Wednesday April 16 00:35:29 2025 Page 1

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Statistics/Data Analysis

User: stata263
RE Coef. Std. Err. z P>|z| [95% Conf. Interval]

RQ -.015318 .0154518 -0.99 0.322 -.045603 .0149669

EI -.0201513 .0051141 -3.94 0.000 -.0301747 -.0101279
GE .1802179 .0442015 4.08 0.000 .0935845 .2668513
lTRS -.0543213 .0125038 -4.34 0.000 -.0788283 -.0298143
AG 2.105112 .6354619 3.31 0.001 .8596298 3.350595
lED -.1002786 .0166117 -6.04 0.000 -.1328369 -.0677203
EP 10.47609 3.461762 3.03 0.002 3.691162 17.26102
PG 2.242125 .8716512 2.57 0.010 .5337201 3.95053
IDG .0195168 .0177916 1.10 0.273 -.0153542 .0543877
CCI -.0265141 .0144605 -1.83 0.067 -.0548561 .0018279
EF .0193705 .0036612 5.29 0.000 .0121948 .0265462

COUNTRYID
5 -.131083 .0586782 -2.23 0.025 -.2460903 -.0160758
6 -.2673123 .0519527 -5.15 0.000 -.3691376 -.165487
10 -.1861727 .0296669 -6.28 0.000 -.2443188 -.1280266
15 -.0568421 .0199647 -2.85 0.004 -.0959722 -.0177121
17 -.3136739 .0465178 -6.74 0.000 -.4048472 -.2225007
20 -.6594017 .0427993 -15.41 0.000 -.7432869 -.5755165
28 -.242782 .0250589 -9.69 0.000 -.2918966 -.1936674
29 -.2636339 .0640792 -4.11 0.000 -.3892267 -.138041
31 -.4453584 .0708917 -6.28 0.000 -.5843036 -.3064132
32 -.2361347 .0496604 -4.75 0.000 -.3334673 -.1388021
33 -.8406831 .0678655 -12.39 0.000 -.973697 -.7076692
34 -.7628963 .0718843 -10.61 0.000 -.903787 -.6220056
36 -.3827624 .0420928 -9.09 0.000 -.4652629 -.300262
37 -.2271401 .0310311 -7.32 0.000 -.2879598 -.1663203

Year
2002 -.0026244 .0157896 -0.17 0.868 -.0335714 .0283226
2003 -.0176799 .0164095 -1.08 0.281 -.0498419 .0144822
2004 -.0146452 .0166403 -0.88 0.379 -.0472596 .0179691
2005 -.0011284 .0177665 -0.06 0.949 -.0359502 .0336933
2006 .00413 .0188531 0.22 0.827 -.0328213 .0410813
2007 .0111647 .0203429 0.55 0.583 -.0287067 .051036
2008 .0320048 .0224802 1.42 0.155 -.0120557 .0760653
2009 .0102226 .0224197 0.46 0.648 -.0337191 .0541644
2010 .0142756 .0244107 0.58 0.559 -.0335686 .0621197
2011 .0299449 .0264257 1.13 0.257 -.0218485 .0817384
2012 .0355415 .0275766 1.29 0.197 -.0185077 .0895906
2013 .0418346 .0278639 1.50 0.133 -.0127777 .096447
2014 .0401544 .0284267 1.41 0.158 -.0155608 .0958696
2015 .0191403 .0289716 0.66 0.509 -.0376429 .0759235
2016 .0196466 .0293613 0.67 0.503 -.0379006 .0771938
2017 .0354489 .0313274 1.13 0.258 -.0259518 .0968495
2018 .0311229 .0320771 0.97 0.332 -.031747 .0939928
2019 .023641 .0329604 0.72 0.473 -.0409601 .0882422
2020 -.0711428 .039478 -1.80 0.072 -.1485182 .0062326

_cons 2.005882 .1683647 11.91 0.000 1.675894 2.335871

sigma_u 0
sigma_e .0346598
rho 0 (fraction of variance due to u_i)
 Wednesday April 16 00:35:29 2025 Page 2

1 . import excel "C:\Users\Administrator\Downloads\P_Data_Extract_From_World_Development_Indicators

2 . reshape long GEF, i(CountryName) i(Year)

option i() not allowed
r(198);

3 . reshape long GEF, i(CountryName) j(Year)

(note: j = 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2

Data wide -> long

Number of obs. 37 -> 851

Number of variables 24 -> 3
j variable (23 values) -> Year
xij variables:
GEF2000 GEF2001 ... GEF2022 -> GEF

4 . export excel using "C:\Users\Administrator\Downloads\gef.xls"

file C:\Users\Administrator\Downloads\gef.xls saved

5 . import excel "C:\Users\Administrator\Downloads\Chay.xls", sheet("Sheet1") firstrow clear

6 . gen lTRS = log(TRS_

too few ')' or ']'
r(132);

7 . gen lTRS = log(TRS)

(173 missing values generated)

8 . gen lED = log(ED)

(29 missing values generated)

9 . xtset COUNTRYID Year

panel variable: COUNTRYID (strongly balanced)
time variable: Year, 2000 to 2022
delta: 1 unit

10 .
11 . xtreg RE GEF EI GE lTRS AG lED EP PG IDG CCI EF i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 253

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.7754 min = 11
between = 1.0000 avg = 16.9
overall = 0.9775 max = 20

Wald chi2(44) = 9048.48

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
Wednesday April 16 00:35:29 2025 Page 3

RE Coef. Std. Err. z P>|z| [95% Conf. Interval]

GEF -.0141937 .0128937 -1.10 0.271 -.0394649 .0110774

EI -.0194614 .0051573 -3.77 0.000 -.0295696 -.0093532
GE .1935841 .043991 4.40 0.000 .1073632 .279805
lTRS -.053665 .0125317 -4.28 0.000 -.0782267 -.0291033
AG 2.246576 .6200751 3.62 0.000 1.031251 3.461901
lED -.0995133 .0166743 -5.97 0.000 -.1321943 -.0668323
EP 10.047 3.440286 2.92 0.003 3.304159 16.78983
PG 2.403606 .8697583 2.76 0.006 .6989107 4.108301
IDG .018078 .0178159 1.01 0.310 -.0168405 .0529965
CCI -.0202824 .0164172 -1.24 0.217 -.0524595 .0118947
EF .0191174 .0036263 5.27 0.000 .0120101 .0262247

COUNTRYID
5 -.1412656 .0588519 -2.40 0.016 -.2566132 -.0259181
6 -.2716329 .0522724 -5.20 0.000 -.3740849 -.1691808
10 -.189118 .0294913 -6.41 0.000 -.2469198 -.1313162
15 -.0482358 .0182043 -2.65 0.008 -.0839156 -.012556
17 -.3195593 .0457218 -6.99 0.000 -.4091723 -.2299462
20 -.6635154 .0429984 -15.43 0.000 -.7477906 -.5792402
28 -.2423534 .0250357 -9.68 0.000 -.2914225 -.1932844
29 -.2613871 .0640845 -4.08 0.000 -.3869905 -.1357837
31 -.4468442 .0709151 -6.30 0.000 -.5858352 -.3078533
32 -.2471063 .0484103 -5.10 0.000 -.3419889 -.1522238
33 -.8460742 .0680603 -12.43 0.000 -.9794699 -.7126786
34 -.7598611 .0718737 -10.57 0.000 -.9007309 -.6189913
36 -.3858101 .0424072 -9.10 0.000 -.4689266 -.3026936
37 -.2258703 .0310506 -7.27 0.000 -.2867284 -.1650122

Year
2002 -.0009639 .0157665 -0.06 0.951 -.0318657 .0299379
2003 -.0153736 .0162732 -0.94 0.345 -.0472685 .0165212
2004 -.0133265 .0165 -0.81 0.419 -.0456659 .0190129
2005 .0006843 .0177796 0.04 0.969 -.0341631 .0355318
2006 .0066068 .0187425 0.35 0.724 -.0301279 .0433414
2007 .0135684 .0201594 0.67 0.501 -.0259434 .0530802
2008 .0341257 .0222409 1.53 0.125 -.0094655 .077717
2009 .0108859 .0223183 0.49 0.626 -.0328572 .054629
2010 .0145319 .0243521 0.60 0.551 -.0331973 .0622611
2011 .0298581 .0263977 1.13 0.258 -.0218805 .0815966
2012 .0340574 .0276777 1.23 0.219 -.0201899 .0883046
2013 .0399667 .0280057 1.43 0.154 -.0149235 .0948569
2014 .0385261 .0284836 1.35 0.176 -.0173007 .094353
2015 .0172645 .0290283 0.59 0.552 -.0396299 .0741589
2016 .0176364 .0293933 0.60 0.548 -.0399735 .0752462
2017 .0319055 .031386 1.02 0.309 -.02961 .093421
2018 .030227 .0320549 0.94 0.346 -.0325994 .0930534
2019 .0226238 .032938 0.69 0.492 -.0419336 .0871812
2020 -.0712595 .0394375 -1.81 0.071 -.1485555 .0060365

_cons 1.984258 .171465 11.57 0.000 1.648192 2.320323

sigma_u 0
sigma_e .03464082
rho 0 (fraction of variance due to u_i)
 Wednesday April 16 00:35:30 2025 Page 4

12 . sum

Variable Obs Mean Std. Dev. Min Max

CountryName 0
Year 851 2011 6.63715 2000 2022
CO2 851 337.7868 1513.267 0 12621.61
RE 814 .2082273 .2273712 0 .858
FDI 828 .0411803 .0764799 -.3717265 .5851837

TO 728 94.86324 85.66528 .2794473 442.62

EI 763 5.372031 2.945584 .35 20.08
GE 604 .2151893 .1841802 .0480934 1.47735
TRS 678 9030146 2.28e+07 900 1.63e+08
AG 851 .0675282 .0454504 .0127106 .2940265

ED 822 13927.13 17143.19 141.5257 88428.7

EP 535 .0029663 .0031609 1.00e-05 .01
PG 851 .0092023 .0131765 -.1135665 .0863046
IDG 828 .0323997 .1180105 -.6420262 1.434935
CCI 712 .1306065 .9889646 -1.702883 2.380319

EF 575 3.287583 2.230326 .2725216 8.802852

high_FDI 851 .5981199 .4905663 0 1
high_TO 851 .5722679 .4950407 0 1
COUNTRYID 851 19 10.68336 1 37
CI 800 .5651827 1.193241 0 14.20741

LEI 784 72.24551 6.967931 56.506 85.53268

PA 334 67405.34 205807.6 1 1426644
FA 805 186484.6 415039 0 2237373
LU 849 661716.3 1938086 20 9388220
RQ 706 -.0203904 1.072687 -2.52669 2.252235

GEF 706 .1171998 .998946 -2.084274 2.46966

lTRS 678 13.57373 2.765307 6.802395 18.90642
lED 822 8.687695 1.410062 4.952481 11.38995

13 . gen lCO2 = log(CO2)

(107 missing values generated)

14 . corr RE FDI TO EI GE TRS AG ED EP PG IDG CCI EF LEI PA FA LU RQ GEF

(obs=134)

RE FDI TO EI GE TRS AG ED EP

RE 1.0000
FDI -0.0352 1.0000
TO -0.3640 0.0742 1.0000
EI -0.4802 0.1690 -0.1997 1.0000
GE -0.5676 -0.0642 0.0867 0.4796 1.0000
TRS -0.2607 -0.0317 -0.4432 0.6999 0.4189 1.0000
AG -0.0998 -0.0840 -0.0595 0.2501 0.3835 0.5455 1.0000
ED -0.5966 -0.0591 0.3505 0.0197 0.4666 0.1892 0.3116 1.0000
EP 0.5277 0.1500 -0.2418 -0.1357 -0.3917 -0.3367 -0.5433 -0.5427 1.0000
PG -0.1494 0.0533 0.3699 -0.2517 -0.3172 -0.4933 -0.8183 0.0362 0.2934
IDG 0.2095 0.1952 -0.2592 0.2500 -0.1979 0.2904 -0.0376 -0.2877 0.3280
CCI -0.6515 -0.0850 0.4897 0.1684 0.4698 0.0746 0.0850 0.6214 -0.5786
EF -0.7499 0.2126 0.3487 0.4871 0.4573 0.0330 -0.1443 0.4138 -0.1564
LEI -0.3926 -0.0830 0.2672 0.1200 0.3851 0.4212 0.6924 0.5856 -0.7406
PA -0.1741 -0.0084 -0.4193 0.4902 0.2529 0.7948 0.3434 0.1100 -0.1806
FA -0.0840 -0.0924 -0.6444 0.5975 0.1440 0.8189 0.4069 -0.0651 -0.2521
LU -0.2062 -0.0017 -0.6049 0.7843 0.3170 0.9112 0.3640 -0.0782 -0.2116
 Wednesday April 16 00:35:30 2025 Page 5

