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Causal effects of PetroCaribe on sustainable development: a synthetic control analysis

Acel Jardon (), Onno Kuik () and Richard Tol ()

Working Paper Series from Department of Economics, University of Sussex Business School

Abstract: We examine the causal effects of the energy subsidy programme PetroCaribe in the three dimensions of sustainable development: economic, social and environmental. We use the synthetic control method to construct a counterfactual and compare it to the outcomes of the beneficiary countries and thus estimate the magnitude and direction of the PetroCaribe effect. PetroCaribe had a positive effect on economic growth in most of the beneficiary countries without a deterioration of their environmental quality. However, this economic boost was not followed by an improvement in social development.

Keywords: energy subsidy; synthetic control method; sustainable development (search for similar items in EconPapers)
JEL-codes: Q43 Q48 Q54 Q56 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev, nep-ene and nep-env
Date: 2018-04
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Persistent link: https://EconPapers.repec.org/RePEc:sus:susewp:0918

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