Is economic growth compatible with reductions in carbonemissions? Investigating the impacts of diminished population

growth∗†

Gregory Casey and Oded Galor

December 7, 2016

AbstractWe provide evidence that lower fertility can simultaneously increase income per capita andlower carbon emissions, eliminating a trade-off central to most policies aimed at slowingglobal climate change. We estimate the effect of lower fertility on carbon emissions ac-counting for the fact that changes in fertility patterns affect carbon emissions through threechannels: total population, the age structure of the population, and economic output. Ouranalysis proceeds in two steps. First, we estimate a version of the STIRPAT equation onan unbalanced yearly panel of cross-country data from 1950-2010. We demonstrate thatthe coefficient on population is nearly seven times larger than the coefficient on income percapita and that this difference is statistically significant. Thus, regression results imply that1% slower population growth could be accompanied by an increase in income per capitaof nearly 7% while still lowering carbon emissions. In the second part of our analysis, weuse a recently constructed economic-demographic model of Nigeria to estimate the effectof lower fertility on carbon emissions accounting for the impacts of fertility on populationgrowth, population age structure, and income per capita. The model was constructed toestimate the effect of lower fertility on economic growth, making it well-suited for this ap-plication. We find that by 2100 C.E., moving from the medium to the low variant of the UNfertility projection leads to 35% lower yearly emissions and 15% higher income per capita.These results suggest that population policies could be a part of the approach to combatingglobal climate change.

Keywords Climate Change, Economics, Demography

JEL Classification Codes J11, O40, Q50∗Gregory Casey (Gregory Casey@brown.edu): Department of Economics, Brown University, 64 Waterman St., Providence,

RI 02912, USA. Oded Galor (Oded Galor@brown.edu): Department of Economics and Population Studies and Training Center,Brown University, 64 Waterman St., Providence, RI 02912, USA.†We thank Lint Barrage and Matthew Turner for helpful comments and Quamrul Ashraf for sharing the economic-

demographic model with us.

1 Introduction

Population growth is a major driver of carbon emissions, both historically and in projections of future

emissions [1, 2]. Yet, relatively little attention has been devoted to investigating the potential for pop-

ulation policies to influence global climate change [3]. Motivated by this fact, this paper examines the

effect of lower fertility on carbon emissions, taking into account three crucial channels: total population,

the age structure of the population, and output per capita. We provide evidence that lower fertility can

simultaneously increase income per capita and lower carbon emissions, even without taking into account

economic damages from climate change. This result is in stark contrast to other environmental policies,

such as carbon taxes and cap-and-trade policies, which must balance environmental benefits against lost

output [4]. Thus, our results strongly suggest that population policies can serve as an effective tool to

combat global climate change.

Our analysis proceeds in two steps. First, we estimate a version of the STIRPAT equation to find

the partial elasticities of carbon emissions with respect to population, output per person, and the age

structure of the population [5, 6]. Consistent with existing literature, we find that the partial elasticity of

emissions with respect to population is larger than the elasticity with respect to output per person [7], and

we are the first to provide formal statistical evidence for this fact. The partial elasticity of emissions with

respect to population is nearly 7 times greater than the elasticity with respect to income per capita. This

implies that 1% slower population growth could be accompanied by an increase in income per capita of

nearly 7% while still decreasing carbon emissions, eliminating a trade-off central to other environmental

policies.

By themselves, STIRPAT regressions cannot tell us about the impacts of changes in population on

emissions, because population growth will affect carbon emissions both directly and through the other

explanatory variables [3, 8]. To overcome this problem, the second step of our analysis employs a

recently developed economic-demographic model of Nigeria to estimate the effect of lower fertility on

both carbon emissions and income per capita [9]. The model was developed to estimate the effect of

fertility on income per capita, and we use our regression results to estimate the impact of lower fertility

on emissions. We find that by 2100 C.E. moving from the medium to the low variant of the UN fertility

projection leads to 35% lower yearly emissions and 15% higher income per capita.

