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

Latin American Economic Review

Table 3 Panel unit root tests

Variable	Pesaran	Pesaran	Smith et al. t test	Smith et al. LM-test	Smith et al. max-test	Smith et al. min-test
Variable	CIPS	CIPS*	Smith et al. t test	Smith et al. LM-test	Smith et al. max-test	Smith et al. min-test
co₂	− 1.25	− 1.31	− 1.42	3.02	− 1.25	1.35
Δco₂	− 5.52^a	− 5.23^a	− 5.32^a	17.93^a	− 6.62^a	6.43^a
re	− 1.28	− 1.26	− 1.25	3.15	− 1.29	1.28
Δre	− 5.59^a	− 5.21^a	− 6.24^a	19.51^a	− 7.75^a	7.21^a
y	1.14	− 1.22	− 1.28	2.36	− 1.33	1.25
Δy	− 6.34^a	− 6.48^a	− 5.63^a	18.74^a	− 8.64^a	6.46^a
trs	− 1.52	− 1.42	− 1.24	1.23	− 1.29	1.18
Δtrs	− 7.84^a	− 7.59^a	− 6.11^a	21.88^a	− 7.94^a	8.83^a
tr	− 1.41	− 1.29	− 1.38	1.74	− 1.37	1.14
Δtr	− 7.39^a	− 6.32^a	− 5.53^a	17.98^a	− 7.71^a	6.65^a
fdi	− 1.36	− 1.31	− 1.27	1.26	− 1.28	1.22
Δfdi	− 6.97^a	− 6.58^a	− 6.24^a	18.75^a	− 6.86^a	6.42^a

Δ denotes first differences. A constant is included in the Pesaran (2007) tests. Rejection of the null hypothesis indicates stationary in at least one country. CIPS* = truncated CIPS test. Critical values for the Pesaran (2007) test are − 2.40 at 1%, − 2.22 at 5%, and −2.14 at 10%
“a” denotes rejection of the null hypothesis. Both a constant and a time trend are included in the Smith et al. (2004) tests. Rejection of the null hypothesis indicates stationary in at least one country. For both tests, the results are reported at lag = 4. The null hypothesis is that of a unit root