Table 4 Panel unit root tests.
Variables | Maddala-Wu | Pesaran’s CIPS | ||||||
|---|---|---|---|---|---|---|---|---|
Without trend | With trend | Without trend | With trend | |||||
Statistics | p-values | Statistics | p-values | Statistics | p-values | Statistics | p-values | |
CO2 | 0.448 | 1.000 | 4.342 | 0.931 | 1.623 | 0.948 | 2.172 | 0.985 |
ENGU | 4.706 | 0.910 | 0.045 | 1.000 | 3.717 | 1.000 | 3.076 | 0.999 |
PCGDP | 0.048 | 1.000 | 1.425 | 0.999 | 2.726 | 0.997 | 2.988 | 0.999 |
PCGDP2 | 0.004 | 1.000 | 0.260 | 1.000 | 4.012 | 1.000 | 5.281 | 1.000 |
POPD | 8.037 | 0.625 | 60.900*** | 0.000 | 1.439 | 0.925 | 1.374 | 0.915 |
HCI | 15.815 | 0.105 | 8.142 | 0.615 | 5.550 | 1.000 | 1.084 | 0.861 |