Table 10. Main estimation results for 25... | Emerald Publishing

Table 10.

Main estimation results for 25 European countries

Independent variable	lnCO²	$\ln T G H G$	$\ln P M$
$L . \ln Y_{i t}$	0.405*** (0.102)	0.492*** (0.201)	0.524*** (0.133)
$\ln G D P C \leq γ_{1}$	1.348*** (0.533)	1.050*** (0.249)	1.020*** (0.319)
$γ_{1} < \ln G D P C \leq γ_{2}$	−0.648*** (0.213)	−0.206 (0.878)	−1.778*** (0.219)
$\ln G D P C > γ_{2}$	0.050*** (0.018)	0.161*** (0.060)	0.061 (0.106)
$\ln C R \leq γ_{1}$	−0.661 (10.195)	−4.458 (4.396)	−0.336** (0.155)
$γ_{1} < \ln C R \leq γ_{2}$	0.183 (2.358)	1.000 (1.952)
$\ln C R > γ_{2}$ (⁠ $γ_{1}$ for Two-regime)	−0.012 (0.179)	−0.071 (0.149)	0.055* 0.027
$\ln T I \leq γ_{1}$	−1.284 (1.357)	−1.344 (1.053)	−1.818 (1.636)
$γ_{1} < \ln T I \leq γ_{2}$	3.918 (3.999)	4.595 (3.838)	1.341* (0.857)
$\ln T I > γ_{2}$	−3.159 (3.086)	−3.621 (2.758)	−0.382 (1.554)
$\ln U R B \leq γ_{1}$	1.254* (0.791)	4.922** (2.945)	−4.797** (1.397)
$\ln U R B > γ_{1}$	−2.953* (1.338)	−3.131** (1.887)	−1.400** (0.872)
Control variable	Yes	Yes	Yes
Number of instruments	18	20	16
Time effects	Yes	Yes	Yes
AR(1) [p-value]	[0.000]	[0.000]	[0.035]
AR(2) [p-value]	[0.133]	[0.203]	[0.304]
Overidentification [p-value]	[0.230]	[0.440]	[0.302]

Independent variable	lnCO²	$\ln T G H G$	$\ln P M$
$L . \ln Y_{i t}$	0.405*** (0.102)	0.492*** (0.201)	0.524*** (0.133)
$\ln G D P C \leq γ_{1}$	1.348*** (0.533)	1.050*** (0.249)	1.020*** (0.319)
$γ_{1} < \ln G D P C \leq γ_{2}$	−0.648*** (0.213)	−0.206 (0.878)	−1.778*** (0.219)
$\ln G D P C > γ_{2}$	0.050*** (0.018)	0.161*** (0.060)	0.061 (0.106)
$\ln C R \leq γ_{1}$	−0.661 (10.195)	−4.458 (4.396)	−0.336** (0.155)
$γ_{1} < \ln C R \leq γ_{2}$	0.183 (2.358)	1.000 (1.952)
$\ln C R > γ_{2}$ ( $γ_{1}$ for Two-regime)	−0.012 (0.179)	−0.071 (0.149)	0.055* 0.027
$\ln T I \leq γ_{1}$	−1.284 (1.357)	−1.344 (1.053)	−1.818 (1.636)
$γ_{1} < \ln T I \leq γ_{2}$	3.918 (3.999)	4.595 (3.838)	1.341* (0.857)
$\ln T I > γ_{2}$	−3.159 (3.086)	−3.621 (2.758)	−0.382 (1.554)
$\ln U R B \leq γ_{1}$	1.254* (0.791)	4.922** (2.945)	−4.797** (1.397)
$\ln U R B > γ_{1}$	−2.953* (1.338)	−3.131** (1.887)	−1.400** (0.872)
Control variable	Yes	Yes	Yes
Number of instruments	18	20	16
Time effects	Yes	Yes	Yes
AR(1) [p-value]	[0.000]	[0.000]	[0.035]
AR(2) [p-value]	[0.133]	[0.203]	[0.304]
Overidentification [p-value]	[0.230]	[0.440]	[0.302]

Note(s):

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

Source(s): Authors’ own work