Figure 1:
FADL Cointegration Test Results
| Dep. var. | Indep. var. | k | Min_AIC | Fourier ADL test statistic |
|---|---|---|---|---|
| lnLCF | lnGDP, lnGDP2, lnECI, lnEU | 4 | −4.454 | −6.137*** |
Long-Term Estimator Results
| Dep. Var. : lnLCF | FMOLS | DOLS | CCR |
|---|---|---|---|
| lnGDP | −3.278 (0.002)*** | −2.875 (0.030)** | −3.097 (0.014)** |
| lnGDP2 | 0.177 (0.002)*** | 0.155 (0.024)** | 0.170 (0.011)** |
| lnECI | −0.135 (0.004)*** | −0.151 (0.011)** | −0.132 (0.020)** |
| lnEU | −0.838 (0.000)*** | −0.824 (0.000)*** | −0.914 (0.000)*** |
| C | 20.488 (0.000)*** | 18.559 (0.000)*** | 19.994 (0.000)*** |
| SIN | 0.008 (0.031)** | 0.008 (0.114) | 0.008 (0.057)* |
| COS | −0.001 (0.743) | −0.001 (0.762) | −0.001 (0.998) |
| ECTt−1 | −0.839 (0.000)*** | −0.816 (0.000)*** | −0.829 (0.000)*** |
Fourier ADF and Standard ADF unit root test results
| FADF | ADF | ||||
|---|---|---|---|---|---|
| Variables | Frequency (k) | FADF Test Statistic | F Test Statistic | I(0) | I(1) |
| lnLCF | 1 | −1.972 | 1.661 | 1.036 (0.660) | −5.971 (0.000)*** |
| lnGDP | 3 | 0.115 | 4.652 | 0.257 (0.971) | −4.799 (0.000)*** |
| lnGDP2 | 3 | 0.549 | 5.114 | 0.398 (0.979) | −4.742 (0.000)*** |
| lnECI | 5 | −1.394 | 2.634 | −2.045 (0.267) | −7.580 (0.000)*** |
| lnEU | 1 | −1.841 | 1.464 | −0.962 (0.752) | −4.725 (0.000)*** |
Variables and Descriptive Statistics
| Variables | Abbreviation | Measurement Unit | Source | ||
|---|---|---|---|---|---|
| Load Capacity Factor | lnLCF | Biocapacity/ecological footprint (per capita in gha) | Global Footprint Network | ||
| Economic Growth | lnGDP | GDP per capita, constant 2015 US$ | World Bank | ||
| Economic Growth Squared | lnGDP2 | Quadratic form of economic growth | Calculated by the authors. | ||
| Economic Complexity Index | lnECI | Index value between −2.5 and +2.5 | Atlas of Economic Complexity | ||
| Energy Consumption | lnEU | Primary energy consumption per capita (kWh/person) | International Energy Agency | ||
| Descriptive Statistics | |||||
| lnLCF | lnGDP | lnGDP2 | lnECI | lnEU | |
| Mean | −0.620 | 9.067 | 82.302 | 0.183 | 7.244 |
| Median | −0.658 | 9.036 | 81.642 | 0.199 | 7.265 |
| Maximum | −0.365 | 9.597 | 92.093 | 0.378 | 7.547 |
| Minimum | −0.828 | 8.620 | 74.306 | −0.020 | 6.906 |
| Std. Dev. | 0.158 | 0.304 | 5.525 | 0.104 | 0.207 |
| Skewness | 0.216 | 0.136 | 0.169 | −0.259 | −0.044 |
| Kurtosis | 1.481 | 1.689 | 1.708 | 2.273 | 1.572 |
| Jarque-Bera | 3.013 | 2.165 | 2.157 | 0.962 | 2.474 |
| Probability | 0.222 | 0.339 | 0.340 | 0.618 | 0.290 |
| Observations | 29 | 29 | 29 | 29 | 29 |