γ_{2}$	0.4763*** (0.1774)	0.4148*** (0.1206)
$\ln G D P C > γ_{2}$ (⁠ $γ_{1}$ for Two-regime)	0.1052 (0.1811)	0.0420 (0.1156)	−0.5044*** (0.1156)
$\ln C R \leq γ_{1}$	0.1154 (0.0842)	0.1460 (0.1471)	0.0132 (0.0562)
$γ_{1} < \ln C R \leq γ_{2}$		−0.3132*** (0.0562)
$\ln C R > γ_{2}$ (⁠ $γ_{1}$ for Two-regime)	−0.4537*** (0.0904)	0.4999*** (0.2538)	0.0819* (0.0538)
$\ln T I \leq γ_{1}$	0.2058 (0.5202)	−0.2373 (0.3420)	0.0366 (0.0420)
$γ_{1} < \ln T I \leq γ_{2}$		−0.5957*** (0.2812)	−0.6311*** (0.2352)
$\ln T I > γ_{2}$ (⁠ $γ_{1}$ for Two-regime)	−1.2585*** (0.5188)	−4.2311*** (1.3352)	−2.2497*** (0.8295)
$\ln U R B \leq γ_{1}$	−1.1323*** (0.5475)	−2.1047*** (0.2324)	−0.1047** (0.0624)
$γ_{1} < \ln U R B \leq γ_{2}$	2.0524*** (0.5074)	2.0773*** (0.2258)	−1.0773*** (0.3042)
$\ln U R B > γ_{2}$	−0.1232 (0.4037)	−3.0782*** (1.2150)	−2.1934*** (0.193)
$\ln F D I$	0.0015 (0.0463)	0.0135 (0.0194)	0.0844 (0.0840)
$\ln T O$	0.0544 (0.0792)	0.0083 (0.0431)	0.3944 (0.4453)
Number of instruments	23	20	19
Time effects	Yes	Yes	Yes
AR(1) [p-value]	[0.0001]	[0.0000]	[0.0041]
AR(2) [p-value]	[0.2342]	[0.1289]	[0.4902]
Overidentification [p-value]	[0.5384]	[0.4832]	[0.6624]

Independent variable	lnCO²	$\ln T G H G$	$\ln P M$
$L . \ln Y_{i t}$	0.6334*** (0.1153)	0.3521*** (0.0818)	0.7512*** (0.1036)
$\ln G D P C \leq γ_{1}$	0.6884*** (0.1744)	0.5354*** (0.1296)	0.0139 (0.0896)
$γ_{1} < \ln G D P C \leq γ_{2}$	0.4763*** (0.1774)	0.4148*** (0.1206)
$\ln G D P C > γ_{2}$ ( $γ_{1}$ for Two-regime)	0.1052 (0.1811)	0.0420 (0.1156)	−0.5044*** (0.1156)
$\ln C R \leq γ_{1}$	0.1154 (0.0842)	0.1460 (0.1471)	0.0132 (0.0562)
$γ_{1} < \ln C R \leq γ_{2}$		−0.3132*** (0.0562)
$\ln C R > γ_{2}$ ( $γ_{1}$ for Two-regime)	−0.4537*** (0.0904)	0.4999*** (0.2538)	0.0819* (0.0538)
$\ln T I \leq γ_{1}$	0.2058 (0.5202)	−0.2373 (0.3420)	0.0366 (0.0420)
$γ_{1} < \ln T I \leq γ_{2}$		−0.5957*** (0.2812)	−0.6311*** (0.2352)
$\ln T I > γ_{2}$ ( $γ_{1}$ for Two-regime)	−1.2585*** (0.5188)	−4.2311*** (1.3352)	−2.2497*** (0.8295)
$\ln U R B \leq γ_{1}$	−1.1323*** (0.5475)	−2.1047*** (0.2324)	−0.1047** (0.0624)
$γ_{1} < \ln U R B \leq γ_{2}$	2.0524*** (0.5074)	2.0773*** (0.2258)	−1.0773*** (0.3042)
$\ln U R B > γ_{2}$	−0.1232 (0.4037)	−3.0782*** (1.2150)	−2.1934*** (0.193)
$\ln F D I$	0.0015 (0.0463)	0.0135 (0.0194)	0.0844 (0.0840)
$\ln T O$	0.0544 (0.0792)	0.0083 (0.0431)	0.3944 (0.4453)
Number of instruments	23	20	19
Time effects	Yes	Yes	Yes
AR(1) [p-value]	[0.0001]	[0.0000]	[0.0041]
AR(2) [p-value]	[0.2342]	[0.1289]	[0.4902]
Overidentification [p-value]	[0.5384]	[0.4832]	[0.6624]

Note(s):

“*”, “**” and “***” indicates significant at 10, 5 and 1% level

Source(s): Authors’ own work

Sharing Unavailable