The Links between Energy Consumption, Financial Development, and Economic Growth in Lebanon: Evidence from Cointegration with Unknown Structural Breaks

Table 9

Variance decomposition method (VDM).

Horizon	Variance decomposition of			Variance decomposition of			Variance decomposition of
	1	100.0000	0.0000	0.0000	2.0421	97.9578	0.0000	5.1366	1.4692	93.394
5	83.1278	14.6550	2.2170	4.0701	95.7476	0.1821	11.9018	11.2447	76.8533
10	77.8984	14.5835	7.5180	14.1938	81.9566	3.8495	17.8004	23.7391	58.4604
15	74.4234	16.3723	9.2042	18.5622	72.7660	8.6716	20.3784	30.3791	49.2424
20	71.7926	18.1021	10.1052	20.9817	66.9868	12.0313	21.6981	34.7860	43.5157
25	69.3898	19.8089	10.8012	22.4392	63.3360	14.2246	22.6609	37.7032	39.6358
26	68.9305	20.1451	10.9243	22.6571	62.7784	14.5644	22.8160	38.1738	39.0101
27	68.4776	20.4773	11.0450	22.8580	62.2635	14.8784	22.9631	38.6143	38.4224
28	68.0320	20.8044	11.1634	23.0436	61.7872	15.1691	23.1020	39.0285	37.8693
29	67.5941	21.1265	11.2793	23.2154	61.3459	15.4386	23.2326	39.4193	37.3480
30	67.1634	21.4439	11.3926	23.3747	60.9362	15.6890	23.3553	39.7885	36.8561