Developed countries
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Climate risk | Industrialisation | Industry growth | Economic development | Economic growth | |
| Carbon emission | −4.703 (−0.560) | ||||
| Climate risk | −0.006 (−0.443) | 0.023 (0.851) | 0.002 (1.339) | −0.005 (−0.339) | |
| Economic development | 16.577 (1.598) | 5.565** (2.503) | −3.587 (−1.269) | ||
| Economic growth | −0.351 (−1.093) | 0.095 (1.490) | 1.641*** (10.736) | ||
| International trade | 0.020 (0.856) | 0.027 (1.280) | 0.003*** (5.800) | 0.046*** (3.347) | |
| Foreign direct investment | 0.019* (1.797) | 0.093** (2.063) | 0.000** (1.991) | 0.054* (1.759) | |
| Population | 8.708 (0.342) | −1.569 (−0.541) | 11.463 (1.523) | 0.086 (0.336) | −0.743 (−0.184) |
| Urban population | −0.139 (−0.177) | −0.215 (−1.513) | −0.005 (−0.033) | 0.023 (1.049) | −0.132 (−1.188) |
| Population growth | 0.137 (0.207) | 0.186** (2.569) | 0.232 (1.252) | 0.007 (0.998) | 0.047 (0.244) |
| Natural resources | 0.252 (0.435) | 0.662*** (10.181) | −0.121** (−2.473) | −0.009** (−2.072) | 0.035 (0.390) |
| Institutional quality | −5.131*** (−3.178) | 4.896 (0.863) | 0.486*** (5.657) | 1.343 (0.914) | |
| Industrialisation | −0.138 (−0.233) | 0.026*** (5.574) | 0.195* (1.740) | ||
| Industry growth | 0.058 (1.071) | ||||
| Constant | −201.172 (−0.444) | −74.886 (−1.065) | −103.139 (−1.017) | 5.921 (1.417) | 15.146 (0.226) |
| Year effect | Yes | Yes | Yes | Yes | Yes |
| Observations | 628 | 630 | 631 | 630 | 630 |
| R-squared | 0.165 | 0.708 | 0.460 | 0.625 | 0.495 |
| Number of countries | 46 | 46 | 46 | 46 | 46 |
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Climate risk | Industrialisation | Industry growth | Economic development | Economic growth | |
| Carbon emission | −4.703 (−0.560) | ||||
| Climate risk | −0.006 (−0.443) | 0.023 (0.851) | 0.002 (1.339) | −0.005 (−0.339) | |
| Economic development | 16.577 (1.598) | 5.565 | −3.587 (−1.269) | ||
| Economic growth | −0.351 (−1.093) | 0.095 (1.490) | 1.641 | ||
| International trade | 0.020 (0.856) | 0.027 (1.280) | 0.003 | 0.046 | |
| Foreign direct investment | 0.019 | 0.093 | 0.000 | 0.054 | |
| Population | 8.708 (0.342) | −1.569 (−0.541) | 11.463 (1.523) | 0.086 (0.336) | −0.743 (−0.184) |
| Urban population | −0.139 (−0.177) | −0.215 (−1.513) | −0.005 (−0.033) | 0.023 (1.049) | −0.132 (−1.188) |
| Population growth | 0.137 (0.207) | 0.186 | 0.232 (1.252) | 0.007 (0.998) | 0.047 (0.244) |
| Natural resources | 0.252 (0.435) | 0.662 | −0.121 | −0.009 | 0.035 (0.390) |
| Institutional quality | −5.131 | 4.896 (0.863) | 0.486 | 1.343 (0.914) | |
| Industrialisation | −0.138 (−0.233) | 0.026 | 0.195 | ||
| Industry growth | 0.058 (1.071) | ||||
| Constant | −201.172 (−0.444) | −74.886 (−1.065) | −103.139 (−1.017) | 5.921 (1.417) | 15.146 (0.226) |
| Year effect | Yes | Yes | Yes | Yes | Yes |
| Observations | 628 | 630 | 631 | 630 | 630 |
| 0.165 | 0.708 | 0.460 | 0.625 | 0.495 | |
| Number of countries | 46 | 46 | 46 | 46 | 46 |
This table presents the baseline estimations of the relationship between climate risk and economic outcomes in developed countries. 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