Baseline results
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Climate risk | Industrialisation | Industry growth | Economic development | Economic growth | |
| Carbon emission | −3.911** (−2.425) | ||||
| Climate risk | −0.015** (−2.185) | −0.024** (−2.119) | −0.012*** (−3.695) | −0.008** (−1.990) | |
| Economic development | 3.285 (0.837) | 4.997*** (4.502) | −1.423 (−1.343) | ||
| Economic growth | −0.250** (−2.085) | 0.048** (1.984) | 1.677*** (16.848) | ||
| International trade | 0.040** (2.551) | 0.016*** (2.664) | 0.004*** (7.598) | 0.032*** (3.501) | |
| Foreign direct investment | 0.006 (0.819) | 0.009 (0.349) | 0.000** (2.176) | 0.002** (2.221) | |
| Population | 1.577*** (2.509) | 7.869** (1.985) | 2.453 (0.930) | −0.354** (−2.368) | −4.831* (−1.894) |
| Urban population | 0.157** (2.285) | −0.139 (−1.335) | −0.107 (−0.872) | 0.012 (1.585) | −0.009 (−0.137) |
| Population growth | −0.092 (−0.226) | 0.271** (2.447) | −0.068 (−0.374) | 0.010* (1.748) | −0.094 (−0.451) |
| Natural resources | 0.023** (2.144) | 0.500*** (6.218) | −0.092 (−1.512) | −0.004 (−1.573) | 0.023 (0.518) |
| Institutional quality | 2.568 (1.201) | −1.440 (−0.867) | 0.337*** (5.862) | 0.561 (0.464) | |
| Industrialisation | −0.330* (−1.896) | 0.017*** (6.623) | 0.190*** (3.671) | ||
| Industry growth | 0.105** (2.341) | ||||
| Constant | 373.870* (1.917) | −216.427*** (−3.283) | −4.269 (−0.101) | 13.093*** (5.895) | 75.429* (1.918) |
| Observations | 2,343 | 2,156 | 2,144 | 2,157 | 2,156 |
| R-squared | 0.048 | 0.493 | 0.551 | 0.595 | 0.145 |
| Number of countries | 175 | 164 | 163 | 164 | 164 |
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Climate risk | Industrialisation | Industry growth | Economic development | Economic growth | |
| Carbon emission | −3.911 | ||||
| Climate risk | −0.015 | −0.024 | −0.012 | −0.008 | |
| Economic development | 3.285 (0.837) | 4.997 | −1.423 (−1.343) | ||
| Economic growth | −0.250 | 0.048 | 1.677 | ||
| International trade | 0.040 | 0.016 | 0.004 | 0.032 | |
| Foreign direct investment | 0.006 (0.819) | 0.009 (0.349) | 0.000 | 0.002 | |
| Population | 1.577 | 7.869 | 2.453 (0.930) | −0.354 | −4.831 |
| Urban population | 0.157 | −0.139 (−1.335) | −0.107 (−0.872) | 0.012 (1.585) | −0.009 (−0.137) |
| Population growth | −0.092 (−0.226) | 0.271 | −0.068 (−0.374) | 0.010 | −0.094 (−0.451) |
| Natural resources | 0.023 | 0.500 | −0.092 (−1.512) | −0.004 (−1.573) | 0.023 (0.518) |
| Institutional quality | 2.568 (1.201) | −1.440 (−0.867) | 0.337 | 0.561 (0.464) | |
| Industrialisation | −0.330 | 0.017 | 0.190 | ||
| Industry growth | 0.105 | ||||
| Constant | 373.870 | −216.427 | −4.269 (−0.101) | 13.093 | 75.429 |
| Observations | 2,343 | 2,156 | 2,144 | 2,157 | 2,156 |
| 0.048 | 0.493 | 0.551 | 0.595 | 0.145 | |
| Number of countries | 175 | 164 | 163 | 164 | 164 |
This table presents the baseline estimations of the relationship between climate risk and economic outcomes. Robust t-statistics are given in parentheses: ***p < 0.01; **p < 0.05; *p < 0.1. Variable definitions and sources are presented in Table 1