These results have important implications for climate change policy. It is widely accepted, and en-

shrined in international agreements, that the burden of mitigating global climate change needs to vary

between rich and poor countries in order to ensure that developing countries can continue to experience

economic growth and poverty reduction [10, 11]. At the same time, the projected economic and popula-

tion growth in the developing world indicates that these poorer countries will be substantial contributors

to climate change [12]. Thus, there is a need to find policy options that will lessen emissions from

developing countries without impeding economic development. Our analysis suggests that population

2

policies can achieve this difficult goal. Moreover, if population policies eliminate the trade-off between

environmental and economic priorities, then they will not suffer from the free-rider problems that pose a

central challenge in current approaches to mitigating global climate change [13, 14].

To the best of our knowledge, we are the first to demonstrate how population policies can simultane-

ously increase income per capita and lower carbon emissions, eliminating a trade-off central to existing

policy proposals. Our paper, however, is closely related to two existing literatures. The first is the lit-

erature estimating the STIRPAT equation [15, 7]. Our key contribution to this literature is to examine

how the STIRPAT equation provides evidence for the ability of reductions in population to achieve both

economic and environmental priorities. From a statistical perspective, we build on the existing STIRPAT

literature by formally testing the difference in coefficients between population and income per capita and

by using an updated dataset for output per person. Second, our work is related to applications of the

population-energy-technology (PET) model that estimate the effect of exogenous changes in population

and urbanization on carbon emissions [16, 3, 2]. We build on this literature by expressly examining

economic outcomes and by considering a broader range of channels through which changes in fertility

affects these economic outcomes.

2 The STIRPAT equation

2.1 Methods

The first step of our analysis is to estimate the elasticity of carbon emissions with respect to income per

capita and population. To do so, we estimate the STIRPAT equation:

Ii,t = P ai,tA

bi,tT

ci,tei,t, (1)

where Ii,t is environmental impact in country i at time t, P is population, A is affluence (income per

capita), T is technology, and e is the residual error term. A substantial literature analyzes STIRPAT

regressions to examine the determinants of many measures of the environmental impact of human activity

[7]. We focus on total carbon emissions.

The STIRPAT equation is derived from the IPAT accounting identity [17, 18], and most applications

of STIRPAT are focused on decomposing environmental impacts between explanatory variables. This

decomposition can be aimed at explaining past emissions or predicting future emissions. Our goal is

slightly different. We want to understand the effect of changes in fertility on both environmental and

economic outcomes, accounting for the effect of fertility on population levels, population structure, and

income per capita. Thus, we use the partial elasticities from the regression equation to parameterize our

economic-demographic model (see section 3).

3

Given our goal, the difference between the coefficients on population (a) and affluence (b) is of

primary importance. Thus, in all regressions, we test the null hypothesis of a = b. While the literature

provides a wide range of estimates for both coefficients – depending on the dependent variable under

consideration and the choice of regression specification – we are the first to test for a difference in

coefficients between population and affluence [7]. If a is significantly larger than b, then decreases in

population can lower carbon emission even while substantially increasing income per capita, overcoming

the trade-off central to most environmental policies.

To estimate equation (1), it is necessary to assume a specification for technology (T ). We make the

following assumption:

lnTi,t = fi + gt + hlnSi,t + x′i,tδ, (2)

where fi is a fixed effect capturing time-invariant differences between countries, gt is a fixed effect

capturing differences in global technology over time that affect all countries, Si,t is a measure of the

age structure of the population, and xi,t is a set of control variables including urbanization and trade. All

three of the time-varying explanatory variables have been found to affect carbon emissions in the existing

literature [19, 2, 15]. The inclusion of age structure, Si,t, is important for our results since changes in

fertility patterns mechanically alter the age structure of the population, implying that we need to capture

this effect in the economic-demographic model. We assume that trade and urbanization, however, are

not directly affected by fertility or income per capita. Thus, we include them in the regressions to avoid

omitted variable bias, but do not employ them in our simulation model. In the appendix, we also include

income per capita squared to capture the environmental Kuznets curve (EKC), but the term is insignificant

in our main specification.

Recent advances in the STIRPAT literature have demonstrated the importance of correcting for po-

tentially non-stationary variables [20, 15]. Thus, our main specification estimates a log-linearized version

of (1) in first differences. Thus, our estimating equation becomes:

lnIi,t − lnIi,t−1 = a(lnPi,t − lnPi,t−1) + b(lnAi,t − lnAi,t−1)+

c(lnSi,t − lnSi,t−1) + (xi,t − xi,t−1)′δ + (gt − gt−1) + (lnei,t − lnei,t−1),(3)

where c = ch, δ = δc, and gt = cgt ∀t. It is crucial to note that the coefficients on population and

affluence are still the same as in equation (1).