RQ -0.7031 -0.1157 0.3642 0.0221 0.3972 0.0616 0.1183 0.7178 -0.4897

GEF -0.6213 -0.1892 0.4729 0.0242 0.3715 0.1622 0.1645 0.7463 -0.6300

15 . reg RE FDI TO EI GE TRS AG ED EP PG IDG CCI EF LEI PA FA LU RQ GEF

Source SS df MS Number of obs = 134

F(18, 115) = 66.23
Model 3.78774185 18 .210430103 Prob > F = 0.0000
Residual .365371349 115 .003177142 R-squared = 0.9120
Adj R-squared = 0.8983
Total 4.1531132 133 .031226415 Root MSE = .05637

RE Coef. Std. Err. t P>|t| [95% Conf. Interval]

FDI .0505348 .1102344 0.46 0.648 -.1678182 .2688879

TO -.0007588 .0002627 -2.89 0.005 -.0012791 -.0002384
EI -.0074454 .0087066 -0.86 0.394 -.0246915 .0098007
GE .3194892 .3098504 1.03 0.305 -.2942647 .9332432
TRS 1.20e-09 1.19e-09 1.01 0.317 -1.16e-09 3.56e-09
AG -.7970083 1.202142 -0.66 0.509 -3.17822 1.584204
ED -2.21e-06 6.49e-06 -0.34 0.735 -.0000151 .0000107
EP 51.69625 15.03705 3.44 0.001 21.91074 81.48176
PG .6375291 3.149177 0.20 0.840 -5.600384 6.875442
IDG .106609 .1305125 0.82 0.416 -.1519111 .3651291
CCI .0638663 .0339453 1.88 0.062 -.0033729 .1311054
EF -.0382267 .0091695 -4.17 0.000 -.0563898 -.0200637
LEI .0156941 .0063636 2.47 0.015 .003089 .0282992
PA -2.85e-07 1.38e-07 -2.07 0.041 -5.57e-07 -1.19e-08
FA 1.53e-07 6.28e-08 2.44 0.016 2.88e-08 2.77e-07
LU -5.91e-08 2.18e-08 -2.71 0.008 -1.02e-07 -1.59e-08
RQ -.2495474 .030776 -8.11 0.000 -.3105087 -.1885862
GEF -.0343479 .046281 -0.74 0.460 -.1260216 .0573259
_cons -.7046083 .437454 -1.61 0.110 -1.571121 .1619039

16 . vif

Variable VIF 1/VIF

LU 130.71 0.007650
TRS 64.27 0.015560
FA 51.38 0.019461
AG 24.68 0.040520
LEI 22.75 0.043948
GEF 22.25 0.044940
EI 12.24 0.081729
PG 11.57 0.086429
EP 10.56 0.094734
ED 9.99 0.100061
EF 9.88 0.101238
TO 8.08 0.123696
CCI 7.45 0.134286
RQ 7.14 0.140102
GE 4.30 0.232797
PA 3.90 0.256347
IDG 1.78 0.561329
FDI 1.32 0.758735

Mean VIF 22.46

 Wednesday April 16 00:35:30 2025 Page 6

17 . reg RE FDI TO EI GE TRS AG ED EP IDG CCI EF FA

Source SS df MS Number of obs = 257

F(12, 244) = 59.73
Model 8.39977117 12 .699980931 Prob > F = 0.0000
Residual 2.8595426 244 .011719437 R-squared = 0.7460
Adj R-squared = 0.7335
Total 11.2593138 256 .043981694 Root MSE = .10826

RE Coef. Std. Err. t P>|t| [95% Conf. Interval]

FDI .0982601 .1310559 0.75 0.454 -.1598851 .3564053

TO -.0003069 .0001672 -1.84 0.068 -.0006363 .0000225
EI -.032479 .0054158 -6.00 0.000 -.0431467 -.0218112
GE -.5413816 .0501948 -10.79 0.000 -.640252 -.4425112
TRS 6.82e-10 6.19e-10 1.10 0.272 -5.38e-10 1.90e-09
AG .4948928 .6104869 0.81 0.418 -.707604 1.69739
ED -.0000203 5.29e-06 -3.84 0.000 -.0000307 -9.91e-06
EP 55.68525 4.191295 13.29 0.000 47.42951 63.94098
IDG .0461646 .0503769 0.92 0.360 -.0530645 .1453937
CCI .0149957 .0180513 0.83 0.407 -.0205606 .0505521
EF -.0370624 .0052779 -7.02 0.000 -.0474585 -.0266664
FA 1.06e-08 3.21e-08 0.33 0.741 -5.26e-08 7.39e-08
_cons .5856003 .0447351 13.09 0.000 .497484 .6737166

18 . vif

Variable VIF 1/VIF

TRS 5.40 0.185275

FA 4.53 0.220540
AG 2.53 0.395449
ED 2.52 0.396479
EI 2.49 0.401489
EP 2.41 0.414965
EF 1.85 0.539396
CCI 1.71 0.586145
TO 1.58 0.633088
GE 1.52 0.659827
FDI 1.18 0.844299
IDG 1.16 0.859955

Mean VIF 2.41

19 . xtreg lCO2 RE EI GE lTRS AG lED EP PG IDG CCI EF FA i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9119 min = 11
between = 1.0000 avg = 17.1
overall = 0.9989 max = 20

Wald chi2(45) = 186479.46

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
Wednesday April 16 00:35:30 2025 Page 7

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.009514 .2350529 -4.29 0.000 -1.470209 -.5488186

EI .1490199 .0175803 8.48 0.000 .1145632 .1834766
GE .58496 .1538692 3.80 0.000 .2833819 .8865382
lTRS .2170262 .0474738 4.57 0.000 .1239792 .3100733
AG -5.41654 2.254896 -2.40 0.016 -9.836056 -.9970247
lED .6151973 .056686 10.85 0.000 .5040948 .7262998
EP -80.80094 11.92388 -6.78 0.000 -104.1713 -57.43056
PG .9319093 2.973145 0.31 0.754 -4.895348 6.759167
IDG -.2519739 .0595253 -4.23 0.000 -.3686414 -.1353064
CCI .0097777 .0485567 0.20 0.840 -.0853917 .1049471
EF .0020911 .0120609 0.17 0.862 -.0215478 .0257301
FA 1.59e-06 4.28e-07 3.72 0.000 7.55e-07 2.43e-06

COUNTRYID
5 1.286564 .8285366 1.55 0.120 -.3373376 2.910466
6 -2.021033 .2030929 -9.95 0.000 -2.419088 -1.622978
10 1.712175 .3817724 4.48 0.000 .9639144 2.460435
15 -.7192316 .0677231 -10.62 0.000 -.8519665 -.5864968
17 .5893574 .1746095 3.38 0.001 .247129 .9315858
20 -.5116516 .2141183 -2.39 0.017 -.9313157 -.0919875
28 1.862592 .103799 17.94 0.000 1.65915 2.066035
29 -3.507766 .2518541 -13.93 0.000 -4.001391 -3.014141
31 -2.47764 .2894821 -8.56 0.000 -3.045014 -1.910265
32 1.630805 .1738679 9.38 0.000 1.29003 1.97158
33 -1.684995 .329846 -5.11 0.000 -2.331481 -1.038508
34 -4.306466 .3373092 -12.77 0.000 -4.96758 -3.645353
36 -3.72 .1956182 -19.02 0.000 -4.103405 -3.336596
37 2.376801 .1180764 20.13 0.000 2.145376 2.608226

Year
2002 .0143604 .0509881 0.28 0.778 -.0855744 .1142952
2003 .0405124 .0513449 0.79 0.430 -.0601217 .1411465
2004 -.0452231 .0528182 -0.86 0.392 -.1487448 .0582987
2005 -.1145613 .0565448 -2.03 0.043 -.225387 -.0037355
2006 -.1513026 .0591518 -2.56 0.011 -.2672379 -.0353672
2007 -.1804956 .062953 -2.87 0.004 -.3038812 -.05711
2008 -.2649596 .0688867 -3.85 0.000 -.3999751 -.1299441
2009 -.2765647 .0689916 -4.01 0.000 -.4117857 -.1413437
2010 -.3415388 .0749519 -4.56 0.000 -.4884419 -.1946358
2011 -.4052753 .081017 -5.00 0.000 -.5640657 -.2464849
2012 -.4318356 .0849092 -5.09 0.000 -.5982546 -.2654166
2013 -.408386 .0865329 -4.72 0.000 -.5779875 -.2387845
2014 -.392469 .0887224 -4.42 0.000 -.5663617 -.2185763
2015 -.3076053 .0904989 -3.40 0.001 -.4849798 -.1302308
2016 -.3019915 .0918287 -3.29 0.001 -.4819725 -.1220106
2017 -.3558848 .0984206 -3.62 0.000 -.5487856 -.162984
2018 -.3604656 .1009607 -3.57 0.000 -.558345 -.1625863
2019 -.3229967 .1036234 -3.12 0.002 -.5260949 -.1198985
2020 .0485897 .131705 0.37 0.712 -.2095475 .3067268

_cons -5.089266 .7650447 -6.65 0.000 -6.588726 -3.589806

sigma_u 0
sigma_e .1178423
rho 0 (fraction of variance due to u_i)
 Wednesday April 16 00:35:31 2025 Page 8

20 . gen RE_FDI = RE*FDI

(48 missing values generated)

21 . gen RE_TO = RE*TO

(158 missing values generated)

22 . xtreg lCO2 RE FDI RE_FDI EI GE lTRS AG lED EP PG IDG CCI EF FA i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9175 min = 11
between = 1.0000 avg = 17.1
overall = 0.9989 max = 20

Wald chi2(47) = 197189.98

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -.9180332 .2298934 -3.99 0.000 -1.368616 -.4674504

FDI -.3917644 .1897151 -2.07 0.039 -.7635993 -.0199296
RE_FDI 3.534518 .9434117 3.75 0.000 1.685465 5.383571
EI .1627157 .0174917 9.30 0.000 .1284327 .1969988
GE .5000026 .1515384 3.30 0.001 .2029928 .7970124
lTRS .2003397 .0469827 4.26 0.000 .1082553 .2924241
AG -6.13429 2.203188 -2.78 0.005 -10.45246 -1.816121
lED .6247383 .0556036 11.24 0.000 .5157572 .7337194
EP -79.31286 11.64954 -6.81 0.000 -102.1455 -56.48019
PG 1.729538 2.901835 0.60 0.551 -3.957955 7.417031
IDG -.2756818 .0582387 -4.73 0.000 -.3898275 -.1615361
CCI .0149293 .0475533 0.31 0.754 -.0782734 .1081321
EF -.0022115 .0117867 -0.19 0.851 -.0253131 .0208901
FA 1.84e-06 4.24e-07 4.33 0.000 1.01e-06 2.67e-06

COUNTRYID
5 1.091651 .808486 1.35 0.177 -.492952 2.676255
6 -1.855044 .2025537 -9.16 0.000 -2.252042 -1.458046
10 1.712208 .3718958 4.60 0.000 .9833054 2.44111
15 -.6354306 .0695565 -9.14 0.000 -.7717588 -.4991024
17 .8198873 .1816448 4.51 0.000 .46387 1.175905
20 -.3349229 .2144949 -1.56 0.118 -.7553252 .0854794
28 2.060764 .1145948 17.98 0.000 1.836163 2.285366
29 -3.376076 .2477752 -13.63 0.000 -3.861706 -2.890445
31 -2.466952 .2830067 -8.72 0.000 -3.021635 -1.912269
32 1.861333 .1807357 10.30 0.000 1.507098 2.215569
33 -1.463127 .3267178 -4.48 0.000 -2.103482 -.8227713
34 -4.075473 .3340293 -12.20 0.000 -4.730158 -3.420788
36 -3.628784 .1922169 -18.88 0.000 -4.005522 -3.252045
37 2.545014 .1232591 20.65 0.000 2.303431 2.786598

