Oil price, energy consumption and carbon dioxide (CO2) emissions: insight into sustainability challenges in Venezuela

Latin American Economic Review

Table 8 ARDL estimates for environmental pollution (model 2)

Model: \({\text{lnCO}}_{{2_{t} }} = b_{0} + b_{1} {\text{lnOil}}_{t} + b_{2} {\text{lnEngy}}_{t} + b_{3} {\text{lnRgdpc}}_{t} + b_{4} {\text{lnRgdpc}}_{t}^{2} + b_{5} {\text{lnGCE}}_{t} + b_{6} {\text{lnTrd}}_{t} + \varepsilon_{t}\)
Variable	Specification 1			Specification 2
Variable	Coefficient	Std. error	t-Statistic	Coefficient	Std. error	t-Statistic
Short run estimates
ECM (− 1)	− 0.854***	0.141	− 6.076	− 1.002***	0.169	− 5.947
\(\Delta\)lnOIL	− 0.005	0.035	− 0.150	− 0.001	0.038	− 0.033
\(\Delta\)lnEngy	0.610***	0.162	3.777	0.536***	0.170	3.162
\(\Delta\)lnRgdpc	23.781	17.144	1.387	− 2.331	16.857	− 0.138
\(\Delta\)lnRgdpc²	− 1.297	0.914	− 1.420	0.078	0.899	0.086
\(\Delta\)lnGCE	0.178	0.129	1.381	0.154	0.136	1.137
\(\Delta\)lnTrd	− 0.105	0.095	− 1.110	− 0.091	0.100	− 0.906
\(\Delta\)Brk04	− 0.382***	0.060	− 6.352
\(\Delta\)Brk77&04				− 0.095***	0.034	− 2.764
Long run estimates
Constant	21.017	17.639	1.192	50.849	83.354	0.610
lnOIL	− 0.102	0.053	− 1.911	− 0.065	0.040	− 1.637
lnEngy	0.744**	0.341	2.183	0.543**	0.262	2.069
lnRgdpc	− 44.825	37.555	− 1.194	− 10.910	17.815	− 0.612
lnRgdpc²	2.326	1.985	1.172	0.540	0.945	0.572
lnGCE	0.380***	0.097	3.900	0.317***	0.076	4.177
lnTrd	− 0.115	0.129	− 0.894	− 0.084	0.106	− 0.794
Brk04	− 0.483*	0.253	− 1.906
Brk77&04				− 0.110*	0.058	− 1.908

*, ** And *** indicate 10% level, 5% level and 1% level of significance, respectively