The impact of financial development on renewable energy consumption: new insights from Ghana

Future Business Journal

Table 7 ARDL, VECM, DOLS, FMOLS and CCR long-run estimates.

Methods	lnFD	lnEG	lnCPI	C
	Coef. (s.e.)	Coef. (s.e.)	Coef. (s.e.)	Coef. (s.e.)
ARDL	0.237 (0.085)**	−0.642 (0.074)***	−0.066 (0.011)***	8.549(1.819)***
VECM	0.534 (0.092)***	−0.757 (0.079)***	−0.079 (0.011)***	10.957 ***
DOLS	0.276 (0.025)***	−0.455 (0.160)**	−0.082 (0.019)***	9.099 (0.897)***
FMOLS	0.178 (0.056)***	−0.640 (0.0614)***	−0.057 (0.009)***	9.266 (0.490)***
CCR	0.195 (0.076)**	−0.654 (0.069)***	−0.056 (0.008)***	9.400 (0.595)***
Residual diagnostics test results of VECM
LM_SC	13.397 [0.650]
X²_HETR	93.840 [0.655]
JB_N	4.165 [0.842]

Asterisks (***) and (**), indicate statistical significance at 1 and 5, percent; LM_SC denotes Lagrange multiplier statistic of serial correlation test; X²_HETR denotes Chi-squared statistic for a heteroscedastic test; JB_N denotes Jarque–Bera statistic for resting normality; se. denotes standard error