Year
2002 .0217511 .0496373 0.44 0.661 -.0755362 .1190384
2003 .0567049 .0501382 1.13 0.258 -.0415641 .1549739
2004 -.0277414 .0516564 -0.54 0.591 -.1289862 .0735034
2005 -.0972221 .0553794 -1.76 0.079 -.2057637 .0113196
2006 -.1536846 .0575773 -2.67 0.008 -.266534 -.0408352
2007 -.1912196 .0613086 -3.12 0.002 -.3113823 -.0710569
2008 -.2683123 .0670352 -4.00 0.000 -.3996988 -.1369257
2009 -.2636369 .0674421 -3.91 0.000 -.395821 -.1314528
2010 -.3275754 .0731114 -4.48 0.000 -.4708711 -.1842798
 Wednesday April 16 00:35:31 2025 Page 9

2011 -.3771219 .0792675 -4.76 0.000 -.5324834 -.2217604

2012 -.4015372 .0832062 -4.83 0.000 -.5646184 -.2384561
2013 -.3763424 .0850455 -4.43 0.000 -.5430285 -.2096564
2014 -.3534633 .0875997 -4.03 0.000 -.5251556 -.181771
2015 -.2596103 .0897063 -2.89 0.004 -.4354315 -.0837892
2016 -.2577083 .0915614 -2.81 0.005 -.4371652 -.0782513
2017 -.3004921 .0974435 -3.08 0.002 -.491478 -.1095063
2018 -.2985391 .1000082 -2.99 0.003 -.4945515 -.1025266
2019 -.2518838 .1035221 -2.43 0.015 -.4547835 -.0489841
2020 .0990017 .1287847 0.77 0.442 -.1534117 .3514151

_cons -5.209053 .7582706 -6.87 0.000 -6.695236 -3.72287

sigma_u 0
sigma_e .11460137
rho 0 (fraction of variance due to u_i)

23 . gen lFA = log(FA)

(69 missing values generated)

24 . xtreg lCO2 RE FDI RE_FDI EI GE lTRS AG lED EP PG IDG CCI EF FA i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9175 min = 11
between = 1.0000 avg = 17.1
overall = 0.9989 max = 20

Wald chi2(47) = 197189.98

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -.9180332 .2298934 -3.99 0.000 -1.368616 -.4674504

FDI -.3917644 .1897151 -2.07 0.039 -.7635993 -.0199296
RE_FDI 3.534518 .9434117 3.75 0.000 1.685465 5.383571
EI .1627157 .0174917 9.30 0.000 .1284327 .1969988
GE .5000026 .1515384 3.30 0.001 .2029928 .7970124
lTRS .2003397 .0469827 4.26 0.000 .1082553 .2924241
AG -6.13429 2.203188 -2.78 0.005 -10.45246 -1.816121
lED .6247383 .0556036 11.24 0.000 .5157572 .7337194
EP -79.31286 11.64954 -6.81 0.000 -102.1455 -56.48019
PG 1.729538 2.901835 0.60 0.551 -3.957955 7.417031
IDG -.2756818 .0582387 -4.73 0.000 -.3898275 -.1615361
CCI .0149293 .0475533 0.31 0.754 -.0782734 .1081321
EF -.0022115 .0117867 -0.19 0.851 -.0253131 .0208901
FA 1.84e-06 4.24e-07 4.33 0.000 1.01e-06 2.67e-06

COUNTRYID
5 1.091651 .808486 1.35 0.177 -.492952 2.676255
6 -1.855044 .2025537 -9.16 0.000 -2.252042 -1.458046
10 1.712208 .3718958 4.60 0.000 .9833054 2.44111
15 -.6354306 .0695565 -9.14 0.000 -.7717588 -.4991024
17 .8198873 .1816448 4.51 0.000 .46387 1.175905
20 -.3349229 .2144949 -1.56 0.118 -.7553252 .0854794
28 2.060764 .1145948 17.98 0.000 1.836163 2.285366
29 -3.376076 .2477752 -13.63 0.000 -3.861706 -2.890445
31 -2.466952 .2830067 -8.72 0.000 -3.021635 -1.912269
32 1.861333 .1807357 10.30 0.000 1.507098 2.215569
 Wednesday April 16 00:35:31 2025 Page 10

33 -1.463127 .3267178 -4.48 0.000 -2.103482 -.8227713

34 -4.075473 .3340293 -12.20 0.000 -4.730158 -3.420788
36 -3.628784 .1922169 -18.88 0.000 -4.005522 -3.252045
37 2.545014 .1232591 20.65 0.000 2.303431 2.786598

Year
2002 .0217511 .0496373 0.44 0.661 -.0755362 .1190384
2003 .0567049 .0501382 1.13 0.258 -.0415641 .1549739
2004 -.0277414 .0516564 -0.54 0.591 -.1289862 .0735034
2005 -.0972221 .0553794 -1.76 0.079 -.2057637 .0113196
2006 -.1536846 .0575773 -2.67 0.008 -.266534 -.0408352
2007 -.1912196 .0613086 -3.12 0.002 -.3113823 -.0710569
2008 -.2683123 .0670352 -4.00 0.000 -.3996988 -.1369257
2009 -.2636369 .0674421 -3.91 0.000 -.395821 -.1314528
2010 -.3275754 .0731114 -4.48 0.000 -.4708711 -.1842798
2011 -.3771219 .0792675 -4.76 0.000 -.5324834 -.2217604
2012 -.4015372 .0832062 -4.83 0.000 -.5646184 -.2384561
2013 -.3763424 .0850455 -4.43 0.000 -.5430285 -.2096564
2014 -.3534633 .0875997 -4.03 0.000 -.5251556 -.181771
2015 -.2596103 .0897063 -2.89 0.004 -.4354315 -.0837892
2016 -.2577083 .0915614 -2.81 0.005 -.4371652 -.0782513
2017 -.3004921 .0974435 -3.08 0.002 -.491478 -.1095063
2018 -.2985391 .1000082 -2.99 0.003 -.4945515 -.1025266
2019 -.2518838 .1035221 -2.43 0.015 -.4547835 -.0489841
2020 .0990017 .1287847 0.77 0.442 -.1534117 .3514151

_cons -5.209053 .7582706 -6.87 0.000 -6.695236 -3.72287

sigma_u 0
sigma_e .11460137
rho 0 (fraction of variance due to u_i)

25 . xtreg lCO2 RE FDI RE_FDI EI GE lTRS AG lED EP PG IDG CCI EF lFA i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9139 min = 11
between = 1.0000 avg = 17.1
overall = 0.9989 max = 20

Wald chi2(47) = 188858.81

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.174235 .2338627 -5.02 0.000 -1.632597 -.7158726

FDI -.4044092 .1938834 -2.09 0.037 -.7844137 -.0244048
RE_FDI 2.341107 .9688006 2.42 0.016 .4422928 4.239921
EI .159542 .0178477 8.94 0.000 .1245612 .1945228
GE .5033631 .1549089 3.25 0.001 .1997471 .806979
lTRS .1140721 .0457548 2.49 0.013 .0243944 .2037499
AG -3.191188 2.156399 -1.48 0.139 -7.417653 1.035277
lED .6784124 .0552289 12.28 0.000 .5701658 .7866591
EP -53.6783 13.95562 -3.85 0.000 -81.03082 -26.32579
PG 3.849477 2.994357 1.29 0.199 -2.019356 9.718309
IDG -.2465991 .059368 -4.15 0.000 -.3629582 -.1302399
CCI -.0080987 .0484453 -0.17 0.867 -.1030498 .0868523
EF -.0006413 .0120438 -0.05 0.958 -.0242468 .0229642
lFA -.7696186 .2541497 -3.03 0.002 -1.267743 -.2714943
 Wednesday April 16 00:35:32 2025 Page 11

COUNTRYID
5 6.89613 .8277529 8.33 0.000 5.273764 8.518496
6 -3.86838 .5664281 -6.83 0.000 -4.978558 -2.758201
10 5.099313 .6267983 8.14 0.000 3.870811 6.327815
15 -.0633021 .1716293 -0.37 0.712 -.3996893 .2730852
17 1.499272 .2737639 5.48 0.000 .9627049 2.03584
20 -.2592963 .2304637 -1.13 0.261 -.7109969 .1924043
28 1.733698 .1294256 13.40 0.000 1.480028 1.987367
29 -6.992561 1.054617 -6.63 0.000 -9.059573 -4.925549
31 -4.180075 .4729756 -8.84 0.000 -5.10709 -3.25306
32 2.537727 .2826808 8.98 0.000 1.983683 3.091771
33 -3.938392 .696447 -5.65 0.000 -5.303403 -2.573381
34 -10.14199 1.808886 -5.61 0.000 -13.68734 -6.596636
36 -6.521469 .8304047 -7.85 0.000 -8.149032 -4.893906
37 2.862418 .1675185 17.09 0.000 2.534088 3.190748

Year
2002 .0403764 .0508464 0.79 0.427 -.0592808 .1400336
2003 .0553404 .0512689 1.08 0.280 -.0451447 .1558256
2004 -.0153484 .0531656 -0.29 0.773 -.119551 .0888542
2005 -.0736862 .0573883 -1.28 0.199 -.1861651 .0387928
2006 -.121464 .0600746 -2.02 0.043 -.2392081 -.0037199
2007 -.1514847 .0641845 -2.36 0.018 -.277284 -.0256853
2008 -.221366 .0707088 -3.13 0.002 -.3599527 -.0827793
2009 -.2189358 .0710946 -3.08 0.002 -.3582787 -.0795929
2010 -.280344 .0772872 -3.63 0.000 -.4318241 -.1288639
2011 -.333646 .0835586 -3.99 0.000 -.497418 -.1698741
2012 -.3522552 .0879781 -4.00 0.000 -.5246892 -.1798213
2013 -.341628 .0894161 -3.82 0.000 -.5168802 -.1663757
2014 -.3219571 .0920968 -3.50 0.000 -.5024634 -.1414507
2015 -.2335518 .0941701 -2.48 0.013 -.4181217 -.0489819
2016 -.2263579 .0964099 -2.35 0.019 -.4153177 -.0373981
2017 -.2628044 .1028344 -2.56 0.011 -.4643561 -.0612527
2018 -.265645 .1052745 -2.52 0.012 -.4719793 -.0593107
2019 -.2244299 .1087986 -2.06 0.039 -.4376712 -.0111885
2020 -.0126328 .1266862 -0.10 0.921 -.2609331 .2356675

_cons 4.609487 3.06285 1.50 0.132 -1.393589 10.61256

sigma_u 0
sigma_e .11709908
rho 0 (fraction of variance due to u_i)

26 . xtreg lCO2 RE TO RE_TO EI GE lTRS AG lED EP PG IDG CCI EF lFA i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9125 min = 11
between = 1.0000 avg = 17.1
overall = 0.9989 max = 20

Wald chi2(47) = 185970.66

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
Wednesday April 16 00:35:32 2025 Page 12

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.480281 .26695 -5.55 0.000 -2.003493 -.9570682

TO -.0014551 .0009359 -1.55 0.120 -.0032895 .0003793
RE_TO .0049086 .0028635 1.71 0.086 -.0007038 .010521
EI .1595427 .0182709 8.73 0.000 .1237323 .1953531
GE .4753775 .2292867 2.07 0.038 .0259838 .9247711
lTRS .141625 .0468067 3.03 0.002 .0498855 .2333645
AG -4.255917 2.347819 -1.81 0.070 -8.857557 .3457234
lED .6792064 .0584419 11.62 0.000 .5646624 .7937505
EP -53.16165 14.66425 -3.63 0.000 -81.90305 -24.42025
PG 3.576112 3.208247 1.11 0.265 -2.711936 9.864161
IDG -.2450881 .0602775 -4.07 0.000 -.3632298 -.1269463
CCI .0042512 .0488128 0.09 0.931 -.09142 .0999225
EF -.0017618 .0128234 -0.14 0.891 -.0268953 .0233717
lFA -.6168754 .2830378 -2.18 0.029 -1.171619 -.0621314

