Emission Reduction Benefits and Economic Benefits of China’s Pilot Policy on Carbon Emission Trading System

Table 9

Results of the counterfactual test.

VAR	2009		2010		2011
	(1)	(2)	(3)	(4)	(5)	(6)
	CO2	TFP	CO2	TFP	CO2	TFP
TIME × TREAT	−0.046	0.092	−0.029	0.094	−0.038	0.100
	(0.032)	(0.033)	(0.026)	(0.067)	(0.026)	(0.067)
OIS	−0.008	0.005	−0.007	0.000	−0.007	−0.000
	(0.002)	(0.001)	(0.002)	(0.001)	(0.002)	(0.001)
SI	0.021	0.009	0.020	0.009	0.020	0.010
	(0.006)	(0.005)	(0.006)	(0.005)	(0.006)	(0.005)
FDI	−0.076	0.025	−0.078	0.026	−0.078	0.026
	(0.024)	(0.014)	(0.024)	(0.014)	(0.024)	(0.014)
OPEN	−0.005	0.004	−0.005	0.004	−0.005	0.004
	(0.002)	(0.001)	(0.002)	(0.001)	(0.002)	(0.001)
EDU	0.038	0.005	0.037	0.005	0.033	0.009
	(0.014)	(0.020)	(0.014)	(0.020)	(0.014)	(0.020)
CONS	8.966	0.986	8.924	0.971	8.892	0.957
	(0.276)	(0.134)	(0.277)	(0.129)	(0.278)	(0.128)
PROV	YES	YES	YES	YES	YES	YES
YEAR	YES	YES	YES	YES	YES	YES
N	150	150	150	150	150	150
R^2	0.995	0.940	0.995	0.943	0.995	0.943