Table 5 Panel cointegration tests for 2 models.

Pedroni residual cointegration test
\(\:{GDP}_{t}=F\left({L}_{t,i},\:{K}_{t,i},\:{CO}_{2t,i},\:{EE}_{t,i},\:{RE}_{t,i},{\mu\:}_{t,i}\:\right)\)			\(\:{CO}_{2t}=\left({L}_{t,i},\:{K}_{t,i},\:{GDP}_{t,i},\:{EE}_{t,i},\:{RE}_{t,i}\right)\)
	Statistic	Prob.	Statistic	Prob.
Alternative hypothesis: common AR coefs. (within-dimension)
Panel v-statistic	10.25009^a	0.0000	0.019136	0.4924
Panel rho-statistic	2.451390	0.9929	1.701239	0.9556
Panel PP-statistic	− 0.809644	0.2091	− 2.449045^a	0.0072
Panel ADF-statistic	− 1.936671^b	0.0264	− 2.063321^b	0.0195
Weighted
Panel v-statistic	3.325062^a	0.0004	− 0.912124	0.8191
Panel rho-statistic	2.464558	0.9931	1.847004	0.9676
Panel PP-statistic	− 0.751423	0.2262	− 3.398269^a	0.0003
Panel ADF-statistic	− 1.969237^b	0.0245	− 3.803870^a	0.0001
Alternative hypothesis: individual AR coefs. (between-dimension)
Group rho-statistic	3.433316	0.9997	2.835025	0.9977
Group PP-statistic	− 2.984838^a	0.0014	− 5.935990^a	0.0000
Group ADF-statistic	− 1.244367	0.1067	− 4.138066^a	0.0000
Kao cointegration test	− 2.160800^a	0.0154	− 3.557469^a	0.0002
Westerlund test variance ratio	− 1.3810^c	0.0836	− 1.4744^c	0.0702

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