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

Table 15 Robustness tests: Paris Agreement as transition shock

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

 

(1)

(2)

(3)

(4)

 

\(\Delta\)EMBI

\(\Delta\)EMBI

\(\Delta\)EMBI

\(\Delta\)EMBI

HistoricalTempAnomaly

− 0.00387 (0.0608)

 

0.0963 (0.147)

− 0.211** (0.104)

HistoricalTempAnomaly \(\times\) PostParis

− 0.0363 (0.0651)

 

− 0.0631 (0.159)

0.0255 (0.129)

DeviationAdjustedTempAnomaly

 

− 0.246*** (0.0873)

  

DeviationAdjustedTempAnomaly \(\times\) PostParis

 

0.0522 (0.0843)

  

HistoricalTempAnomaly \(\times\) VeryWarmCountry

  

− 0.608** (0.257)

 

VeryWarmCountry \(\times\) PostParis

  

− 0.335 (0.430)

 

HistoricalTempAnomaly \(\times\) VeryWarmCountry \(\times\) PostParis

  

0.375 (0.340)

 

RuleOfLaw

   

− 0.00551 (0.00504)

HistoricalTempAnomaly \(\times\) RuleOfLaw

   

0.00415*** (0.00146)

RuleOfLaw \(\times\) PostParis

   

0.00255 (0.00374)

HistoricalTempAnomaly \(\times\) RuleOfLaw \(\times\) PostParis

   

− 0.00113 (0.00207)

Precipitation

0.224 (0.363)

0.0364 (0.376)

0.0261 (0.398)

0.274 (0.374)

Observations

9957

9957

9957

9688

R-squared

0.524

0.524

0.525

0.502

Country FE

Yes

Yes

Yes

Yes

Region\(\times\) MonthYear FE

Yes

Yes

Yes

Yes

Other bin terms

  

Yes

 
  1. This table shows robustness checks for the temperature anomaly measure (Table 6, column (3)), 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)). PostParis is a dummy with value 1 after the Paris Climate Agreement in December 2015. Estimation in column (3) also includes all other bin categories (cold as base category) and respective interactions. 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