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Table 2 Cross-section dependence (CD) test: cross-section correlations of the residuals in ADF(P) regressions

From: The dynamic linkage between renewable energy, tourism, CO2 emissions, economic growth, foreign direct investment, and trade

Variables Lags
1 2 3 4
co2 [0.00]a [0.00]a [0.01]a [0.04]b
re [0.00]a [0.00]a [0.01]a [0.00]a
y [0.00]a [0.00]a [0.00]a [0.00]a
trs [0.00]a [0.00]a [0.02]b [0.03]b
tr [0.01]a [0.02]b [0.01]a [0.02]b
fdi [0.00]a [0.00]a [0.00]a [0.00]a
  1. Under the null hypothesis of cross-sectional independence, the CD statistic is distributed as a two-tailed standard normal. Results are based on the test of Pesaran (2004). Figures in brackets denote P-values. Significance levels: a (1%) and b (5%)