COUNTRYID
5 6.133639 .9764148 6.28 0.000 4.219901 8.047377
6 -3.655251 .6167569 -5.93 0.000 -4.864072 -2.446429
10 4.537768 .7163503 6.33 0.000 3.133747 5.941789
15 -.3272891 .2234925 -1.46 0.143 -.7653263 .1107482
17 1.269682 .2861556 4.44 0.000 .7088268 1.830536
20 -.4346161 .2319203 -1.87 0.061 -.8891716 .0199394
28 1.570903 .129196 12.16 0.000 1.317683 1.824122
29 -6.483099 1.179561 -5.50 0.000 -8.794997 -4.171202
31 -4.024846 .5211115 -7.72 0.000 -5.046206 -3.003486
32 2.248106 .3056657 7.35 0.000 1.649013 2.8472
33 -3.64156 .7643235 -4.76 0.000 -5.139606 -2.143513
34 -9.14123 2.025532 -4.51 0.000 -13.1112 -5.17126
36 -6.179481 .9233517 -6.69 0.000 -7.989217 -4.369745
37 2.613654 .2048724 12.76 0.000 2.212111 3.015196

Year
2002 .0339718 .0513721 0.66 0.508 -.0667157 .1346594
2003 .0465075 .051644 0.90 0.368 -.0547129 .1477279
2004 -.0265561 .053505 -0.50 0.620 -.1314239 .0783118
2005 -.0854501 .0578297 -1.48 0.140 -.1987942 .027894
2006 -.1281314 .0609788 -2.10 0.036 -.2476477 -.008615
2007 -.1576042 .0652617 -2.41 0.016 -.2855148 -.0296936
2008 -.2325361 .0720134 -3.23 0.001 -.3736797 -.0913925
2009 -.2347446 .0729427 -3.22 0.001 -.3777096 -.0917796
2010 -.3045921 .0796431 -3.82 0.000 -.4606897 -.1484945
2011 -.3663558 .0852908 -4.30 0.000 -.5335227 -.1991889
2012 -.3861117 .0900076 -4.29 0.000 -.5625232 -.2097001
2013 -.3743704 .091801 -4.08 0.000 -.554297 -.1944438
2014 -.3546714 .0943601 -3.76 0.000 -.5396138 -.169729
2015 -.2661835 .097395 -2.73 0.006 -.4570742 -.0752928
2016 -.2512349 .0993314 -2.53 0.011 -.4459208 -.056549
2017 -.2968039 .1053499 -2.82 0.005 -.503286 -.0903218
2018 -.3020689 .1075352 -2.81 0.005 -.5128339 -.0913039
2019 -.2567673 .110765 -2.32 0.020 -.4738628 -.0396719
2020 -.0011494 .1292503 -0.01 0.993 -.2544753 .2521764

_cons 2.814058 3.442347 0.82 0.414 -3.932818 9.560934

sigma_u 0
sigma_e .11800385
rho 0 (fraction of variance due to u_i)
 Wednesday April 16 00:35:32 2025 Page 13

27 . xtreg lCO2 RE FDI RE_FDI EI GE lTRS AG lED EP IDG CCI EF lFA i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9132 min = 11
between = 1.0000 avg = 17.1
overall = 0.9989 max = 20

Wald chi2(46) = 188271.98

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.119408 .2302982 -4.86 0.000 -1.570784 -.668032

FDI -.4026374 .1941796 -2.07 0.038 -.7832224 -.0220525
RE_FDI 2.271489 .968788 2.34 0.019 .3726992 4.170278
EI .154415 .0174234 8.86 0.000 .1202658 .1885643
GE .5159128 .1548411 3.33 0.001 .2124297 .8193958
lTRS .1174636 .0457496 2.57 0.010 .027796 .2071313
AG -4.301755 1.97887 -2.17 0.030 -8.180269 -.4232421
lED .6910123 .0544367 12.69 0.000 .5843183 .7977063
EP -58.11388 13.54339 -4.29 0.000 -84.65843 -31.56932
IDG -.2470637 .0594591 -4.16 0.000 -.3636014 -.130526
CCI -.022176 .0472648 -0.47 0.639 -.1148134 .0704614
EF -.0006195 .0120625 -0.05 0.959 -.0242617 .0230226
lFA -.7201538 .2516104 -2.86 0.004 -1.213301 -.2270065

COUNTRYID
5 6.762277 .8224536 8.22 0.000 5.150298 8.374257
6 -3.806985 .5652878 -6.73 0.000 -4.914928 -2.699041
10 4.974242 .6201635 8.02 0.000 3.758744 6.18974
15 -.1125486 .1675595 -0.67 0.502 -.4409592 .215862
17 1.486772 .274016 5.43 0.000 .94971 2.023833
20 -.2432484 .2304827 -1.06 0.291 -.6949863 .2084895
28 1.73823 .1295785 13.41 0.000 1.484261 1.992199
29 -6.801242 1.045686 -6.50 0.000 -8.850748 -4.751736
31 -4.031046 .4592614 -8.78 0.000 -4.931181 -3.13091
32 2.506779 .2820913 8.89 0.000 1.95389 3.059668
33 -3.774092 .6856833 -5.50 0.000 -5.118006 -2.430177
34 -9.82137 1.794393 -5.47 0.000 -13.33832 -6.304424
36 -6.322468 .8171165 -7.74 0.000 -7.923987 -4.72095
37 2.848154 .1674102 17.01 0.000 2.520036 3.176273

Year
2002 .0359192 .0508069 0.71 0.480 -.0636605 .1354988
2003 .0474156 .050976 0.93 0.352 -.0524955 .1473266
2004 -.0266534 .0525147 -0.51 0.612 -.1295803 .0762735
2005 -.0904761 .0559692 -1.62 0.106 -.2001737 .0192215
2006 -.1388406 .0586252 -2.37 0.018 -.2537439 -.0239373
2007 -.1681133 .0629653 -2.67 0.008 -.291523 -.0447036
2008 -.2424607 .0688853 -3.52 0.000 -.3774735 -.1074479
2009 -.24071 .0691548 -3.48 0.001 -.376251 -.105169
2010 -.3025614 .0754472 -4.01 0.000 -.4504352 -.1546877
2011 -.3570819 .0816724 -4.37 0.000 -.517157 -.1970069
2012 -.3766159 .0860466 -4.38 0.000 -.5452642 -.2079677
2013 -.3660984 .0875022 -4.18 0.000 -.5375996 -.1945972
2014 -.3469627 .0901591 -3.85 0.000 -.5236713 -.1702541
2015 -.2590025 .0922086 -2.81 0.005 -.4397279 -.078277
2016 -.2539435 .0941376 -2.70 0.007 -.4384498 -.0694373
2017 -.2898529 .1008153 -2.88 0.004 -.4874472 -.0922585
 Wednesday April 16 00:35:33 2025 Page 14

2018 -.29198 .1034226 -2.82 0.005 -.4946846 -.0892754

2019 -.2539759 .1065086 -2.38 0.017 -.4627289 -.0452229
2020 -.0414495 .124881 -0.33 0.740 -.2862117 .2033127

_cons 4.027555 3.03392 1.33 0.184 -1.918819 9.973929

sigma_u 0
sigma_e .11728092
rho 0 (fraction of variance due to u_i)

28 . xtreg lCO2 RE TO RE_TO EI GE lTRS AG lED EP IDG CCI EF lFA i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9120 min = 11
between = 1.0000 avg = 17.1
overall = 0.9989 max = 20

Wald chi2(46) = 185754.94

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.430444 .2633312 -5.43 0.000 -1.946564 -.9143246

TO -.0012392 .0009162 -1.35 0.176 -.003035 .0005565
RE_TO .0053604 .0028363 1.89 0.059 -.0001987 .0109195
EI .1557622 .0179638 8.67 0.000 .1205539 .1909705
GE .4215162 .2242666 1.88 0.060 -.0180382 .8610706
lTRS .1409139 .0468294 3.01 0.003 .0491299 .2326979
AG -5.347548 2.135043 -2.50 0.012 -9.532155 -1.162942
lED .696089 .0564778 12.33 0.000 .5853947 .8067834
EP -55.11505 14.56756 -3.78 0.000 -83.66694 -26.56316
IDG -.2483664 .0602405 -4.12 0.000 -.3664356 -.1302973
CCI -.0071761 .0477516 -0.15 0.881 -.1007676 .0864153
EF -.0032011 .0127656 -0.25 0.802 -.0282213 .021819
lFA -.5940338 .282458 -2.10 0.035 -1.147641 -.0404263

COUNTRYID
5 6.110807 .9767633 6.26 0.000 4.196386 8.025228
6 -3.639221 .6169451 -5.90 0.000 -4.848411 -2.430031
10 4.473475 .7144364 6.26 0.000 3.073205 5.873744
15 -.3889711 .2166584 -1.80 0.073 -.8136137 .0356715
17 1.254658 .286003 4.39 0.000 .6941025 1.815214
20 -.4283486 .231986 -1.85 0.065 -.8830327 .0263355
28 1.556203 .1285954 12.10 0.000 1.304161 1.808245
29 -6.431591 1.179336 -5.45 0.000 -8.743047 -4.120135
31 -3.962489 .5183991 -7.64 0.000 -4.978533 -2.946446
32 2.219739 .3047802 7.28 0.000 1.62238 2.817097
33 -3.538347 .7591318 -4.66 0.000 -5.026218 -2.050476
34 -9.01647 2.023605 -4.46 0.000 -12.98266 -5.050278
36 -6.109264 .9217321 -6.63 0.000 -7.915826 -4.302703
37 2.573827 .2018491 12.75 0.000 2.17821 2.969444

Year
2002 .0318594 .0513668 0.62 0.535 -.0688177 .1325365
2003 .0414002 .05147 0.80 0.421 -.0594792 .1422796
2004 -.0352495 .0529641 -0.67 0.506 -.1390572 .0685581
2005 -.0984139 .0566808 -1.74 0.083 -.2095063 .0126785
2006 -.1417064 .0597848 -2.37 0.018 -.2588825 -.0245304
 Wednesday April 16 00:35:33 2025 Page 15

2007 -.1709015 .0641992 -2.66 0.008 -.2967296 -.0450734

2008 -.25001 .070327 -3.55 0.000 -.3878483 -.1121716
2009 -.2485139 .0719306 -3.45 0.001 -.3894952 -.1075326
2010 -.3189864 .0786346 -4.06 0.000 -.4731073 -.1648655
2011 -.3839033 .0838738 -4.58 0.000 -.5482929 -.2195137
2012 -.4030932 .0887601 -4.54 0.000 -.5770597 -.2291267
2013 -.3897119 .0908157 -4.29 0.000 -.5677075 -.2117163
2014 -.3695815 .0934611 -3.95 0.000 -.5527619 -.1864012
2015 -.2781822 .0968542 -2.87 0.004 -.4680129 -.0883515
2016 -.2646674 .0986546 -2.68 0.007 -.4580268 -.071308
2017 -.310876 .1046512 -2.97 0.003 -.5159885 -.1057635
2018 -.3156374 .1069056 -2.95 0.003 -.5251686 -.1061062
2019 -.2719995 .1099823 -2.47 0.013 -.4875608 -.0564382
2020 -.0186273 .1283697 -0.15 0.885 -.2702272 .2329727

_cons 2.543797 3.435779 0.74 0.459 -4.190207 9.277801

sigma_u 0
sigma_e .11807195
rho 0 (fraction of variance due to u_i)

29 . gen lLU = log(LU)

(2 missing values generated)

30 . xtreg lCO2 RE FDI RE_FDI EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9128 min = 11
between = 1.0000 avg = 17.1
overall = 0.9989 max = 20

Wald chi2(46) = 187454.68

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.014244 .2297742 -4.41 0.000 -1.464594 -.5638954

FDI -.3834229 .1946018 -1.97 0.049 -.7648354 -.0020104
RE_FDI 2.519826 .9582542 2.63 0.009 .6416821 4.39797
EI .1497443 .0174257 8.59 0.000 .1155905 .183898
GE .5285637 .1550569 3.41 0.001 .2246578 .8324696
lTRS .1369198 .0454638 3.01 0.003 .0478123 .2260273
AG -4.358734 1.984228 -2.20 0.028 -8.247749 -.4697185
lED .7288611 .0564673 12.91 0.000 .6181872 .8395349
EP -77.13844 11.6838 -6.60 0.000 -100.0383 -54.23861
IDG -.2540634 .0595272 -4.27 0.000 -.3707345 -.1373923
CCI -.0277179 .0475897 -0.58 0.560 -.1209919 .0655562
EF -.0040791 .0121315 -0.34 0.737 -.0278564 .0196981
lLU -11.14301 4.139569 -2.69 0.007 -19.25642 -3.029605

