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Does Fiscal Policy Influence Per Capita CO2 Emission?: A Cross Country Empirical Analysis
Abstract
Encouraging economic activities is a major motivation for countries to disburse subsidies, but such transfers may also lead to sustainability and climate change related concerns. Through a cross-country empirical analysis involving 131 countries over 1990-2010, the present analysis observes that higher proportional devolution of budgetary subsidies lead to higher CO2 emissions. The results demonstrate that structure of economy is a crucial determinant for per capita CO2 emission, as countries having higher share in agriculture and services in GDP are characterized by lower per capita CO2 emission and vice versa. The empirical findings also underline the importance of the type of government subsidy devolution on CO2 emissions. Countries having high tax-GDP ratio are marked by lower per capita CO2 emission, implying that government budgetary subsidy is detrimental for environment whereas tax is conducive for sustainability. The analysis underlines the importance of limiting devolution of subsidies both in developed and developing countries.
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