Our equation is estimated on an unbalanced yearly panel of countries. We use standard sources for all

data. Our dependent variable is carbon emissions from production, which are from Oak Ridge National

Laboratory [21]. Our measures of population and income per capita come from the Penn World Tables

(PWT) version 8 [22]. We employ the newly created output-side measure of income per capita, which

is the best match for our emissions measure. Age structure, urbanization and trade data are all from the

4

World Bank’s World Development Indicators database. To capture age structure, we use the fraction of

population of between the ages of 15-64, which we denote as ‘working age.’ In the appendix, we show

that all our results are robust to alternate measures of income, alternate samples, and alternate estimation

strategies.

2.2 Results

Table 1 presents the results of the STIRPAT regression using equation (3). In column 1, we present a

simple regression with only population and income per capita as explanatory variables. This specifica-

tion highlights the potential for lower population to decrease emissions and increase income per capita

simultaneously. Specifically, the coefficient on income per capita is .207, while the coefficient on popu-

lation size is 1.364, a 6.7-fold difference. The difference is statistically significant at the .1% level. The

difference in coefficients implies that a decrease in population can both decrease emissions and raise

income per capita as long as the elasticity of income per capita with respect to population is less than 6.7.

Thus, decreases in population can achieve both environmental and economic policy priorities. To ensure

that this result is not driven by outliers, figure 1 presents the residual scatter plot from the regression in

column 1.

Column 2 adds the share of the working age population, the other key variable to be affected by a

change in fertility. While significant, the inclusion of the working age population has little effect on

the population and income per capita coefficients. To ensure that our results are not driven by omit-

ted variables, the final two columns add controls for urbanization and trade. Again, the key results

are unchanged. In all cases, the equality of coefficients can be rejected at the .1% level. Importantly,

the regression coefficients are not substantially altered by the inclusion of urbanization or trade, which

provides support for our assumption that changes in population do not affect carbon emissions through

these channels. If urbanization was an important channel through which population led to increases in

emissions, the coefficient on population would decrease substantially once urbanization was included

as a control variable in the regression. Our preferred specification is column 4, which includes con-

trols for the major confounding variables identified in the literature. Thus, we use this specification to

parameterize the economic-demographic model in the second phase of our analysis.

In the appendix, we show that our key qualitative result – the large difference in coefficients between

population and income per capita – holds in a number of other settings. To ensure that the results are

not driven by attenuation bias, which can be exacerbated by differencing, we demonstrate that the results

hold when estimating the equation in levels. In this case, the squared term on income per capita becomes

significant. While our goal is not to provide a detailed examination of the EKC relationship, the fact that

first differencing removes the squared term is consistent with existing literature [23]. We also show that

the results are unaffected by moving to a balanced sample of countries, indicating that the results are not

driven by the changing sample. We also re-estimate the STIRPAT equation using total income, instead

5

of income per capita. The population coefficient is statistically significant in this specification, further

supporting the idea that population matters above and beyond increasing total output. Finally, we show

that the qualitative results are unchanged if we use several other measures of income per capita. We use

the consumption-side and national accounts measures from the PWT, demonstrating that our results are

not driven by the use of the output side measure, as well as the exchange-rate based measure from World

Development Indicators, demonstrating that our results are not a byproduct of the adjustments for price

differences across countries.

2.3 Discussion of regression results

The regression coefficients presented in table 1 capture the effect of the explanatory variables on carbon

emissions through two key channels, the energy intensity of output and the carbon intensity of energy,

in addition to their direct effects. Unfortunately, regressions of this type cannot tell us more about the

specific mechanism through which population and output affect carbon emissions. Since our economic-

demographic model does not explicitly model the energy intensity of output or the carbon intensity of

energy, we rely on the simplified reduced-form relationship provided by the STIRPAT regression to

parameterize the effects of population, age structure, and income on carbon emissions. Understanding

the exact causal mechanisms underlying these regression results is an interesting and important way

forward for future work in this area.