COUNTRYID
5 48.75364 16.44526 2.96 0.003 16.52152 80.98576
6 -27.56865 9.398038 -2.93 0.003 -45.98846 -9.14883
10 29.55609 9.779178 3.02 0.003 10.38925 48.72292
15 2.4285 1.109713 2.19 0.029 .2535014 4.603498
17 7.781784 2.561119 3.04 0.002 2.762082 12.80148
20 23.77574 9.015978 2.64 0.008 6.104745 41.44673
28 7.740089 2.164661 3.58 0.000 3.497433 11.98275
 Wednesday April 16 00:35:33 2025 Page 16

29 -49.99824 17.13481 -2.92 0.004 -83.58185 -16.41464

31 -23.45169 7.624415 -3.08 0.002 -38.39527 -8.508109
32 13.7088 4.392148 3.12 0.002 5.100351 22.31726
33 -29.55648 10.2364 -2.89 0.004 -49.61946 -9.493506
34 -66.07669 22.78116 -2.90 0.004 -110.7269 -21.42643
36 -33.81708 11.06619 -3.06 0.002 -55.50641 -12.12775
37 8.900514 2.369054 3.76 0.000 4.257254 13.54377

Year
2002 .0207906 .0508373 0.41 0.683 -.0788487 .1204299
2003 .0349859 .0510666 0.69 0.493 -.0651028 .1350746
2004 -.0521262 .0524888 -0.99 0.321 -.1550023 .0507498
2005 -.1222393 .0556587 -2.20 0.028 -.2313283 -.0131504
2006 -.1786545 .0579675 -3.08 0.002 -.2922688 -.0650402
2007 -.2184631 .0621746 -3.51 0.000 -.340323 -.0966031
2008 -.3078496 .0677765 -4.54 0.000 -.440689 -.1750101
2009 -.3026699 .0679464 -4.45 0.000 -.4358423 -.1694975
2010 -.375804 .073985 -5.08 0.000 -.5208119 -.2307961
2011 -.4395086 .0804422 -5.46 0.000 -.5971725 -.2818448
2012 -.4654837 .0844796 -5.51 0.000 -.6310606 -.2999068
2013 -.4533486 .0861454 -5.26 0.000 -.6221904 -.2845067
2014 -.4364631 .0885529 -4.93 0.000 -.6100236 -.2629026
2015 -.35068 .0905113 -3.87 0.000 -.5280789 -.1732811
2016 -.350118 .0922543 -3.80 0.000 -.5309332 -.1693028
2017 -.410537 .0994954 -4.13 0.000 -.6055444 -.2155295
2018 -.4146654 .1021803 -4.06 0.000 -.6149351 -.2143957
2019 -.3786002 .1051275 -3.60 0.000 -.5846464 -.172554
2020 -.1220167 .1243349 -0.98 0.326 -.3657087 .1216753

_cons 129.9447 49.90873 2.60 0.009 32.1254 227.764

sigma_u 0
sigma_e .11753603
rho 0 (fraction of variance due to u_i)

31 . xtreg lCO2 RE TO RE_TO EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9123 min = 11
between = 1.0000 avg = 17.1
overall = 0.9989 max = 20

Wald chi2(46) = 186431.68

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.396608 .2647478 -5.28 0.000 -1.915504 -.8777115

TO -.0018345 .0008126 -2.26 0.024 -.0034271 -.0002418
RE_TO .0056862 .002775 2.05 0.040 .0002472 .0111252
EI .152543 .0179904 8.48 0.000 .1172824 .1878036
GE .5100878 .2224111 2.29 0.022 .0741701 .9460055
lTRS .1661795 .0446923 3.72 0.000 .0785842 .2537747
AG -5.645617 2.120092 -2.66 0.008 -9.800922 -1.490313
lED .7258404 .057744 12.57 0.000 .6126642 .8390165
EP -71.50362 12.77889 -5.60 0.000 -96.54979 -46.45744
IDG -.2515354 .0600741 -4.19 0.000 -.3692785 -.1337923
CCI -.014501 .0479914 -0.30 0.763 -.1085624 .0795603
 Wednesday April 16 00:35:33 2025 Page 17

EF -.0048531 .0127511 -0.38 0.703 -.0298447 .0201386

lLU -9.699921 4.252356 -2.28 0.023 -18.03438 -1.365457

COUNTRYID
5 42.69064 16.91666 2.52 0.012 9.534597 75.84668
6 -24.40774 9.650176 -2.53 0.011 -43.32173 -5.493738
10 25.93909 10.061 2.58 0.010 6.219889 45.65829
15 1.863945 1.162863 1.60 0.109 -.4152252 4.143116
17 6.794493 2.636779 2.58 0.010 1.626501 11.96249
20 20.51707 9.266561 2.21 0.027 2.354947 38.6792
28 6.770617 2.241666 3.02 0.003 2.377032 11.1642
29 -44.12736 17.59181 -2.51 0.012 -78.60668 -9.648036
31 -20.8685 7.821489 -2.67 0.008 -36.19834 -5.538666
32 12.01801 4.523745 2.66 0.008 3.151635 20.88439
33 -26.05893 10.51919 -2.48 0.013 -46.67616 -5.4417
34 -58.18978 23.40377 -2.49 0.013 -104.0603 -12.31924
36 -30.1058 11.35108 -2.65 0.008 -52.35352 -7.858082
37 7.893603 2.453045 3.22 0.001 3.085723 12.70148

Year
2002 .0164675 .0510448 0.32 0.747 -.0835784 .1165134
2003 .0280022 .0512473 0.55 0.585 -.0724406 .128445
2004 -.0590016 .0524588 -1.12 0.261 -.161819 .0438158
2005 -.1285741 .0556221 -2.31 0.021 -.2375915 -.0195568
2006 -.1785386 .0582266 -3.07 0.002 -.2926606 -.0644166
2007 -.2162455 .0623667 -3.47 0.001 -.3384819 -.0940091
2008 -.3075395 .067968 -4.52 0.000 -.4407543 -.1743246
2009 -.3093407 .0687503 -4.50 0.000 -.4440887 -.1745926
2010 -.3894772 .0747228 -5.21 0.000 -.5359313 -.2430232
2011 -.4591826 .0803897 -5.71 0.000 -.6167436 -.3016216
2012 -.4858112 .0844678 -5.75 0.000 -.651365 -.3202574
2013 -.4742298 .0863744 -5.49 0.000 -.6435206 -.304939
2014 -.456822 .0886278 -5.15 0.000 -.6305292 -.2831147
2015 -.3709818 .0917226 -4.04 0.000 -.5507548 -.1912088
2016 -.3620882 .0931442 -3.89 0.000 -.5446475 -.1795288
2017 -.4257936 .1003133 -4.24 0.000 -.6224041 -.2291832
2018 -.4312845 .1029451 -4.19 0.000 -.6330531 -.2295159
2019 -.3905626 .1058717 -3.69 0.000 -.5980674 -.1830578
2020 -.0882255 .1284274 -0.69 0.492 -.3399385 .1634875

_cons 112.4833 51.295 2.19 0.028 11.94693 213.0196

sigma_u 0
sigma_e .1178577
rho 0 (fraction of variance due to u_i)

32 . xtreg lCO2 RE EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9097 min = 11
between = 1.0000 avg = 17.1
overall = 0.9988 max = 20

Wald chi2(44) = 182710.93

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
Wednesday April 16 00:35:34 2025 Page 18

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.073527 .2316975 -4.63 0.000 -1.527646 -.6194083

EI .1406348 .0173236 8.12 0.000 .1066812 .1745884
GE .5818315 .1553765 3.74 0.000 .2772992 .8863639
lTRS .1501544 .0444924 3.37 0.001 .0629508 .2373579
AG -3.860441 1.999366 -1.93 0.054 -7.779126 .0582453
lED .7151511 .056751 12.60 0.000 .6039211 .826381
EP -78.60762 11.77577 -6.68 0.000 -101.6877 -55.52753
IDG -.2388349 .0600039 -3.98 0.000 -.3564404 -.1212294
CCI -.0261644 .047941 -0.55 0.585 -.1201269 .0677982
EF -.0011624 .0122401 -0.09 0.924 -.0251527 .0228278
lLU -12.25923 4.160152 -2.95 0.003 -20.41297 -4.105478

COUNTRYID
5 53.0239 16.53716 3.21 0.001 20.61166 85.43614
6 -30.19025 9.442484 -3.20 0.001 -48.69718 -11.68332
10 32.05499 9.834786 3.26 0.001 12.77916 51.33081
15 2.659708 1.117877 2.38 0.017 .4687086 4.850707
17 8.30327 2.581991 3.22 0.001 3.242661 13.36388
20 26.07321 9.064501 2.88 0.004 8.307118 43.83931
28 8.197101 2.181062 3.76 0.000 3.922298 12.4719
29 -54.6805 17.21938 -3.18 0.001 -88.42987 -20.93114
31 -25.49961 7.66574 -3.33 0.001 -40.52418 -10.47503
32 14.72915 4.422083 3.33 0.001 6.062027 23.39628
33 -32.44858 10.28402 -3.16 0.002 -52.60489 -12.29227
34 -72.33795 22.89177 -3.16 0.002 -117.205 -27.47091
36 -36.84619 11.12101 -3.31 0.001 -58.64296 -15.04941
37 9.415612 2.385792 3.95 0.000 4.739545 14.09168

Year
2002 .0155051 .0514244 0.30 0.763 -.0852849 .1162951
2003 .0254409 .0515708 0.49 0.622 -.0756359 .1265178
2004 -.0621108 .0529176 -1.17 0.241 -.1658273 .0416058
2005 -.1304113 .0560596 -2.33 0.020 -.2402862 -.0205364
2006 -.173847 .058665 -2.96 0.003 -.2888282 -.0588658
2007 -.2088486 .0628723 -3.32 0.001 -.332076 -.0856212
2008 -.3029886 .0686087 -4.42 0.000 -.4374591 -.1685181
2009 -.3069758 .0685306 -4.48 0.000 -.4412933 -.1726584
2010 -.3818648 .0747695 -5.11 0.000 -.5284102 -.2353194
2011 -.4558694 .0810722 -5.62 0.000 -.6147679 -.2969709
2012 -.482258 .0850151 -5.67 0.000 -.6488846 -.3156313
2013 -.4688505 .0865176 -5.42 0.000 -.6384219 -.2992792
2014 -.4550931 .0885996 -5.14 0.000 -.628745 -.2814411
2015 -.3748387 .0902775 -4.15 0.000 -.5517794 -.1978981
2016 -.368685 .0914916 -4.03 0.000 -.5480052 -.1893649
2017 -.4425031 .0992036 -4.46 0.000 -.6369386 -.2480676
2018 -.4520442 .1018422 -4.44 0.000 -.6516512 -.2524371
2019 -.418684 .1040331 -4.02 0.000 -.6225852 -.2147829
2020 -.1439434 .1256319 -1.15 0.252 -.3901773 .1022906

_cons 143.5067 50.16549 2.86 0.004 45.18409 241.8292

sigma_u 0
sigma_e .11904967
rho 0 (fraction of variance due to u_i)
 Wednesday April 16 00:35:34 2025 Page 19

33 . xtreg lCO2 RE EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9097 min = 11
between = 1.0000 avg = 17.1
overall = 0.9988 max = 20

Wald chi2(44) = 182710.93

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.073527 .2316975 -4.63 0.000 -1.527646 -.6194083

EI .1406348 .0173236 8.12 0.000 .1066812 .1745884
GE .5818315 .1553765 3.74 0.000 .2772992 .8863639
lTRS .1501544 .0444924 3.37 0.001 .0629508 .2373579
AG -3.860441 1.999366 -1.93 0.054 -7.779126 .0582453
lED .7151511 .056751 12.60 0.000 .6039211 .826381
EP -78.60762 11.77577 -6.68 0.000 -101.6877 -55.52753
IDG -.2388349 .0600039 -3.98 0.000 -.3564404 -.1212294
CCI -.0261644 .047941 -0.55 0.585 -.1201269 .0677982
EF -.0011624 .0122401 -0.09 0.924 -.0251527 .0228278
lLU -12.25923 4.160152 -2.95 0.003 -20.41297 -4.105479

