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Is Economic Volatility Detrimental to Global Sustainability?

Is Economic Volatility Detrimental to Global Sustainability?

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This paper examines the effects of economic volatility on global sustainability in a dynamic panel data model allowing for error cross section dependence. It finds that output volatility and financial market volatility exert strong negative impacts on sustainable development, with the impacts exacerbated in some subsamples such as higher energy intensity countries and lower trade share countries. The paper also identifies a financial development channel through which output volatility impedes global sustainability, highlighting the interaction between global financial markets and the wider economy as a key factor influencing the low carbon development path. The finding is significant for the conduct of macroeconomic and environmental policies in an integrated global green economy.
This paper examines the effects of economic volatility on global sustainability in a dynamic panel data model allowing for error cross section dependence. It finds that output volatility and financial market volatility exert strong negative impacts on sustainable development, with the impacts exacerbated in some subsamples such as higher energy intensity countries and lower trade share countries. The paper also identifies a financial development channel through which output volatility impedes global sustainability, highlighting the interaction between global financial markets and the wider economy as a key factor influencing the low carbon development path. The finding is significant for the conduct of macroeconomic and environmental policies in an integrated global green economy.

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Categories:Types, Research, Science
Published by: Tyndall Centre for Climate Change Research on Dec 19, 2011
Copyright:Attribution Non-commercial

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01/12/2012

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Is Economic Volatility Detrimentalto Global Sustainability?
 
Yongfu Huang
 
March
2010 
Tyndall Centre for Climate Change ResearchWorking Paper 14
2
 
 
 Is Economic Volatility Detrimental to Global Sustainability?
 
Yongfu Huang
 
Tyndall Working Paper 14
2
,
April
20
10
 
Please note that Tyndall working papers are "work in progress". Whilst they arecommented on by Tyndall researchers, they have not been subject to a full peer review.The accuracy of this work and the conclusions reached are the responsibility of theauthor(s) alone and not the Tyndall Centre.
 
Is Economic Volatility Detrimental toGlobal Sustainability?
Yongfu Huang
4CMR, Department of Land Economy, University of Cambridge19 Silver Street, Cambridge CB3 9EPMarch 8, 2010
Abstract
This paper examines the e
ff 
ects of economic volatility on globalsustainability in a dynamic panel data model allowing for error crosssection dependence. It
nds that output volatility and
nancial marketvolatility exert strong negative impacts on sustainable development,with the impacts exacerbated in some subsamples such as higher en-ergy intensity countries and lower trade share countries. The paperalso identi
es a
nancial development channel through which outputvolatility impedes global sustainability, highlighting the interaction be-tween global
nancial markets and the wider economy as a key factorin
uencing the low carbon development path. The
nding is signi
-cant for the conduct of macroeconomic and environmental policies inan integrated global green economy.
Keywords:
Output Volatility; Financial Market Volatility; GlobalSustainability; Genuine Savings; Cross Section Dependence
JEL Classi
cation: E32; O11; O16
I am very grateful to Vasilis Sara
dis, Philip Arestis, and Unai Pascual for theirconstructive comments and suggestions. I would also like to thank two Tyndall Centrereferees, 4CMR colleagues and seminar participants at the Department of Land Economyof Cambridge University for helpful comments and discussions. The usual disclaimerapplies.
Correspondence: Email: yh279@cam.ac.uk; Tel: 0044-1223 764873; Fax: 0044-1223337130; URL: http://www.landecon.cam.ac.uk/yh279/huangyf.htm.
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