Dependent variable | Independent variables | ||||||
---|---|---|---|---|---|---|---|
Long-run | Strong | ||||||
ECM | ∆CCO2 and ECM | ∆ECP and ECM | ∆CCP and ECM | ∆EXP and ECM | ∆REC and ECM | ∆GDP and ECM | |
\(\Delta CCO2\) | 7.54*** | – | 7.14*** | 4.50** | 6.34*** | 4.15** | 8.65*** |
\(\Delta ECP\) | 5.14** | 0.845 | – | – | – | – | – |
\(\Delta CCP\) | 6.95*** | 1.734 | – | – | – | – | – |
\(\Delta EXP\) | 4.75** | 2.045 | – | – | – | – | – |
\(\Delta REC\) | 8.44*** | 8.843*** | – | – | – | – | – |
\(\Delta GDP\) | 9.32*** | 3.84* | – | – | – | – | – |