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Feeling The Heat: Financial Crises And Their Impact On Global Climate Change

Author

Listed:
  • VINCENTAS GIEDRAITIS

    (Department of Theoretical Economics Vilnius University, Lithuania)

  • SARUNAS GIRDENAS

    (Department of Sociology,Vilnius University)

Abstract

This interdisciplinary paper uses world-systems analysis as a theoretical framework to argue that both the 1870s, 1930’s economic depressions reduced mean global temperatures. As global consumer demand fell, factories worldwide began producing less commodities and, as a result, emitted less greenhouse gasses. We find that in both instances there is evidence to support the hypothesis that financial crises lead to cooler temperatures.

Suggested Citation

  • Vincentas Giedraitis & Sarunas Girdenas, 2010. "Feeling The Heat: Financial Crises And Their Impact On Global Climate Change," Perspectives of Innovation in Economics and Business (PIEB), Prague Development Center, vol. 4(1), pages 7-10, February.
    • Handle: RePEc:pdc:jrpieb:v:4:y:2010:i:1:p:7-10
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    References listed on IDEAS

    as
    1. G. M.P. Swann, 2009. "The Economics of Innovation," Books, Edward Elgar Publishing, number 13211.
    2. Pan Yotopoulos & Yasuyuki Sawada, 2006. "Exchange rate misalignment: a new test of long-run PPP based on cross-country data," Applied Financial Economics, Taylor & Francis Journals, vol. 16(1-2), pages 127-134.
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    6. Giedraitis, Vincentas Rolandas & Rasteniene, Ausra, 2009. "Crisis as a catalyst: the role of Schumpeterian innovation in the Lithuanian economy," Perspectives of Innovations, Economics and Business (PIEB), Prague Development Center (PRADEC), vol. 2, pages 1-3, October.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. João Tovar Jalles, 2020. "The impact of financial crises on the environment in developing countries," Annals of Finance, Springer, vol. 16(2), pages 281-306, June.
    2. João Tovar Jalles, 2024. "Financial Crises and Climate Change," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 66(1), pages 166-190, March.
    3. Jalles, Joao Tovar, 2019. "Crises and emissions: New empirical evidence from a large sample," Energy Policy, Elsevier, vol. 129(C), pages 880-895.
    4. Yves Steinebach, 2022. "Instrument choice, implementation structures, and the effectiveness of environmental policies: A cross‐national analysis," Regulation & Governance, John Wiley & Sons, vol. 16(1), pages 225-242, January.
    5. Stavytskyy Andriy & Giedraitis Vincent & Sakalauskas Darius & Huettinger Maik, 2016. "Economic Crises and Emission of Pollutants: A Historical Review of Select Economies Amid Two Economic Recessions," Ekonomika (Economics), Sciendo, vol. 95(1), pages 7-21, January.
    6. Perry Sadorsky, 2020. "Energy Related CO 2 Emissions before and after the Financial Crisis," Sustainability, MDPI, vol. 12(9), pages 1-22, May.

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    More about this item

    Keywords

    Kondratiev waves; Schumpeter; world-systems analysis; environmental economics; global climate change;
    All these keywords.

    JEL classification:

    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
    • N50 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - General, International, or Comparative
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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