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

Latin American Economic Review

Table 9 ARDL estimates for economic growth (model 3)

Model: \({\text{lnRgdpc}}_{t} = \delta_{0} + \delta_{1} {\text{lnOil}}_{t} + \delta_{2} {\text{lnEngy}}_{t} + \delta_{3} {\text{lnCO}}_{{2_{t} }} + \delta_{4} {\text{lnGCE}}_{t} + \delta_{5} {\text{lnTrd}}_{t} + \varepsilon_{t}\)
Variable	Specification 1			Specification 2
Variable	Coefficient	Std. error	t-Statistic	Coefficient	Std. error	t-Statistic
Short run estimates
ECM (− 1)	− 0.411***	0.066	− 6.197	− 0.462***	0.075	− 6.182
\(\Delta\)lnOIL	− 0.001	0.019	− 0.054	0.002	0.019	0.126
\(\Delta\)lnEngy	0.067	0.087	0.767	0.081	0.086	0.945
\(\Delta\)lnCO₂	− 0.210***	0.065	− 3.238	− 0.232***	0.062	− 3.757
\(\Delta\)lnGCE	0.194***	0.059	3.274	0.194***	0.059	3.276
\(\Delta\)lnTrd	0.030	0.050	0.603	0.035	0.050	0.693
lnBrk04	0.049*	0.027	1.829
lnBrk80&05				− 0.024	0.018	− 1.369
Long run estimates
Constant	8.207***	2.084	3.939	8.329***	1.934	4.306
lnOIL	− 0.013	0.039	− 0.331	− 0.008	0.037	− 0.225
lnEngy	0.013	0.233	0.056	− 0.003	0.217	− 0.014
lnCO₂	− 0.988***	0.165	− 5.990	− 0.927***	0.141	− 6.567
lnGCE	0.375***	0.091	4.108	0.351***	0.083	4.238
lnTrd	0.094	0.106	0.888	0.107	0.099	1.086
lnBrk04	0.111	0.113	0.986
lnBrk80&05				− 0.032	0.059	− 0.544

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