While we are the first to formally test for the difference in coefficients between population and

income per capita, these results are consistent with the existing literature. Jorgensen and Clark estimate

an equation similar to ours, and the results display the same qualitative pattern [19]. Specifically, they

find a population elasticity of 1.43 and an income per capita elasticity of .65 in their first-differenced

specification with similar results in alternate specifications. Our major differences in specification, in

addition to formally testing for different coefficients, include the use of new data, differing time scales,

the inclusion of age structure, and the use of time fixed-effects in all specifications. They find that the

elasticities are relatively stable across time and space [19, 24]. Knight et al also find similar results

when focusing on alternate population measures such as employed persons and hours worked [25]. For

example, when also controlling for hours worked, they find a population elasticity of 2.25 and an income

per capita elasticity of .59. Earlier work, which did not use panel data to mitigate omitted variable

bias, finds similar coefficients for population and income per capita [5, 6]. More exhaustive reviews of

elasticities found in the existing literature, as well as discussions of different estimation techniques and

specifications, can be found in O’Neill et al (2012) and Liddle (2014, 2015) [2, 15, 7].

More recently, a growing literature has included ‘intensity’ variables, such as the energy intensity of

output, in STIRPAT regressions and found more similar coefficients between population and income per

capita [26, 20, 7]. This addition is an important step forward in accounting applications of STIRPAT, but

is not appropriate for our purpose. Our goal is to determine whether decreases in fertility can simultane-

6

ously achieve economic and environmental policy priorities. As noted above, our economic-demographic

model does not have an explicit energy sector, and therefore, the appropriate regression coefficients must

include the effect of population and income on carbon emissions via the energy intensity of output and

the carbon intensity of energy. Earlier results including ‘intensity’ variables suggest that the difference

in elasticities between population and income per capita could be explained by a greater effect of pop-

ulation on the energy intensity of output, which is an interesting area for further study. As discussed in

section 3.2, the careful modeling of fertility and omission of an explicit energy sector in the economic-

demographic model represent a trade-off when compared to modeling strategies based on PET [16, 3, 2].

Section 4 discusses several ways that the current analysis could be extended in future work, including

more explicit modeling of the energy sector.

3 The Impact of fertility on economic and environmental outcomes

3.1 Methods

The second step of our analysis quantifies the effect of lower fertility on economic and environmental

outcomes. STIRPAT regressions, while useful for decomposition exercises, are insufficient for deter-

mining the overall environmental impact of an exogenous change in an explanatory variable [3, 8]. The

regression cannot tell us about the relationship between the explanatory variables. To fully account

for these interdependencies, we use the economic-demographic model developed by Ashraf, Weil, and

Wilde (AWW) [9]. The model was constructed explicitly to evaluate the effect of changes in fertility on

income per capita, making it well-suited for our purposes. We examine the effect of an exogenous reduc-

tion in fertility on both economic and environmental outcomes in Nigeria. As in the original analysis,

our exogenous change in fertility is a movement from the medium to the low variant of the UN fertility

projections, though we use the most recent projections [27].

The AWW model examines the effect of fertility on economic growth through several channels,

which can be divided into three main categories. We call the first category composition effects. Changes

in fertility alter the age structure of the population, which affects economic output through the number

of people of working age (the ‘dependency effect’), savings behavior (the ‘life-cycle saving effect’), and

labor supply differences within the working age population (the ‘life-cycle labor supply effect’). We

deem the second category behavioral effects, which encompasses changes in economic behavior for an

individual as a direct result of having children. When fertility is reduced, parents have more time to

work (the ‘childcare effect’) and can invest more resources in the education of each child (the ‘child-

quality effect’). The third category is factor accumulation. High fertility reduces the amount of physical

capital per person (the ‘Solow effect’) and natural capital per person (the ‘Malthus effect’). Moreover,

the increase in labor force participation caused by lower fertility leads to greater human capital via work

experience (the ‘experience effect’).

7

We use the AWW model to measure the effect of the change in fertility on the total population level,

the age structure of the population, and income per capita. We then combine the model output with our

regression results from column 4 in table 1 to estimate the impact on carbon emissions. Since we do not

know the future values for the time fixed effects, we estimate the ratio of carbon emission between the

two scenarios.

