Table 5 Results of PMG-ARDL analysis.

From: Analyzing the impact of financial development, human capital and industrial structure on ecological footprints: a PMG-ARDL approach

Variables

Model 1

Model 2

Long-run

LnFD

0.0041* (0.0025)

0.9364** (0.3663)

LnHC

−0.1543*** (0.0388)

−1.5967*** (0.2147)

LnFD*LnHC

 

−0.2235* (0.1329)

LnREC

−0.3395*** (0.0729)

−15.2619*** (1.7199)

LnIS

0.0005 (0.0016)

−1.8048*** (0.4884)

LnGDP

−2.3165*** (0.7589)

3.1797*** (0.3800)

LnGDP2

0.4471*** (0.1127)

 

ECMt-1

−0.3394*** (0.0706)

−0.1561*** (0.0560)

Short-run

LnFD

1.2232 (1.3430)

−0.8609 (9.0991)

LnHC

0.0993 (0.1331)

9.1729 (6.0257)

LnFD*LnHC

 

−0.3602 (3.1419)

LnREC

−2.3242 (3.9367)

−1.8098 (33.8077)

LnIS

0.0171 (0.0210)

9.5394** (4.7483)

LnGDP

50.9185 (217.9337)

−3.6182 (3.3756)

LnGDP2

−5.4325 (23.8075)

 
  1. Source: Author’s computation.
  2. *p < 0.05, **p < 0.10, ***p < 0.01. Parenthesis consisted of the standard error.
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