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Open AccessFeature PaperArticle

Greenhouse Emissions and Productivity Growth

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Department of Economics, University of Crete, Rethymno 74100, Greece
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Department of Economics, University of Cyprus, P.O. Box 20537, Nicosia 1678, Cyprus
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Department of Economics and Finance, University of Guelph, Guelph, ON N1G 2W1, Canada
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Author to whom correspondence should be addressed.
J. Risk Financial Manag. 2018, 11(3), 38; https://doi.org/10.3390/jrfm11030038
Received: 4 June 2018 / Revised: 25 June 2018 / Accepted: 3 July 2018 / Published: 9 July 2018
(This article belongs to the Special Issue Nonparametric Econometric Methods and Application)
In this paper, we examine the effect of emissions, as measured by carbon dioxide (CO2), on economic growth among a set of OECD countries during the period 1981–1998. We examine the relationship between total factor productivity (TFP) growth and emissions using a semiparametric smooth coefficient model that allow us to directly estimate the output elasticity of emissions. The results indicate that there exists a monotonically-increasing relationship between emissions and TFP growth. The output elasticity of CO2 emissions is small with an average sample value of 0.07. In addition, we find an average contribution of CO2 emissions to productivity growth of about 0.063 percent for the period 1981–1998. View Full-Text
Keywords: TFP growth; emissions; materials balance condition; semiparametric estimation TFP growth; emissions; materials balance condition; semiparametric estimation
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Kalaitzidakis, P.; Mamuneas, T.P.; Stengos, T. Greenhouse Emissions and Productivity Growth. J. Risk Financial Manag. 2018, 11, 38.

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