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

Latin American Economic Review

Table 7 ARDL estimates for energy consumption (model 1)

Model: \({\text{lnEngy}}_{t} = \alpha_{0} + \alpha_{1} {\text{lnOil}}_{t} + \alpha_{2} {\text{lnCO}}_{{2_{t} }} + \alpha_{3} {\text{lnRgdpc}}_{t} + \alpha_{4} {\text{lnGCE}}_{t} + \alpha_{5} {\text{lnTrd}}_{t} + \varepsilon_{t}\)
Variable	Specification 1			Specification 2
Variable	Coefficient	Std. error	t-Statistic	Coefficient	Std. error	t-Statistic
Short run estimates
ECM (− 1)	− 0.561***	0.086	− 6.560	− 0.549***	0.086	− 6.419
\(\Delta\)lnEngy (− 1)	− 0.425***	0.097	− 4.399	− 0.423***	0.100	− 4.238
\(\Delta\)lnOIL	0.015	0.024	0.638	0.025	0.025	0.993
\(\Delta\)lnCO₂	0.236***	0.067	3.524	0.225***	0.068	3.296
\(\Delta\)lnRgdpc	0.139	0.135	1.036	0.144	0.142	1.010
\(\Delta\)lnGCE	− 0.109	0.077	− 1.428	− 0.110	0.078	− 1.411
\(\Delta\)lnTrd	0.021	0.062	0.344	0.006	0.064	0.092
\(\Delta\)lnTrd (− 1)	− 0.138**	0.056	− 2.470	− 0.146**	0.058	− 2.505
\(\Delta\)lnBrk87	0.042	0.028	1.493
\(\Delta\)lnBrk78&03				− 0.004	0.023	− 0.171
Long run estimates
Constant	4.467	2.7235	1.640	4.562	2.717	1.679
lnOIL	0.099***	0.0293	3.381	0.098***	0.029	3.332
lnCO₂	0.465**	0.2190	2.124	0.466**	0.219	2.129
lnRgdpc	0.235	0.2757	0.853	0.224	0.274	0.816
lnGCE	− 0.162	0.1080	− 1.500	− 0.162	0.107	− 1.518
lnTrd	0.239	0.1748	1.368	0.243	0.173	1.407
lnBrk87	0.019	0.0916	0.204
lnBrk78&03				− 0.030	0.065	− 0.461