Symmetric and Asymmetric Impacts of Commercial Energy Distribution from Key Sources on Economic Progress in Pakistan
Abstract
:1. Introduction
2. Eco-Energy: Related Literature
3. Material and Methods
3.1. The Specifications of the Model
3.2. Linear (ARDL) and Non-Linear (NARDL) Techniques
4. Results and Discussion
4.1. Study Summary Statistics and Correlation Outcomes
4.2. Stationarity Test for the Variables
4.3. Symmetric and Asymmetric Bounds Testing for the Presence of Cointegration
4.4. Cointegration Technique for the Variables
4.5. Symmetric (ARDL) Model Results
4.6. Asymmetric (NARDL) Model Outcomes
5. Conclusions and Policy Directions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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LnGDPG | LnHIC | LnHG | LnTIC | LnTG | LnNIC | LnNG | |
---|---|---|---|---|---|---|---|
Mean | 1.439 | 8.167 | 9.705 | 8.702 | 10.062 | 5.526 | 6.574 |
Median | 1.576 | 8.481 | 9.871 | 8.930 | 10.372 | 4.919 | 6.213 |
Maximum | 2.323 | 9.016 | 10.452 | 10.058 | 11.403 | 7.265 | 9.198 |
Minimum | −0.206 | 6.502 | 8.210 | 6.964 | 8.226 | 4.919 | 0.693 |
Std. Dev. | 0.568 | 0.698 | 0.635 | 0.963 | 1.025 | 0.794 | 1.593 |
Skewness | −1.220 | −0.897 | −0.958 | −0.384 | −0.502 | 0.722 | −0.877 |
Kurtosis | 2.147 | 2.743 | 2.837 | 1.754 | 1.741 | 1.936 | 5.211 |
Jarque-Bera | 14.543 | 6.569 | 7.402 | 4.283 | 5.183 | 6.435 | 15.937 |
Probability | 0.000 | 0.037 | 0.024 | 0.017 | 0.074 | 0.040 | 0.000 |
LnGDPG | LnHIC | LnHG | LnTIC | LnTG | LnNIC | LnNG | |
---|---|---|---|---|---|---|---|
LnGDPG | 1.000 | ||||||
LnHIC | −0.349 | 1.000 | |||||
LnHG | −0.717 | 0.975 | 1.000 | ||||
LnTIC | −0.223 | 0.959 | 0.936 | 1.000 | |||
LnTG | −0.208 | 0.962 | 0.951 | 0.989 | 1.000 | ||
LnNIC | −0.365 | 0.700 | 0.647 | 0.784 | 0.747 | 1.000 | |
LnNG | −0.425 | 0.667 | 0.607 | 0.738 | 0.717 | 0.829 | 1.000 |
ADF Tests (at Level) | |||||||
---|---|---|---|---|---|---|---|
LnGDPG | LnHIC | LnHG | LnTIC | LnTG | LnNIC | LnNG | |
t-Statistic values | −5.742 | −2.688 | −3.076 | −1.789 | −2.098 | 0.231 | 1.119 |
(p-values) | (0.000) | (0.083) | (0.035) | (0.381) | (0.246) | (0.971) | (0.997) |
At first difference | |||||||
t-Statistic values | −5.141 | −6.950 | −6.008 | −5.623 | 0.017 | −6.741 | −11.670 |
(p-values) | (0.000) | (0.000) | (0.000) | (0.000) | (0.954) | (0.000) | (0.000) |
P-P test (at level) | |||||||
t-Statistic values | −5.881 | −6.436 | −3.240 | −1.620 | −2.221 | 0.516 | −2.173 |
(p-values) | (0.000) | (0.000) | (0.023) | (0.464) | (0.201) | (0.985) | (0.218) |
At first difference | |||||||
t-Statistic values | −16.385 | −6.955 | −6.041 | −5.614 | −5.982 | −6.750 | −14.210 |
(p-values) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) |
Specified Model | Symmetric Bounds Test for the Presence of Cointegration | Conclusion | ||||
---|---|---|---|---|---|---|
