Long-run Convergence in Greenhouse Gases, Reactive Compounds, Aerosol Precursors and Aerosols

This book examines the presence of stochastic and deterministic convergence in ten series of greenhouse gases, aerosol precursors, and aerosols across 29 industrialized and emerging countries from 1820 to 2018. The author utilizes the Panel Analysis of Nonstationarity in Idiosyncratic and Common Components (PANIC) method for the empirical exercise. The analysis reveals strong evidence of ****stochastic convergence patterns in the series of log per capita emissions for black carbon, carbon monoxide, ammonia, non-methane volatile organic compounds, and nitrogen oxides, demonstrated by the existence of pairwise cointegration among individual series.

Regarding deterministic convergence, the book provides compelling evidence of convergence in per capita emissions for black carbon, carbon monoxide, ammonia, non-methane volatile organic compounds, nitrogen oxides, and sulfur dioxide. There is also moderate evidence of convergence in per capita emissions for carbon dioxide, nitrous oxide, and organic carbon, and weaker evidence for methane emissions.

The findings have significant implications for environmental policy, particularly in light of the observed deterministic convergence in emissions.

Analyses stochastic and deterministic convergence of ten series of greenhouse gases, aerosol precursors and aerosols Discusses the Panel Analysis of Nonstationarity in Idiosyncratic and Common components (PANIC) Includes a thorough policy analysis, a detailed literature review

Autorentext

Diego Romero-Ávila is Full Professor of Economics at Pablo de Olavide University, Seville (Spain). He has been Research Fellow at the European Central Bank (ECB), Visiting Professor at Vienna University of Economics and Business (Austria), and External Consultant at the World Bank. His research interests lie in the fields of Macroeconomics and Development Economics. He has published articles in such academic journals as International Economic Review, Journal of the European Economic Association, Journal of Economic Growth, Journal of Law and Economics, Journal of Money, Credit and Banking, Economic Inquiry, Canadian Journal of Economics and Journal of Banking and Finance, among others.

Inhalt

1. Introduction.- 2. Description of Developed Countries' Climate Policy.- 3. Description of BRICS and Indonesia's Climate Policy.- 4. Literature Review on Emissions Convergence.- 5. Data and Empirical Strategy.- 6. Econometric Methods.- 7. Empirical Results.- 8. PANIC Results.- 9. Policy Implications and Concluding Remarks.