The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 11 Channels of temperature–sovereign risk connection: combining relevant channels
From: Physical climate change and the sovereign risk of emerging economies
(1) | (2) | (3) | (4) | |
|---|---|---|---|---|
\(\Delta\)EMBI | \(\Delta\)EMBI | \(\Delta\)EMBI | \(\Delta\)EMBI | |
HistoricalTempAnomaly | − 0.145* (0.0764) | − 0.233*** (0.0845) | − 0.151* (0.0893) | − 0.137 (0.137) |
GDPPerCapita | − 5.83e−05 (4.14e−05) | − 4.19e−05 (4.06e−05) | − 4.04e−05 (4.03e−05) | − 3.57e−05 (3.98e−05) |
HistoricalTempAnomaly \(\times\) GDPPerCapita | 1.70e−05** (6.54e−06) | 7.21e−06 (7.80e−06) | 5.97e−06 (7.54e−06) | 2.71e−06 (6.80e−06) |
RuleOfLaw | − 0.00315 (0.00477) | − 0.00235 (0.00474) | − 0.00414 (0.00467) | |
HistoricalTempAnomaly \(\times\) RuleOfLaw | 0.00326** (0.00149) | 0.00317** (0.00138) | 0.00381*** (0.00133) | |
DeviationAdjustedTempAnomaly | − 0.314*** (0.107) | |||
VeryColdCountry (\(\le\) 10 \(^{\circ }\)C) \(\times\) HistoricalTempAnomaly | − 0.0508 (0.101) | |||
ColdCountry (\(> 10\) & \(\le\) 15 \(^{\circ }\)C; base category) \(\times\) HistoricalTempAnomaly | 0 (0) | |||
MildCountry (\(> 15\) & \(\le\) 20 \(^{\circ }\)C)c \(\times\) HistoricalTempAnomaly | − 0.217 (0.131) | |||
WarmCountry (\(> 20\) & \(\le\) 25 \(^{\circ }\)C) \(\times\) HistoricalTempAnomaly | − 0.0422 (0.158) | |||
VeryWarmCountry (\(> 25\) \(^{\circ }\)C) \(\times\) HistoricalTempAnomaly | − 0.539** (0.237) | |||
Precipitation | 0.194 (0.367) | 0.267 (0.375) | 0.0751 (0.387) | 0.0683 (0.392) |
Observations | 9957 | 9688 | 9688 | 9688 |
R-squared | 0.524 | 0.502 | 0.502 | 0.502 |
Country FE | Yes | Yes | Yes | Yes |
Region\(\times\)MonthYear FE | Yes | Yes | Yes | Yes |