Our work in closely related to analyses that estimate the effect of exogenous changes in population

and urbanization on carbon emissions using the PET model [16, 3, 2]. The key difference between the

analyses is that the present paper is expressly interested in the effect of fertility on both economic and

environmental outcomes. Thus, we use an economic-demographic model specifically designed to esti-

mate the effects of fertility on economic growth, accounting for all of the channels discussed above. The

earlier works focus on compositional effects and do not report economic outcomes from their analyses.

This approach involves trade-offs. The PET model captures rich details of the population composi-

tion and energy sector, but only examines some of the channels through which fertility affects economic

outcomes. Another strength of the AWW model lies in the careful selection of well identified parameters

taken from the existing microeconomic literature. Thus, the parameters are strongly grounded in the his-

torical experience of Nigeria. The strict requirements for parameterizing the model, however, imply that

it can only be applied in a single country, unlike the PET model. Also, the demographic model does not

explicitly model the energy sector. Instead, we use the STIRPAT regressions to capture the reduced-form

effects of population, age structure, and income on carbon emissions.

3.2 Results

The results of our analysis are presented in figure 2. In all cases, results are presented as the ratio of the

outcome under the low fertility scenario compared to the outcome under the medium fertility scenario.

Panel A presents the outcomes of the major variables in the analysis. Emissions are sharply reduced

under the low fertility scenario, while income per capita increases. This is the key qualitative message

of our analysis. Specifically, emissions fall by 10% by 2055 and 35% by 2100. Income per capita,

meanwhile, increases by 10% in 2055 and 15% by 2100. Thus, the income gains occur sooner, while

emission reductions are back-loaded.

The share of the population that is of working age increases slightly as a result of the change in

fertility patterns. At its highest point, the share is 4.5% higher than it would have been without the

reduction in fertility. The reduction in population follows a path very similar to that of total emissions,

demonstrating how strongly changes in population levels drive emissions.

Panel B translates these effects into their impact on emissions. As suggested by panel A, emission

reductions due to lower population drive the results. Increases in the working age fraction of the popu-

lation and income per capita have only small positive effects on emission levels. Between the two, the

8

change in the working age share has a bigger effect on emissions than does the increase in income per

capita, though the effects become more similar over time.

The appendix includes results when using alternate specifications and measures of income per capita.

In all cases, the qualitative effects are similar. The most significant difference occurs when using the

balanced regression sample or estimating the regression in levels. In this case, emissions increase in the

low fertility scenario briefly, due to the increase in the share of the working age population. By 2100,

there is a substantial decline in emissions, leaving our key results unchanged.

4 Discussion

The trade-off between economic and environmental priorities is central to the most commonly discussed

policies aimed at combating global climate change [4]. It is important to note that population policies

have a positive effect on economic outcomes before considering the feedback from environmental to

economic damages. This is the crucial difference with integrated assessment models – which often

translate all damages in economic units – that show a positive effect of climate policies on economic

outcomes [28, 29]. These feedback benefits would certainly still occur as a result of population policies,

but they are not necessary to achieve positive economic outcomes.

While our primary goal is simply to demonstrate that lower population policies can simultaneously

increase income per capita and lower carbon emissions, our results also have substantial implications

for policy. First, implementing population-based policies in developing countries could help overcome

problems of international burden sharing in the reduction of climate change [30, 10]. This is especially

relevant given high predicted fertility in developing countries and evidence for a high unmet demand for

contraceptives [31, 27]. Indeed, under certain burden-sharing agreements, poor African countries are not

expected to substantially contribute to emission reductions over the next several decades [30, 32]. Yet,

our analysis suggests that moving to a feasible fertility scenario in Nigeria can lower relative emissions

by 10% in 2055 and 35% by 2100. Second, since such policies do not have inherent economic trade-

offs, they do not suffer from free-rider problems, implying that it will be substantially easier to reach

agreements to lower emissions through population-based policies [13, 14].

