This study also explores causal relationship between the variables
by using error-correction based Granger causality models which are
weak (short-run) Granger causality and long-run Granger causality.
The results of both Granger causality models (see Table 5) can be
summarized as follows:
i) There is an evidence of a long-run causal relationship from per
capita energy consumption, per capita real income, the square of
per capita real income, openness and financial development to
per capita carbon emissions. This long-run causality results also