GDPC does not Granger cause oil

30.988*** (0.0000)

3.478 (0.1757)

5.266* (0.0718)

Panel D: electric power consumption

Elec does not Granger cause CO₂

13.939*** (0.0030)

7.920** (0.0191)

17.530** (0.0036)

CO₂ does not Granger cause elec

6.444* (0.0919)

3.514 (0.1725)

16.185*** (0.0063)

GDPC does not Granger cause CO₂

9.565** (0.0226)

14.155*** (0.0023)

14.548** (0.0125)

CO₂ does not Granger cause GDPC

6.621* (0.0850)

4.886* (0.0869)

38.446*** (0.0000)

Elec does not Granger cause GDPC

14.069** (0.04642)

6.798** (0.0274)

13.929** (0.0161)

GDPC does not Granger cause elec

15.033** (0.0131)

6.516** (0.0385)

11.359** (0.0447)

Panel E: Natural gas consumption

Nat gas does not Granger cause CO₂

25.361*** (0.0012)

8.308** (0.0157)

9.004** (0.0111)

CO₂ does not Granger cause nat gas

27.875*** (0.0000)

6.048** (0.0486)

6.073** (0.0480)

GDPC does not Granger cause CO₂

6.607* (0.0855)

4.806* (0.0904)

13.137*** (0.0014)

CO₂ does not Granger cause GDPC

17.53*** (0085)

7.380** (0.0250)

0.195 (0.9067)

Nat gas does not Granger cause GDPC

14.754** (0.0247)

6.629** (0.0363)

6.865** (0.0387)

GDPC does not Granger cause nat gas

4.076 (0.2533)

7.901** (0.0192)

8.561** (0.0138)