GDPG/(HIC, HG, TIC, TG, NIC, NG) | F-bounds testing | N-Hypoth.: found no relationship level | Cointegrated | |||
T-stat | Values | Signif. Level | I(0) | I(1) | ||
F-stat | (8.493856) | At the 10% level | (1.99) | (2.94) | ||
k | 6 | At the 5% level | (2.27) | (3.28) | ||
At the 2.5% level | (2.55) | (3.61) | ||||
At the 1% level | (2.88) | (3.99) | ||||
Asymmetric bounds test for the presence of cointegration | ||||||
F-bounds testing | N-Hypoth.: found no relationship level | |||||
T-stat | Value | Signif. Level | I(0) | I(1) | ||
F-stat | (5.290013) | At the 10% level | (1.76) | (2.77) | ||
k | 12 | At the 5% level | (1.98) | (3.04) | ||
At the 2.5% level | (2.18) | (3.28) | ||||
At the 1% level | (2.41) | (3.61) |
T-Test Statistics | ||||
Hypo- No. of CE(s) | Eigenvalue | T-Statistic | C-Values (0.05) | Prob. ** |
None * | 0.707 | 159.063 | 125.615 | 0.000 |
At most 1 * | 0.631 | 102.553 | 95.753 | 0.015 |
At most 2 | 0.417 | 56.642 | 69.818 | 0.352 |
At most 3 | 0.261 | 31.768 | 47.856 | 0.624 |
At most 4 | 0.211 | 17.805 | 29.797 | 0.580 |
At most 5 | 0.127 | 6.869 | 15.494 | 0.592 |
At most 6 | 0.013 | 0.607 | 3.841 | 0.435 |
Max-Eigenvalue Statistics | ||||
Hypo- No. of CE(s) | Eigenvalue | Max-Eigen Statistic | C-Values (0.05) | Prob. ** |
None * | 0.707 | 56.509 | 46.231 | 0.002 |
At most 1 * | 0.631 | 45.911 | 40.077 | 0.009 |
At most 2 | 0.417 | 24.873 | 33.876 | 0.393 |
At most 3 | 0.261 | 13.963 | 27.584 | 0.825 |
At most 4 | 0.211 | 10.935 | 21.131 | 0.653 |
At most 5 | 0.127 | 6.262 | 14.264 | 0.579 |
At most 6 | 0.013 | 0.607 | 3.841 | 0.435 |
Panel A: Symmetric short-run dynamics (conditional error correction regression) | ||||
Variables | Coefficient | S-E | T-S | Prob. |
C | −0.015 | 1.643 | −0.009 | 0.992 |
GDPG(−1) | −0.972 | 0.135 | −7.175 | 0.000 |
HIC | −0.376 | 0.559 | −0.674 | 0.504 |
HG(−1) | 0.662 | 0.607 | 1.090 | 0.282 |
TIC | 0.348 | 0.593 | 0.585 | 0.561 |
TG(−1) | −0.660 | 0.591 | −1.116 | 0.271 |
NIC | 0.392 | 0.167 | 2.346 | 0.024 |
NG | −0.095 | 0.075 | −1.265 | 0.213 |
D(HG) | 2.278 | 0.646 | 3.527 | 0.001 |
D(TG) | 1.387 | 0.644 | 2.150 | 0.038 |
CointEq(−1) | −0.972 | 0.108 | −8.989 | 0.000 |
Panel B: Symmetric long-run dynamics | ||||
Variables | Coefficient | S-E | T-S | Prob. |
HIC | −0.387 | 0.587 | −0.659 | 0.513 |
HG | 0.681 | 0.615 | 1.106 | 0.275 |
TIC | 0.357 | 0.612 | 0.584 | 0.562 |
TG | −0.679 | 0.589 | −1.153 | 0.256 |
NIC | 0.404 | 0.171 | 2.354 | 0.024 |
NG | −0.098 | 0.080 | −1.229 | 0.226 |
C | −0.016 | 1.690 | −0.009 | 0.992 |
Panel C: Symmetric diagnostics tests | ||||
(R2) | (0.488) | (Mean-D var) | (1.474) | |
(Adjusted R2) | (0.363) | (S.D. D var) | (0.519) | |
(S.E. of regression) | (0.414) | (AIC) | (1.262) | |
(Sum-S resid) | (6.357) | (SC) | (1.656) | |
(Log likelihood) | (−19.678) | (HQC) | (1.411) | |
(F-statistic) | (3.921) | (Durbin–Watson stat) | (2.028) | |