COUNTRYID
5 53.0239 16.53716 3.21 0.001 20.61166 85.43614
6 -30.19025 9.442484 -3.20 0.001 -48.69718 -11.68332
10 32.05499 9.834786 3.26 0.001 12.77916 51.33081
15 2.659708 1.117877 2.38 0.017 .4687087 4.850707
17 8.30327 2.581991 3.22 0.001 3.242661 13.36388
20 26.07321 9.064501 2.88 0.004 8.307118 43.83931
28 8.197101 2.181062 3.76 0.000 3.922298 12.4719
29 -54.6805 17.21938 -3.18 0.001 -88.42987 -20.93114
31 -25.49961 7.66574 -3.33 0.001 -40.52418 -10.47503
32 14.72915 4.422084 3.33 0.001 6.062028 23.39628
33 -32.44858 10.28402 -3.16 0.002 -52.60489 -12.29227
34 -72.33795 22.89177 -3.16 0.002 -117.205 -27.47091
36 -36.84619 11.12101 -3.31 0.001 -58.64296 -15.04941
37 9.415612 2.385792 3.95 0.000 4.739545 14.09168

Year
2002 .0155051 .0514244 0.30 0.763 -.0852849 .1162951
2003 .0254409 .0515708 0.49 0.622 -.0756359 .1265178
2004 -.0621108 .0529176 -1.17 0.241 -.1658273 .0416058
2005 -.1304113 .0560596 -2.33 0.020 -.2402862 -.0205364
2006 -.173847 .058665 -2.96 0.003 -.2888282 -.0588658
2007 -.2088486 .0628723 -3.32 0.001 -.332076 -.0856212
2008 -.3029886 .0686087 -4.42 0.000 -.4374591 -.1685181
2009 -.3069758 .0685306 -4.48 0.000 -.4412933 -.1726584
2010 -.3818648 .0747695 -5.11 0.000 -.5284102 -.2353194
2011 -.4558694 .0810722 -5.62 0.000 -.6147679 -.2969709
2012 -.482258 .0850151 -5.67 0.000 -.6488846 -.3156313
2013 -.4688505 .0865176 -5.42 0.000 -.6384219 -.2992792
2014 -.4550931 .0885996 -5.14 0.000 -.628745 -.2814411
2015 -.3748387 .0902775 -4.15 0.000 -.5517794 -.1978981
2016 -.368685 .0914916 -4.03 0.000 -.5480052 -.1893649
2017 -.4425031 .0992036 -4.46 0.000 -.6369386 -.2480676
2018 -.4520442 .1018422 -4.44 0.000 -.6516512 -.2524372
2019 -.418684 .1040331 -4.02 0.000 -.6225852 -.2147829
 Wednesday April 16 00:35:34 2025 Page 20

2020 -.1439434 .1256319 -1.15 0.252 -.3901773 .1022906

_cons 143.5067 50.16549 2.86 0.004 45.18409 241.8292

sigma_u 0
sigma_e .11904967
rho 0 (fraction of variance due to u_i)

34 . xtreg lCO2 RE FDI RE_FDI EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9128 min = 11
between = 1.0000 avg = 17.1
overall = 0.9989 max = 20

Wald chi2(46) = 187454.68

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.014244 .2297742 -4.41 0.000 -1.464594 -.5638954

FDI -.3834229 .1946018 -1.97 0.049 -.7648354 -.0020104
RE_FDI 2.519826 .9582542 2.63 0.009 .6416821 4.39797
EI .1497443 .0174257 8.59 0.000 .1155905 .183898
GE .5285637 .1550569 3.41 0.001 .2246578 .8324696
lTRS .1369198 .0454638 3.01 0.003 .0478123 .2260273
AG -4.358734 1.984228 -2.20 0.028 -8.247749 -.4697185
lED .7288611 .0564673 12.91 0.000 .6181872 .8395349
EP -77.13844 11.6838 -6.60 0.000 -100.0383 -54.23861
IDG -.2540634 .0595272 -4.27 0.000 -.3707345 -.1373923
CCI -.0277179 .0475897 -0.58 0.560 -.1209919 .0655562
EF -.0040791 .0121315 -0.34 0.737 -.0278564 .0196981
lLU -11.14301 4.139569 -2.69 0.007 -19.25642 -3.029605

COUNTRYID
5 48.75364 16.44526 2.96 0.003 16.52152 80.98576
6 -27.56865 9.398038 -2.93 0.003 -45.98846 -9.14883
10 29.55609 9.779178 3.02 0.003 10.38925 48.72293
15 2.4285 1.109713 2.19 0.029 .2535015 4.603498
17 7.781784 2.561119 3.04 0.002 2.762082 12.80148
20 23.77574 9.015978 2.64 0.008 6.104745 41.44673
28 7.740089 2.164661 3.58 0.000 3.497433 11.98275
29 -49.99824 17.13481 -2.92 0.004 -83.58185 -16.41464
31 -23.45169 7.624415 -3.08 0.002 -38.39527 -8.508109
32 13.7088 4.392148 3.12 0.002 5.100351 22.31726
33 -29.55648 10.2364 -2.89 0.004 -49.61946 -9.493506
34 -66.07669 22.78116 -2.90 0.004 -110.727 -21.42643
36 -33.81708 11.06619 -3.06 0.002 -55.50641 -12.12775
37 8.900514 2.369054 3.76 0.000 4.257254 13.54377

Year
2002 .0207906 .0508373 0.41 0.683 -.0788487 .1204299
2003 .0349859 .0510666 0.69 0.493 -.0651028 .1350746
2004 -.0521262 .0524888 -0.99 0.321 -.1550023 .0507498
2005 -.1222393 .0556587 -2.20 0.028 -.2313283 -.0131504
2006 -.1786545 .0579675 -3.08 0.002 -.2922688 -.0650402
2007 -.2184631 .0621746 -3.51 0.000 -.340323 -.0966031
2008 -.3078496 .0677765 -4.54 0.000 -.440689 -.1750101
 Wednesday April 16 00:35:35 2025 Page 21

2009 -.3026699 .0679464 -4.45 0.000 -.4358423 -.1694975

2010 -.375804 .073985 -5.08 0.000 -.5208119 -.2307961
2011 -.4395086 .0804422 -5.46 0.000 -.5971725 -.2818448
2012 -.4654837 .0844796 -5.51 0.000 -.6310606 -.2999068
2013 -.4533486 .0861454 -5.26 0.000 -.6221904 -.2845067
2014 -.4364631 .0885529 -4.93 0.000 -.6100236 -.2629026
2015 -.35068 .0905113 -3.87 0.000 -.5280789 -.1732811
2016 -.350118 .0922543 -3.80 0.000 -.5309332 -.1693028
2017 -.410537 .0994954 -4.13 0.000 -.6055444 -.2155295
2018 -.4146654 .1021803 -4.06 0.000 -.6149351 -.2143957
2019 -.3786002 .1051275 -3.60 0.000 -.5846464 -.172554
2020 -.1220167 .1243349 -0.98 0.326 -.3657087 .1216753

_cons 129.9447 49.90873 2.60 0.009 32.1254 227.764

sigma_u 0
sigma_e .11753603
rho 0 (fraction of variance due to u_i)

35 . xtreg lCO2 RE TO RE_TO EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9123 min = 11
between = 1.0000 avg = 17.1
overall = 0.9989 max = 20

Wald chi2(46) = 186431.68

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.396608 .2647478 -5.28 0.000 -1.915504 -.8777115

TO -.0018345 .0008126 -2.26 0.024 -.0034271 -.0002418
RE_TO .0056862 .002775 2.05 0.040 .0002472 .0111252
EI .152543 .0179904 8.48 0.000 .1172824 .1878036
GE .5100878 .2224111 2.29 0.022 .0741701 .9460055
lTRS .1661795 .0446923 3.72 0.000 .0785842 .2537747
AG -5.645617 2.120092 -2.66 0.008 -9.800922 -1.490313
lED .7258404 .057744 12.57 0.000 .6126642 .8390166
EP -71.50362 12.77889 -5.60 0.000 -96.54979 -46.45744
IDG -.2515354 .0600741 -4.19 0.000 -.3692785 -.1337923
CCI -.014501 .0479914 -0.30 0.763 -.1085624 .0795603
EF -.0048531 .0127511 -0.38 0.703 -.0298447 .0201386
lLU -9.699921 4.252356 -2.28 0.023 -18.03438 -1.365457

COUNTRYID
5 42.69064 16.91666 2.52 0.012 9.534598 75.84668
6 -24.40774 9.650177 -2.53 0.011 -43.32173 -5.493738
10 25.93909 10.061 2.58 0.010 6.219889 45.65829
15 1.863945 1.162863 1.60 0.109 -.4152252 4.143116
17 6.794493 2.636779 2.58 0.010 1.626501 11.96249
20 20.51707 9.266561 2.21 0.027 2.354947 38.6792
28 6.770617 2.241666 3.02 0.003 2.377032 11.1642
29 -44.12736 17.59181 -2.51 0.012 -78.60668 -9.648036
31 -20.8685 7.82149 -2.67 0.008 -36.19834 -5.538666
32 12.01801 4.523745 2.66 0.008 3.151636 20.88439
33 -26.05893 10.51919 -2.48 0.013 -46.67616 -5.4417
34 -58.18978 23.40377 -2.49 0.013 -104.0603 -12.31924
 Wednesday April 16 00:35:35 2025 Page 22

36 -30.1058 11.35108 -2.65 0.008 -52.35352 -7.858082

37 7.893603 2.453045 3.22 0.001 3.085723 12.70148

Year
2002 .0164675 .0510448 0.32 0.747 -.0835784 .1165134
2003 .0280022 .0512473 0.55 0.585 -.0724406 .128445
2004 -.0590016 .0524588 -1.12 0.261 -.161819 .0438158
2005 -.1285741 .0556221 -2.31 0.021 -.2375915 -.0195568
2006 -.1785386 .0582266 -3.07 0.002 -.2926606 -.0644166
2007 -.2162455 .0623667 -3.47 0.001 -.3384819 -.0940091
2008 -.3075395 .067968 -4.52 0.000 -.4407543 -.1743246
2009 -.3093407 .0687503 -4.50 0.000 -.4440887 -.1745926
2010 -.3894772 .0747228 -5.21 0.000 -.5359313 -.2430232
2011 -.4591826 .0803897 -5.71 0.000 -.6167436 -.3016216
2012 -.4858112 .0844678 -5.75 0.000 -.651365 -.3202574
2013 -.4742298 .0863744 -5.49 0.000 -.6435206 -.304939
2014 -.456822 .0886278 -5.15 0.000 -.6305292 -.2831147
2015 -.3709818 .0917226 -4.04 0.000 -.5507548 -.1912088
2016 -.3620882 .0931442 -3.89 0.000 -.5446475 -.1795288
2017 -.4257936 .1003133 -4.24 0.000 -.6224041 -.2291832
2018 -.4312845 .1029451 -4.19 0.000 -.6330531 -.2295159
2019 -.3905626 .1058717 -3.69 0.000 -.5980674 -.1830578
2020 -.0882255 .1284274 -0.69 0.492 -.3399385 .1634875

_cons 112.4833 51.295 2.19 0.028 11.94693 213.0197

sigma_u 0
sigma_e .1178577
rho 0 (fraction of variance due to u_i)

36 . xtreg lCO2 RE EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9097 min = 11
between = 1.0000 avg = 17.1
overall = 0.9988 max = 20

Wald chi2(44) = 182710.93

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.073527 .2316975 -4.63 0.000 -1.527646 -.6194083

EI .1406348 .0173236 8.12 0.000 .1066812 .1745884
GE .5818315 .1553765 3.74 0.000 .2772992 .8863639
lTRS .1501544 .0444924 3.37 0.001 .0629508 .2373579
AG -3.860441 1.999366 -1.93 0.054 -7.779126 .0582453
lED .7151511 .056751 12.60 0.000 .6039211 .826381
EP -78.60762 11.77577 -6.68 0.000 -101.6877 -55.52753
IDG -.2388349 .0600039 -3.98 0.000 -.3564404 -.1212294
CCI -.0261644 .047941 -0.55 0.585 -.1201269 .0677982
EF -.0011624 .0122401 -0.09 0.924 -.0251527 .0228278
lLU -12.25923 4.160152 -2.95 0.003 -20.41297 -4.105478

COUNTRYID
5 53.0239 16.53716 3.21 0.001 20.61166 85.43614
6 -30.19025 9.442484 -3.20 0.001 -48.69718 -11.68332
10 32.05499 9.834786 3.26 0.001 12.77916 51.33081
 Wednesday April 16 00:35:35 2025 Page 23

