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

Latin American Economic Review

Table 5 Results of cointegration.

Specifications	Structural break date(s)	Optimal lag	F-statistic
1
F_Engy[lnEngy\|lnOil, lnCO₂, lnRgdpc, lnGCE, lnTrd, TBrk]	1987	ARDL (2, 0, 0, 0, 0, 2)	7.180***
2
F_Engy[lnEngy\|lnOil, lnCO₂, lnRgdpc, lnGCE, lnTrd, TBrk]	1978, 2003	ARDL (2, 0, 0, 0, 2)	7.273***
3
\(F_{{{\text{CO}}_{2} }}\)[lnCO₂\|lnOil, lnEngy, lnRgdpc, lnRgdpc², lnGCE, lnTrd, TBrk]	2004	ARDL (1, 1, 0, 1, 1, 0, 0)	4.393**
4
\(F_{{{\text{CO}}_{2} }}\)[lnCO₂\|lnOil, lnEngy, lnRgdpc, lnRgdpc², lnGCE, lnTrd, TBrk]	1977, 2004	ARDL (1, 1, 0, 0, 0, 1, 0)	5.137***
5
F_Rgdpc[lnRgdpc\|lnOil, lnEngy, lnCO₂, lnGCE, lnTrd, TBrk]	2004	ARDL (1, 0, 0, 1, 0, 0)	7.134***
6
F_Rgdpc[lnRgdpc\|lnOil, lnEngy, lnCO₂, lnGCE, lnTrd, TBrk]	1980, 2005	ARDL (1, 0, 0, 1, 0, 0)	8.614***

Critical value bounds	1%	5%	10%
I0 bound (K = 5)	3.657	2.734	2.306
I1 bound (K = 5)	5.256	3.920	3.353
I0 bound (K = 6)	3.505	2.618	2.218
I1 bound (K = 6)	5.121	3.863	3.314

Optimal lag length for all ARDL models selected based on Akaike information criterion (AIC); restricted intercept and no trend; ** and *** indicate 5% level and 1% level of significance, respectively