We do not argue that population policies are a panacea for solving environmental and economic

problems. In particular, we have not shown that population policies are sufficient to meet reasonable

emissions targets on a global scale or even that feasible reductions in fertility would bring emissions

below their current level, which would require a reduction in the level of population. Instead, our re-

sults suggest that population policies could be a component of the international approach to climate

policy. Indeed, given the fact that many countries – especially wealthier countries, China, and Russia –

contribute substantially to global carbon emissions despite having low rates of population growth, it is

highly unlikely that population policies will be the primary driver of emission reductions. Still, what-

9

ever global emission reductions can be achieved via population policies can be achieved without the

economic trade-off central to most other policies and will likely be easier to implement given the lack

of free-rider concerns. To understand what role reduced fertility can play in the reduction of total global

carbon emissions, future work would need to extend the analysis presented here to the entire world.

Our analysis has examined the effects of an exogenously lower path of fertility given by the UN,

rather than the outcome of a specific policy or set of policies. There are many policies that may lead

to lower fertility, the most obvious of which is the provision of contraceptives. There are a number of

other policies, however, which would also alter fertility in developing countries. As with all decisions,

parents have limited resources to allocate to raising children and, as a result, many economic policies

will influence fertility rates. In particular, parents must decide how to allocate resources between having

more children and investing in the future of each child [33, 34, 35]. There is considerable evidence

for this ‘quantity-quality trade-off’ in the economics literature [36, 35, 37]. Thus, policies that increase

incentives for investment in education, for example, can also lead to lower fertility levels. Any policy that

affects fertility will likely affect the evolution of population, age structure, and income per capita through

other avenues, such as the effects of increased taxes or changes in government budgets. Examining the

effects of particular policies represents an important area for future research to build on the analysis

presented here.

While this analysis has demonstrated the potential for reductions in fertility to simultaneously achieve

environmental and economic policy priorities, many opportunities remain to extend the analysis, as noted

above. First, the model employed here does not include a detailed representation of the energy sector.

Understanding how population, age structure, and income per capita differentially affect the energy in-

tensity of output and carbon intensity of energy is an important step towards understanding why lowering

fertility can have these outcomes outcomes and how to design targeted policies that can overcome trade-

offs central to most efforts at combating global climate change. Including such mechanisms in the mod-

eling stage of an analysis like ours could also sharpen the quantitative estimates. Second, expanding the

geographic scope of the analysis is necessary to more fully understand the role that population policies

can play in mitigating global climate change. Finally, evaluation of any particular policy necessitates

extending the analysis to include specific reasons for the decline in fertility, rather than taking such a

change as exogenous.

5 Conclusion

We have demonstrated that lower fertility can simultaneously achieve environmental and economic pol-

icy priorities. This stands in stark contrast to most policy options aimed at mitigating global climate

change, which involve significant trade-offs between wealth and environmental protection, at least be-

fore considering the economic damages caused by reduced environmental quality. Thus, our research

10

suggests that population policies could be part of the global policy response to climate change. Indeed,

such policies may receive increased political support because they do not suffer from free-rider problems.

We hope that our analysis will spur further research regarding the ability of population polices to combat

climate change.

6 Supplemental Information

6.1 Data

Our emissions data comes from Oak Ridge National Laboratories and is standard in the literature [21].

The dependent variable is Total CO2 Emissions from Fossil Fuels, which is measured in thousands of

metric tons of Carbon. The estimates of carbon emissions are constructed using fossil fuel inputs in

production [21, 38].

We take output and population data from version 8.0 of the Penn World Tables [22, 39]. The Penn

World Tables measure real GDP, which accounts for differences in prices across countries. A major

innovation of version 8 is that there are now several measures of real GDP. For our analysis, we use

output side real GDP, rgdpo, which measures the level of production, as opposed to consumption, in the

economy. This is best choice because our measure of CO2 is calculated based on fossil fuel production,

rather than consumption. GDP is measured in 2005 USD. We also take population values, pop, from the

Penn World Tables. Output per capita is just the ratio of the two variables from the PWT. The data cover

1950-2010. We use alternate measures of income in robustness exercises.

We take data on the population age structure, urbanization rates, and trade from the World Bank’s

World Development Indicators (WDI) database. Trade is measured as: (exports + imports)/GDP .

We also use the exchange-rate adjusted measure of income per capita in robustness exercises.