15 2.659708 1.117877 2.38 0.017 .4687086 4.850707

17 8.30327 2.581991 3.22 0.001 3.242661 13.36388
20 26.07321 9.064501 2.88 0.004 8.307118 43.83931
28 8.197101 2.181062 3.76 0.000 3.922298 12.4719
29 -54.6805 17.21938 -3.18 0.001 -88.42987 -20.93114
31 -25.49961 7.66574 -3.33 0.001 -40.52418 -10.47503
32 14.72915 4.422083 3.33 0.001 6.062027 23.39628
33 -32.44858 10.28402 -3.16 0.002 -52.60489 -12.29227
34 -72.33795 22.89177 -3.16 0.002 -117.205 -27.47091
36 -36.84619 11.12101 -3.31 0.001 -58.64296 -15.04941
37 9.415612 2.385792 3.95 0.000 4.739545 14.09168

Year
2002 .0155051 .0514244 0.30 0.763 -.0852849 .1162951
2003 .0254409 .0515708 0.49 0.622 -.0756359 .1265178
2004 -.0621108 .0529176 -1.17 0.241 -.1658273 .0416058
2005 -.1304113 .0560596 -2.33 0.020 -.2402862 -.0205364
2006 -.173847 .058665 -2.96 0.003 -.2888282 -.0588658
2007 -.2088486 .0628723 -3.32 0.001 -.332076 -.0856212
2008 -.3029886 .0686087 -4.42 0.000 -.4374591 -.1685181
2009 -.3069758 .0685306 -4.48 0.000 -.4412933 -.1726584
2010 -.3818648 .0747695 -5.11 0.000 -.5284102 -.2353194
2011 -.4558694 .0810722 -5.62 0.000 -.6147679 -.2969709
2012 -.482258 .0850151 -5.67 0.000 -.6488846 -.3156313
2013 -.4688505 .0865176 -5.42 0.000 -.6384219 -.2992792
2014 -.4550931 .0885996 -5.14 0.000 -.628745 -.2814411
2015 -.3748387 .0902775 -4.15 0.000 -.5517794 -.1978981
2016 -.368685 .0914916 -4.03 0.000 -.5480052 -.1893649
2017 -.4425031 .0992036 -4.46 0.000 -.6369386 -.2480676
2018 -.4520442 .1018422 -4.44 0.000 -.6516512 -.2524371
2019 -.418684 .1040331 -4.02 0.000 -.6225852 -.2147829
2020 -.1439434 .1256319 -1.15 0.252 -.3901773 .1022906

_cons 143.5067 50.16549 2.86 0.004 45.18409 241.8292

sigma_u 0
sigma_e .11904967
rho 0 (fraction of variance due to u_i)

37 . reg lCO2 RE EI GE lTRS AG lED EP IDG CCI EF lLU

Source SS df MS Number of obs = 257

F(11, 245) = 611.98
Model 2501.49439 11 227.408581 Prob > F = 0.0000
Residual 91.0402053 245 .371592675 R-squared = 0.9649
Adj R-squared = 0.9633
Total 2592.53459 256 10.1270883 Root MSE = .60958

lCO2 Coef. Std. Err. t P>|t| [95% Conf. Interval]

RE -2.65667 .3646629 -7.29 0.000 -3.374945 -1.938396

EI .0030093 .0302482 0.10 0.921 -.0565703 .0625889
GE -.3350021 .3656014 -0.92 0.360 -1.055125 .3851207
lTRS .4570724 .038461 11.88 0.000 .3813159 .5328288
AG 9.653167 3.452068 2.80 0.006 2.85365 16.45268
lED -.0146273 .0912987 -0.16 0.873 -.1944578 .1652032
EP -115.767 31.59529 -3.66 0.000 -178 -53.5339
IDG -.5345415 .2891284 -1.85 0.066 -1.104036 .0349529
CCI .4337757 .10811 4.01 0.000 .220832 .6467194
EF -.3546393 .0327306 -10.84 0.000 -.4191085 -.2901701
lLU .8053737 .0359191 22.42 0.000 .7346241 .8761233
 Wednesday April 16 00:35:36 2025 Page 24

_cons -11.61348 .7952101 -14.60 0.000 -13.1798 -10.04716

38 . predict uhat,re
(594 missing values generated)

39 . hettest uhat

Breusch-Pagan / Cook-Weisberg test for heteroskedasticity

Ho: Constant variance
Variables: uhat

chi2(1) = 27.49
Prob > chi2 = 0.0000

40 . estat imtest, white

White's test for Ho: homoskedasticity

against Ha: unrestricted heteroskedasticity

chi2(77) = 196.63
Prob > chi2 = 0.0000

Cameron & Trivedi's decomposition of IM-test

Source chi2 df p

Heteroskedasticity 196.63 77 0.0000

Skewness 63.08 11 0.0000
Kurtosis 0.01 1 0.9051

Total 259.72 89 0.0000

41 . xtreg lCO2 RE EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9097 min = 11
between = 1.0000 avg = 17.1
overall = 0.9988 max = 20

Wald chi2(44) = 182710.93

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.073527 .2316975 -4.63 0.000 -1.527646 -.6194083

EI .1406348 .0173236 8.12 0.000 .1066812 .1745884
GE .5818315 .1553765 3.74 0.000 .2772992 .8863639
lTRS .1501544 .0444924 3.37 0.001 .0629508 .2373579
AG -3.860441 1.999366 -1.93 0.054 -7.779126 .0582453
lED .7151511 .056751 12.60 0.000 .6039211 .826381
EP -78.60762 11.77577 -6.68 0.000 -101.6877 -55.52753
IDG -.2388349 .0600039 -3.98 0.000 -.3564404 -.1212294
CCI -.0261644 .047941 -0.55 0.585 -.1201269 .0677982
EF -.0011624 .0122401 -0.09 0.924 -.0251527 .0228278
lLU -12.25923 4.160152 -2.95 0.003 -20.41297 -4.105479
 Wednesday April 16 00:35:36 2025 Page 25

COUNTRYID
5 53.0239 16.53716 3.21 0.001 20.61166 85.43614
6 -30.19025 9.442484 -3.20 0.001 -48.69718 -11.68332
10 32.05499 9.834786 3.26 0.001 12.77916 51.33081
15 2.659708 1.117877 2.38 0.017 .4687087 4.850707
17 8.30327 2.581991 3.22 0.001 3.242661 13.36388
20 26.07321 9.064501 2.88 0.004 8.307118 43.83931
28 8.197101 2.181062 3.76 0.000 3.922298 12.4719
29 -54.6805 17.21938 -3.18 0.001 -88.42987 -20.93114
31 -25.49961 7.66574 -3.33 0.001 -40.52418 -10.47503
32 14.72915 4.422083 3.33 0.001 6.062028 23.39628
33 -32.44858 10.28402 -3.16 0.002 -52.60489 -12.29227
34 -72.33795 22.89177 -3.16 0.002 -117.205 -27.47091
36 -36.84619 11.12101 -3.31 0.001 -58.64296 -15.04941
37 9.415612 2.385792 3.95 0.000 4.739545 14.09168

Year
2002 .0155051 .0514244 0.30 0.763 -.0852849 .1162951
2003 .0254409 .0515708 0.49 0.622 -.0756359 .1265178
2004 -.0621108 .0529176 -1.17 0.241 -.1658273 .0416058
2005 -.1304113 .0560596 -2.33 0.020 -.2402862 -.0205364
2006 -.173847 .058665 -2.96 0.003 -.2888282 -.0588658
2007 -.2088486 .0628723 -3.32 0.001 -.332076 -.0856212
2008 -.3029886 .0686087 -4.42 0.000 -.4374591 -.1685181
2009 -.3069758 .0685306 -4.48 0.000 -.4412933 -.1726584
2010 -.3818648 .0747695 -5.11 0.000 -.5284102 -.2353194
2011 -.4558694 .0810722 -5.62 0.000 -.6147679 -.2969709
2012 -.482258 .0850151 -5.67 0.000 -.6488846 -.3156313
2013 -.4688505 .0865176 -5.42 0.000 -.6384219 -.2992792
2014 -.4550931 .0885996 -5.14 0.000 -.628745 -.2814411
2015 -.3748387 .0902775 -4.15 0.000 -.5517794 -.1978981
2016 -.368685 .0914916 -4.03 0.000 -.5480052 -.1893649
2017 -.4425031 .0992036 -4.46 0.000 -.6369386 -.2480676
2018 -.4520442 .1018422 -4.44 0.000 -.6516512 -.2524372
2019 -.418684 .1040331 -4.02 0.000 -.6225852 -.2147829
2020 -.1439434 .1256319 -1.15 0.252 -.3901773 .1022906

_cons 143.5067 50.16549 2.86 0.004 45.18409 241.8292

sigma_u 0
sigma_e .11904967
rho 0 (fraction of variance due to u_i)

42 . predict RE_re, ue
(594 missing values generated)

43 . xtreg lCO2 RE RE_re EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.Year, re
note: 2020.Year omitted because of collinearity

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9994 min = 11
between = 1.0000 avg = 17.1
overall = 1.0000 max = 20

Wald chi2(44) = 2.95e+07

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
Wednesday April 16 00:35:36 2025 Page 26

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE -1.018938 .0178428 -57.11 0.000 -1.053909 -.9839669

RE_re 1 .0054045 185.03 0.000 .9894074 1.010593
EI .1452821 .0013253 109.62 0.000 .1426846 .1478797
GE .5316616 .0117311 45.32 0.000 .508669 .5546542
lTRS .1754157 .003041 57.68 0.000 .1694554 .181376
AG -5.087196 .1328704 -38.29 0.000 -5.347617 -4.826774
lED .679488 .0037342 181.97 0.000 .6721692 .6868069
EP -74.21213 .8760919 -84.71 0.000 -75.92924 -72.49502
IDG -.237004 .0047201 -50.21 0.000 -.2462552 -.2277528
CCI -.0334742 .003739 -8.95 0.000 -.0408024 -.026146
EF .0009212 .0009525 0.97 0.333 -.0009456 .0027881
lLU -11.85878 .3262082 -36.35 0.000 -12.49813 -11.21942

COUNTRYID
5 51.4727 1.296954 39.69 0.000 48.93072 54.01468
6 -29.12603 .7394328 -39.39 0.000 -30.5753 -27.67677
10 31.18378 .7715905 40.41 0.000 29.67149 32.69607
15 2.582586 .087807 29.41 0.000 2.410487 2.754684
17 8.159545 .2029389 40.21 0.000 7.761792 8.557298
20 25.31321 .7113802 35.58 0.000 23.91893 26.70749
28 8.052512 .1713419 47.00 0.000 7.716688 8.388336
29 -52.84644 1.349139 -39.17 0.000 -55.49071 -50.20218
31 -24.60606 .6000932 -41.00 0.000 -25.78222 -23.4299
32 14.4273 .3473591 41.53 0.000 13.74649 15.10811
33 -31.27073 .8052043 -38.84 0.000 -32.84891 -29.69256
34 -69.90182 1.793584 -38.97 0.000 -73.41719 -66.38646
36 -35.65935 .8713164 -40.93 0.000 -37.36709 -33.9516
37 9.260062 .1874356 49.40 0.000 8.892695 9.627429

Year
2002 .0309121 .0039058 7.91 0.000 .0232568 .0385674
2003 .0501195 .0036872 13.59 0.000 .0428926 .0573463
2004 -.0351691 .0037304 -9.43 0.000 -.0424806 -.0278576
2005 -.1015374 .0039405 -25.77 0.000 -.1092607 -.0938141
2006 -.140956 .0040259 -35.01 0.000 -.1488467 -.1330653
2007 -.1704264 .004185 -40.72 0.000 -.1786288 -.1622241
2008 -.2577405 .0044148 -58.38 0.000 -.2663933 -.2490877
2009 -.2601822 .0043305 -60.08 0.000 -.2686698 -.2516946
2010 -.3274054 .0045418 -72.09 0.000 -.3363071 -.3185037
2011 -.3958964 .0048717 -81.26 0.000 -.4054448 -.386348
2012 -.4180395 .0050301 -83.11 0.000 -.4278983 -.4081806
2013 -.4058404 .0052558 -77.22 0.000 -.4161415 -.3955393
2014 -.3874066 .0051959 -74.56 0.000 -.3975904 -.3772227
2015 -.3055129 .0052723 -57.95 0.000 -.3158463 -.2951794
2016 -.298439 .0053439 -55.85 0.000 -.3089129 -.2879651
2017 -.3669192 .0058303 -62.93 0.000 -.3783464 -.3554921
2018 -.3738875 .0059507 -62.83 0.000 -.3855507 -.3622242
2019 -.3381483 .0060352 -56.03 0.000 -.349977 -.3263195
2020 0 (omitted)

