Skip to main content

The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 14 Robustness tests: dropping countries with lower data coverage, larger landmass or political instability

From: Physical climate change and the sovereign risk of emerging economies

 

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

 

\(\Delta\)EMBI

\(\Delta\)EMBI

\(\Delta\)EMBI

\(\Delta\)EMBI

\(\Delta\)EMBI

\(\Delta\)EMBI

\(\Delta\)EMBI

\(\Delta\)EMBI

\(\Delta\)EMBI

DeviationAdjustedTempAnomaly

− 0.239*** (0.0861)

  

− 0.315*** (0.108)

  

− 0.258* (0.152)

  

HistoricalTempAnomaly

 

0.0994 (0.131)

− 0.184* (0.0993)

 

− 0.0587 (0.0699)

− 0.336*** (0.0875)

 

0.157 (0.116)

− 0.341** (0.129)

VeryColdCountry \(\times\) HistoricalTempAnomaly

 

− 0.0286 (0.120)

  

0.0559 (0.0898)

  

− 0.163 (0.107)

 

ColdCountry (base category) \(\times\) HistoricalTempAnomaly

 

0 (0)

  

0 (0)

  

0 (0)

 

MildCountry \(\times\) HistoricalTempAnomaly

 

− 0.231* (0.137)

  

− 0.0797 (0.0784)

  

− 0.245 (0.158)

 

WarmCountry \(\times\) HistoricalTempAnomaly

 

− 0.104 (0.166)

  

− 0.0143 (0.120)

  

− 0.520* (0.278)

 

VeryWarmCountry \(\times\) HistoricalTempAnomaly

 

− 0.642*** (0.248)

  

− 0.384 (0.239)

  

− 0.664 (0.400)

 

RuleOfLaw

  

− 0.0047 (0.00501)

  

− 0.00261 (0.00513)

  

− 0.0127* (0.00687)

HistoricalTempAnomaly \(\times\) RuleOfLaw

  

0.00381*** (0.00140)

  

0.00514*** (0.00138)

  

0.00459** (0.00208)

Precipitation

0.0319 (0.418)

− 0.0355 (0.445)

0.322 (0.414)

− 0.0579 (0.522)

− 0.0419 (0.539)

0.0934 (0.523)

− 0.148 (0.677)

− 0.238 (0.705)

0.140 (0.738)

Observations

8746

8746

8477

7641

7641

7550

4467

4467

4198

R-squared

0.529

0.529

0.505

0.524

0.524

0.509

0.597

0.597

0.553

Country FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Region\(\times\)MonthYear FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Number of countries

39

39

39

44

44

44

39

39

34

Total “very warm” country effect

 

− 0.543

  

− 0.443

  

− 0.507

 
  1. This table shows robustness checks for the deviation-adjusted temperature variable (Table 6, column (6)), the bin-regression analyzing the warmness of countries using 5 \(^{\circ }\)C intervals (Table 7, column (2)) and the interaction with institutional characteristics (rule of law index, Table 9, column (1)). In columns (1–3), all countries with \(\Delta\)EMBI data of fewer than ten years are dropped. In columns (4–6), the ten countries with the largest landmass are dropped. In columns (7–9), all countries with a Political-Stability-Score (ranging from 0 to 100) below the sample-median (38.37) are dropped. Standard errors (in parentheses) are clustered at the country level and control for heteroscedasticity and serial correlation, ***, ** and * indicate statistical significance at the 1%, 5% and 10% level, respectively. See Table 18 for variable definitions and sources