We drop any country from the analysis that has GDP per capita greater than 100,000 USD 2005 in

any year. We take these high GDP numbers to indicate that true production levels are not well measured

by the PWT approach. This eliminates Bermuda, Brunei, Kuwait, Qatar, and Saudi Arabia. There are

also two country-year observations with negative emissions, Senegal in 1968 and Yemen in 1990, which

we drop from the analysis. Our qualitative findings are unchanged if we include all of these observations.

We also remove Israel, Cyprus, and Malta, which are clear outliers that bias the results in favor of finding

much larger coefficients on population.

6.2 Regression Analysis

Regressions were performed in Stata statistical software. Within R-squared is calculated using the user-

created module ivreg2 [40].

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6.3 Demographic Simulation

Ashraf et al. (2014) construct an economic-demographic simulation model that uses standard economic

modeling to predict the aggregate effects of an exogenous reduction in fertility [9]. They study Nigeria

from 2005-2100 under the medium and low fertility projections from the United Nations [41]. The

output of the model is future paths of population, age distribution, and output per capita under different

fertility scenarios and parameters estimates. We employ the results from their main exercise, which

has zero technology growth and the authors’ preferred estimates for each of the key parameters. We

update the analysis to use the newest version of the UN projections [27]. We then combine the model’s

projections with our econometric estimates to construct predictions for relative carbon emissions under

the two scenarios using the following equation:

emissionsj,temissionsk,t

= exp

(0.226 ∗

(ln(gdppcj,t)− ln(gdppck,t)

)+ 1.439 ∗

(ln(popj,t)− ln(popk,t)

),

+ 0.016 ∗(ln(WAj,t)− ln(WAk,t)

)),

(4)

where j denotes outcomes under the low fertility scenario, k denotes outcomes under the medium fertility

scenario, and WA is the percent of the population between ages 15-65.

We make a few modifications to the starting values in the model. The original model does not

impose the actual levels of GDP for Nigeria and, instead, is only concerned with the ratio between the

two scenarios. We impose the level of GDP and physical capital in 2005 using the data from PWT version

8.0 for Nigeria in 2005. Consistent with the regression data, we use output side real GDP, rgdpo, which

is 220,303.3 million 2005 USD. For the capital stock, we use rkna, which is ‘Capital Stock at Constant

National Prices’, yielding 339,150.3 million 2005 USD. Unfortunately, the capital stock is not available

as an output side measure. We then normalize the ‘Fixed Stock of Land’ to 1. When combined with

the 2005 stock of human capital, which is already calculated in the original model, this yields a level of

technology of A = 4.46.

Our adjustments have a very slight effect on the ratio of output per capita that comes from the the

model. Specifically, in 2100, the original formulation leads output per capita that is 15.80% higher than

in the low fertility scenario. With our adjustments, the output per capita ratio in 2100 is 15.86% higher

in the low fertility scenario. The ratio of population and the fraction of the population of working age

are exogenous and unaffected by imposing the initial level of GDP.

12

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15

7 Tables and Figures

Table 1: Determinants of Carbon Emissions: GDP per capita and Population

(1) (2) (3) (4)Ln pop. (a) 1.364*** 1.469*** 1.406*** 1.439***

(0.172) (0.176) (0.175) (0.203)

Ln gdppc (b) 0.203*** 0.207*** 0.206*** 0.226***(0.042) (0.044) (0.044) (0.052)

% Age 15-64 0.016** 0.016** 0.016**(0.007) (0.007) (0.007)

% Urban 0.008* 0.014***(0.004) (0.005)

Trade (% of GDP) 0.0002(0.0002)

Year FE Yes Yes Yes YesObservations 7133 6426 6426 5679Countries 156 153 153 147R-Squared 0.05 0.05 0.05 0.05Within R-Squared 0.017 0.020 0.020 0.023P-value: a = b 0.000 0.000 0.000 0.000P-value: a = 1 0.036 0.009 0.022 0.032

Notes: ∗p < 0.1, ∗ ∗ p < 0.05, ∗ ∗ ∗p < 0.01. Robust standard errors clustered at country level in parentheses. Equation

estimated in first differences. In all specifications, the dependent variable is the natural log of total CO2 emissions. The sample

covers 1950-2010. Within R-squared is the percentage of variation in the dependent variable explained by the independent

variables after removing variation due to time and year fixed effects.

