Crises and Emissions: New Empirical Evidence from a Large Sample
Joao Jalles ()
No 2019/83, Working Papers REM from ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa
In this paper, we empirically assess by means of the local projection method, the impact of different types of financial crises on a variety of pollutant emissions categories for a sample of 86 countries between 1980-2012. We find that financial crises in general lead to a fall in CO2 and methane emissions. When hit by a debt crisis, a country experiences a rise in emissions stemming from either energy related activities or industrial processes. During periods of slack, financial crises in general had a positive impact on both methane and nitrous oxide emissions. If a financial crisis hit an economy when it was engaging in contractionary fiscal policies, this led to a negative response of CO2 and production-based emissions.
Keywords: pollution; greenhouse gases; local projection method; impulse response functions; recessions; fiscal expansions (search for similar items in EconPapers)
JEL-codes: E32 E6 F65 G01 O44 Q54 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-ene, nep-env and nep-mac
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Journal Article: Crises and emissions: New empirical evidence from a large sample (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:ise:remwps:wp0832019
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