_cons 138.4431 3.932214 35.21 0.000 130.7361 146.1501

sigma_u 0
sigma_e .00936811
rho 0 (fraction of variance due to u_i)
 Wednesday April 16 00:35:36 2025 Page 27

44 . xtreg RE PG EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.7763 min = 11
between = 1.0000 avg = 17.1
overall = 0.9773 max = 20

Wald chi2(44) = 9126.47

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

RE Coef. Std. Err. z P>|z| [95% Conf. Interval]

PG 2.277206 .8627665 2.64 0.008 .5862144 3.968197

EI -.0211933 .004952 -4.28 0.000 -.0308991 -.0114875
GE .185757 .0435223 4.27 0.000 .1004548 .2710592
lTRS -.0585821 .0123389 -4.75 0.000 -.0827659 -.0343983
AG 2.450552 .6164534 3.98 0.000 1.242326 3.658779
lED -.0952039 .0155676 -6.12 0.000 -.125716 -.0646919
EP 10.69348 3.428135 3.12 0.002 3.97446 17.4125
IDG .0158403 .017468 0.91 0.365 -.0183964 .050077
CCI -.0257036 .0142911 -1.80 0.072 -.0537136 .0023064
EF .0171156 .0033712 5.08 0.000 .0105081 .0237231
lLU 1.39431 1.214245 1.15 0.251 -.985567 3.774186

COUNTRYID
5 -5.671851 4.826732 -1.18 0.240 -15.13207 3.78837
6 2.878184 2.758355 1.04 0.297 -2.528092 8.284459
10 -3.491697 2.869468 -1.22 0.224 -9.11575 2.132356
15 -.4237354 .3256923 -1.30 0.193 -1.062081 .2146098
17 -1.195265 .7522466 -1.59 0.112 -2.669642 .279111
20 -3.694792 2.642484 -1.40 0.162 -8.873967 1.484382
28 -.9828605 .634952 -1.55 0.122 -2.227344 .2616226
29 5.483478 5.02761 1.09 0.275 -4.370456 15.33741
31 2.111151 2.23835 0.94 0.346 -2.275935 6.498236
32 -1.74181 1.289553 -1.35 0.177 -4.269287 .7856668
33 2.592223 3.004797 0.86 0.388 -3.29707 8.481516
34 6.884108 6.686084 1.03 0.303 -6.220376 19.98859
36 3.341428 3.247112 1.03 0.303 -3.022795 9.705651
37 -1.028907 .6951816 -1.48 0.139 -2.391438 .3336235

Year
2002 .0029018 .0150208 0.19 0.847 -.0265383 .0323419
2003 -.0135792 .015101 -0.90 0.369 -.0431768 .0160183
2004 -.0165388 .0155609 -1.06 0.288 -.0470376 .01396
2005 -.005517 .016696 -0.33 0.741 -.0382405 .0272065
2006 .0001569 .017489 0.01 0.993 -.0341209 .0344347
2007 .0068441 .0186599 0.37 0.714 -.0297286 .0434168
2008 .0273793 .0203949 1.34 0.179 -.0125939 .0673525
2009 .0044007 .0204453 0.22 0.830 -.0356714 .0444728
2010 .0067958 .0222362 0.31 0.760 -.0367863 .0503779
2011 .0210843 .02404 0.88 0.380 -.0260333 .0682018
2012 .0259099 .025166 1.03 0.303 -.0234147 .0752344
2013 .0325693 .0255658 1.27 0.203 -.0175386 .0826773
2014 .0287725 .0261832 1.10 0.272 -.0225457 .0800906
2015 .0078962 .0267349 0.30 0.768 -.0445032 .0602955
2016 .0078355 .027155 0.29 0.773 -.0453873 .0610584
2017 .0237947 .029319 0.81 0.417 -.0336695 .0812588
2018 .0195746 .0300633 0.65 0.515 -.0393484 .0784976
2019 .0120339 .030807 0.39 0.696 -.0483466 .0724145
 Wednesday April 16 00:35:37 2025 Page 28

2020 -.0924588 .0365782 -2.53 0.011 -.1641506 -.0207669

_cons -14.80352 14.65242 -1.01 0.312 -43.52173 13.91469

sigma_u 0
sigma_e .03472306
rho 0 (fraction of variance due to u_i)

45 . predict RE_hat,xb
(594 missing values generated)

46 . xtreg lCO2 RE_hat EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.Year, re

Random-effects GLS regression Number of obs = 257

Group variable: COUNTRYID Number of groups = 15

R-sq: Obs per group:

within = 0.9006 min = 11
between = 1.0000 avg = 17.1
overall = 0.9987 max = 20

Wald chi2(44) = 166064.41

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lCO2 Coef. Std. Err. z P>|z| [95% Conf. Interval]

RE_hat -.6410154 1.362448 -0.47 0.638 -3.311364 2.029334

EI .1513252 .0377904 4.00 0.000 .0772573 .2253931
GE .4967761 .3099392 1.60 0.109 -.1106936 1.104246
lTRS .1761148 .093019 1.89 0.058 -.0061991 .3584286
AG -4.652013 3.227613 -1.44 0.149 -10.97802 1.673993
lED .7538121 .1338019 5.63 0.000 .4915651 1.016059
EP -82.56852 17.41487 -4.74 0.000 -116.701 -48.43599
IDG -.2457411 .0664767 -3.70 0.000 -.3760331 -.1154492
CCI -.0106915 .0694876 -0.15 0.878 -.1468846 .1255017
EF -.008762 .0268267 -0.33 0.744 -.0613413 .0438174
lLU -12.75901 4.630255 -2.76 0.006 -21.83414 -3.683876

COUNTRYID
5 55.05976 18.45742 2.98 0.003 18.88388 91.23565
6 -31.1856 10.37327 -3.01 0.003 -51.51685 -10.85436
10 33.32346 11.03923 3.02 0.003 11.68696 54.95995
15 2.820253 1.273728 2.21 0.027 .3237918 5.316714
17 8.751373 3.043553 2.88 0.004 2.786118 14.71663
20 27.44611 10.4163 2.63 0.008 7.030534 47.86168
28 8.572231 2.566172 3.34 0.001 3.542626 13.60184
29 -56.61823 19.03326 -2.97 0.003 -93.92274 -19.31373
31 -26.23458 8.356816 -3.14 0.002 -42.61364 -9.855525
32 15.37138 5.047296 3.05 0.002 5.478867 25.2639
33 -33.3146 11.11552 -3.00 0.003 -55.10061 -11.52859
34 -74.72939 25.12847 -2.97 0.003 -123.9803 -25.47849
36 -38.02086 12.21946 -3.11 0.002 -61.97057 -14.07115
37 9.801427 2.773433 3.53 0.000 4.365597 15.23726

Year
2002 .0151768 .0539467 0.28 0.778 -.0905569 .1209105
2003 .0334001 .0594509 0.56 0.574 -.0831215 .1499217
2004 -.0520739 .0636273 -0.82 0.413 -.1767812 .0726333
2005 -.124004 .0620622 -2.00 0.046 -.2456438 -.0023643
2006 -.1697199 .0628472 -2.70 0.007 -.292898 -.0465417
2007 -.2078647 .0660149 -3.15 0.002 -.3372515 -.0784778
 Wednesday April 16 00:35:37 2025 Page 29

2008 -.3101563 .0753126 -4.12 0.000 -.4577662 -.1625464

2009 -.3039417 .0724918 -4.19 0.000 -.4460231 -.1618604
2010 -.3798328 .0786754 -4.83 0.000 -.5340338 -.2256319
2011 -.4599874 .0859862 -5.35 0.000 -.6285172 -.2914575
2012 -.4884352 .0912017 -5.36 0.000 -.6671873 -.3096831
2013 -.477979 .0950539 -5.03 0.000 -.6642811 -.2916768
2014 -.4625454 .0957566 -4.83 0.000 -.650225 -.2748659
2015 -.3729592 .0948678 -3.93 0.000 -.5588966 -.1870219
2016 -.3663171 .0962424 -3.81 0.000 -.5549487 -.1776856
2017 -.4473244 .1051186 -4.26 0.000 -.6533531 -.2412957
2018 -.4551918 .1072631 -4.24 0.000 -.6654237 -.24496
2019 -.4178077 .1091503 -3.83 0.000 -.6317383 -.203877
2020 -.0957189 .1992642 -0.48 0.631 -.4862697 .2948318

_cons 148.6339 54.96436 2.70 0.007 40.9057 256.362

sigma_u 0
sigma_e .1248668
rho 0 (fraction of variance due to u_i)

47 . xtabond2 lCO2 RE EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.year, gmm(RE,lag(1 1)) iv(l.
variable year not found
r(111);

48 . xtabond2 lCO2 RE EI GE lTRS AG lED EP IDG CCI EF lLU i.year, gmm(RE,lag(1 1)) iv(l.EI l.GE l.l
variable year not found
r(111);

49 . xtabond2 lCO2 RE EI GE lTRS AG lED EP IDG CCI EF lLU i.COUNTRYID i.Year, gmm(RE,lag(1 1)) iv(l
Favoring space over speed. To switch, type or click on mata: mata set matafavor speed, perm.
unknown egen function max()
stata(): 3598 Stata returned error
xtabond2_mata(): - function returned error
<istmt>: - function returned error
r(3598);

50 . xtabond2 lCO2 RE EI GE lTRS AG lED EP IDG CCI EF lLU i.Year, gmm(RE,lag(1 1)) iv(l.EI l.GE l.l
Favoring space over speed. To switch, type or click on mata: mata set matafavor speed, perm.
unknown egen function max()
stata(): 3598 Stata returned error
xtabond2_mata(): - function returned error
<istmt>: - function returned error
r(3598);

51 . xtabond2 lCO2 RE EI GE lTRS AG lED EP IDG CCI EF lLU i.Year,gmm(RE,lag(1 1)) iv(l.EI l.GE l.lT
Favoring space over speed. To switch, type or click on mata: mata set matafavor speed, perm.
unknown egen function max()
stata(): 3598 Stata returned error
xtabond2_mata(): - function returned error
<istmt>: - function returned error
r(3598);
 Wednesday April 16 00:35:37 2025 Page 30

52 . search xtabond2

53 . xtabond2 lCO2 RE EI GE lTRS AG lED EP IDG CCI EF lLU i.Year,gmm(RE,lag(1 1)) iv(l.EI l.GE l.lTR
Favoring space over speed. To switch, type or click on mata: mata set matafavor speed, perm.
unknown egen function max()
stata(): 3598 Stata returned error
xtabond2_mata(): - function returned error
<istmt>: - function returned error
r(3598);

54 . xtabond2 lCO2 RE EI GE lTRS AG lED EP lLU IDG CCI EF, gmm(RE,lag(1 1)) iv(l.EI l.GE l.lTRS l.AG
Favoring space over speed. To switch, type or click on mata: mata set matafavor speed, perm.
unknown egen function max()
stata(): 3598 Stata returned error
xtabond2_mata(): - function returned error
<istmt>: - function returned error
r(3598);

55 . search xtabond2

56 . xtabond2 lCO2 RE EI GE lTRS AG lED EP lLU IDG CCI EF, gmm(RE,lag(1 1)) iv(l.EI l.GE l.lTRS l.AG
Favoring space over speed. To switch, type or click on mata: mata set matafavor speed, perm.
unknown egen function max()
stata(): 3598 Stata returned error
xtabond2_mata(): - function returned error
<istmt>: - function returned error
r(3598);

57 . mata: mata set matafavor speed, perm

(set matafavor preference recorded)

58 . xtabond2 lCO2 RE EI GE lTRS AG lED EP lLU IDG CCI EF, gmm(RE,lag(1 1)) iv(l.EI l.GE l.lTRS l.AG
Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm.
unknown egen function max()
stata(): 3598 Stata returned error
xtabond2_mata(): - function returned error
<istmt>: - function returned error
r(3598);

59 . mata: mata set matafavor space, perm

(set matafavor preference recorded)

60 .