(Prob(F-statistic)) | (0.001) |
Panel D: Asymmetric short-run dynamics (error correction regression) | ||||
Variables | Coefficients | S-E | T-S | Prob. |
C | 1.905 | 0.361 | 5.265 | 0.000 |
GDPG(−1) | −1.284 | 0.165 | −7.745 | 0.000 |
HIC_POS | −0.220 | 0.692 | −0.318 | 0.752 |
HIC_NEG(−1) | 533.784 | 132.084 | 4.041 | 0.000 |
HG_POS | 1.820 | 0.780 | 2.331 | 0.027 |
HG_NEG | −1.006 | 1.526 | −0.659 | 0.515 |
TIC_POS | −0.431 | 0.932 | −0.462 | 0.647 |
TIC_NEG(−1) | 64.704 | 23.793 | 2.719 | 0.011 |
TG_POS | −0.541 | 1.085 | −0.499 | 0.621 |
TG_NEG | 2.042 | 1.471 | 1.387 | 0.176 |
NIC_POS(−1) | 1.184 | 0.504 | 2.347 | 0.026 |
NIC_NEG(−1) | −15.985 | 6.544 | −2.442 | 0.021 |
NG_POS | −0.048 | 0.084 | −0.572 | 0.571 |
NG_NEG | −0.135 | 0.093 | −1.457 | 0.156 |
D(HIC_NEG) | 126.686 | 145.216 | 0.872 | 0.390 |
D(TIC_NEG) | 29.601 | 19.379 | 1.527 | 0.137 |
D(NIC_POS) | 0.670 | 0.481 | 1.392 | 0.174 |
D(NIC_NEG) | −2.953 | 8.587 | −0.343 | 0.733 |
CointEq(−1) | −1.284 | 0.123 | −10.413 | 0.000 |
Panel E: Asymmetric long-run dynamics | ||||
Variables | Coefficients | S-E | T-S | Prob. |
HIC_POS | −0.171 | 0.540 | −0.318 | 0.752 |
HIC_NEG | 415.565 | 91.734 | 4.530 | 0.000 |
HG_POS | 1.417 | 0.607 | 2.333 | 0.027 |
HG_NEG | −0.783 | 1.177 | −0.665 | 0.511 |
TIC_POS | −0.335 | 0.713 | −0.470 | 0.641 |
TIC_NEG | 50.374 | 17.873 | 2.818 | 0.008 |
TG_POS | −0.421 | 0.854 | −0.493 | 0.625 |
TG_NEG | 1.590 | 1.150 | 1.382 | 0.177 |
NIC_POS | 0.922 | 0.393 | 2.344 | 0.026 |
NIC_NEG | −12.445 | 4.764 | −2.612 | 0.014 |
NG_POS | −0.037 | 0.066 | −0.565 | 0.576 |
NG_NEG | −0.105 | 0.074 | −1.419 | 0.166 |
C | 1.483 | 0.218 | 6.786 | 0.000 |
Panel F: Asymmetric diagnostics tests | ||||
(R2) | (0.699) | (Mean-D var) | (1.463) | |
(Adjusted R2) | (0.517) | (S.D. D var) | (0.520) | |
(S.E. of regression) | (0.361) | (AIC) | (1.088) | |
(Sum-S resid) | (3.658) | (SC) | (1.804) | |
(Log likelihood) | (−7.042) | (HQC) | (1.356) | |
(F-statistic) | (3.839) | (Durbin–Watson stat) | (2.097) | |
(Prob(F-statistic)) | (0.000) |
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Rehman, A.; Ozcan, R.; Badshah, W.; Radulescu, M.; Ozturk, I. Symmetric and Asymmetric Impacts of Commercial Energy Distribution from Key Sources on Economic Progress in Pakistan. Sustainability 2021, 13, 12670. https://doi.org/10.3390/su132212670
Rehman A, Ozcan R, Badshah W, Radulescu M, Ozturk I. Symmetric and Asymmetric Impacts of Commercial Energy Distribution from Key Sources on Economic Progress in Pakistan. Sustainability. 2021; 13(22):12670. https://doi.org/10.3390/su132212670
Chicago/Turabian StyleRehman, Abdul, Rasim Ozcan, Waqar Badshah, Magdalena Radulescu, and Ilhan Ozturk. 2021. "Symmetric and Asymmetric Impacts of Commercial Energy Distribution from Key Sources on Economic Progress in Pakistan" Sustainability 13, no. 22: 12670. https://doi.org/10.3390/su132212670