Renewable Energy Consumption and Economic Growth in Nine OECD Countries: Bounds Test Approach and Causality Analysis
Table 2
ARDL Cointegration tests.
(a)
Countries
France
0.03
0.66 (0.45)
0.23 (0.91)
Germany
3.49*
0.68 (0.34)
0.81 (0.92)
Italy
5.66**
3.95 (0.22)
0.34 (0.56)
Japan
8.12***
0.78 (0.43)
0.28 (0.76)
Spain
1.62
2.04 (0.11)
0.56 (0.72)
UK
9.81***
0.33 (0.52)
2.45 (0.46)
USA
3.18*
0.46 (0.51)
3.18 (0.05)
(b)
Asymptotic critical valuesb
1%
5%
10%
()
()
()
()
()
()
6.027
6.76
4.09
4.663
3.303
3.797
Notes. First, F is the ARDL co-integration test; second, the asymptotic critical value bounds are obtained from Narayan (2005, Appendix: Case II); third, LM is the Lagrange multiplier test for serial correlation with a distribution with only one degree of freedom; forth, HET is the test for heteroskedasticity with a distribution with only one degree of freedom; and finally, ***, **, and * represent the 1%, 5%, and 10% significance level, respectively.
