ECONOMICS AND ENVIRONMENT 3 (86) • 2023

General environmental and social problems

517

$\backslash varepsilon\_\{it\}$ – represent the unobserved regression residual.

Equation 1 was estimated using the Roodman (2009) technique, where forward orthogonal deviations are used to restrict over-identification or limit instrument proliferation. Consistent with Bruno et. al. (2012); Asongu and Odhiambo (2020) the number of control variables was limited to avoid estimations that do not pass the post-estimation diagnostics of instrument proliferation.

Results and discussion

The results and a discussion thereof are presented in this section.

Descriptive statistics

Table 2. Descriptive Statistics

Source: author's work using Eviews based on Gujarati (2022).

Private credit as a percentage of the respective countries gross domestic product in the countries under study ranges from minimum 0.0 to a maximum of 142.42 with a standard deviation of 25,91. The countries in this sample are among the countries with globally higher level of inequality. The maximum level of inequality is 0,659 with a minimum of 0,317. Estimates of regulation quality and control of corruption in these countries have a minimum of -2,282 and -1.581, respectively. The standard deviation of unemployment is 7,087, and the maximum level of unemployment is 33,559. The average rate of unemployment of 8.349 does not represent the sustainable development goal of decent work and sustainable growth as the target unemployment rate in the sustainable development goals of near zero unemployment (United Nations, 2015).

DOI: 10.34659/eis.2023.86.3.646