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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. 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.
    2. Robert T. Deacon & Catherine S. Norman, 2006. "Does the Environmental Kuznets Curve Describe How Individual Countries Behave?," Land Economics, University of Wisconsin Press, vol. 82(2), pages 291-315.
    3. Solomou,Solomos, 1990. "Phases of Economic Growth, 1850–1973," Cambridge Books, Cambridge University Press, number 9780521389044.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Kondratiev waves; Schumpeter; world-systems analysis; environmental economics; global climate change;

    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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