Browsing by Author "Pérez Barraza, Cristóbal Ariel"

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    Financial crises and their impact on CO2 intensity
    (2024) Pérez Barraza, Cristóbal Ariel; Vicondoa Ramos, Alejandro Martín; García Lembergman, Ezequiel; Pontificia Universidad Católica de Chile. Instituto de Economía
    This thesis investigates the impact of financial crises on the CO2 intensity of countries, offering novel insights into the environmental consequences of systemic economic disruptions. Using a robust econometric framework that combines event-study and local projection methodologies, the study examines both the short- and long-term effects of financial crises on CO2 intensity. Leveraging aggregate country-sector data and firm-level analysis, the research identifies that systemic banking crises significantly increase CO2 intensity by up to 48\% in the first year, with effects persisting for two years. This phenomenon is primarily driven by a sharp reduction in gross output, while emissions remain relatively stable. In contrast, sovereign debt crises and large devaluations exhibit no statistically significant effects on CO2 intensity.