16

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SLEBGDLAOUSAHND

TZA

ETHSENLVANORITARWANZLESPECU

COD

NGA

ZAFTZALVARUSGRCAUSBLRSWE

NPL

MRTECUSWEMLIALBCHEGBRMARHRVUSAEGYTCDGNQINDGTMEGYSWETGOMUSCAFPRYOMNUSASTPNZLMEXCRICANSLE

GBR

GAB

NLDSTPARGURYVEN

MRT

KGZEGYITAARGGBRFRASWEEGY

NZLOMNGABNLDBLRGTMNGAJORPRYITADNKNERMYSSLEHNDVNMBGDCOL

IRL

NPL

BOLNLDVENCOMCANMUSSVNGMBRWABLRCOMGTMDNKMRTBOLAUTNORTWNBGRPRTGTM

VNMGTMSLVIDNBRAJAMMYSFIN

CHN

BDIGNBBELYEMHNDKHMCAFMEXMEX

BRB

NGA

IRLNORNGACMRLCAETHARGSWENORPAKBELHUNEGYLUXNPLNORMEX

SWZ

PANINDZWEDNKIRL

JAM

ISLUSAZAFGINNLDMLIGIN

VCT

NGADNKBELZAFIRQBRAROUNZLZMBIRNPHLKHMTHA

MNE

JORNLDDNKTGOSWE

BDI

BOLGTMARMDNKCHECOGFRASWEALBSENCMR

MUS

NORESPAGO

MUS

KHMURYETHAUTCODFINCPVSTPCHEECUDNKPRTTUNBELBELBRAROUSENMARDNKBGRGMBCPVCOLGINLKACHEBIHINDUGA

MUSBRBCHEARGGINEGYNAMIRLMRT

TCD

NLDSVNAUTGBRSGPTWNMUSMOZUSACOLCHEINDTZAPANRWACANTUNDEUEGYUGA

NPL

NGA

TGO

GRD

BFAHNDCAFMRTCHECHETHASTPNORDNKBRBLAOJPNNGAPRYTUNNORDEUCHEMARBLZCOLCOLCHE

BRBAUSBFAMARBGRHNDECUECUNZLTZA

CRI

CRI

ECUUGATKMGINIRL

BGRBHS

UGADNK

ETH

CHEMARPRYECUITANLDSWEKORFINFINBHSGHACOLAUSAUTBGDNLDCOL

TTO

PHLSENCHNGTMNGALBRSWE

JAM

ARGMDGSYRLUXSURJAMIRLAUTMNGPAKBOLAUS

NGA

FRAFJILKAUSABOLGTMGRCKNADNKKENNORPRTCHLNLDLCAFJIEGYTCDSWEIRLVCTNGAGTMPRYARGPERBGDECUETHCANFJIFINDNKGBR

GAB

CANNGANZLNLDIRQNERURYZWEGBRNLD

AGOARGIRLKAZ

ISL

LTUALBZAFSWEUSAINDNLDBELPHLECUCHNHNDZAF

UGAMRTJAMGINBELCOGZWEGBRPAKMDGSDN

SGPIDNBRANGAPRYDOMUSASENNGA

COLCHLFRANGAEGYARGKENZAFBFANGACAFBRA

NGAPRTSWENORHUN

LSO

GMBTUNZAFCRI

URY

NZLSWESLVIDNVENHNDCANMOZYEMECUHNDSDNNGAMDGCMRHNDUGACHETWNBRA

GAB

VENPOLVCTPRYFRAGBRPRYCANDOM

BELTTOVNMSVNFJI

GIN

BENMNGHNDNERVENLVAARGIDNDNKVNMBLZBGDAUT

ECUBELCHLSLVKORGTMSLVBENVNMBRBFRAIRLBRABGD

JOR

TTOCOLAUTBEN

ETH

GHAESTCHEPRTECUSLVTGOFINNGABFABOLHNDAUTINDCOL

ECUGMBKEN

FIN

MOZLTU

MUS

ITAGBR

LAO

IRLECU

NGAPANPOLUGA

COG

BDICZEEGY

ETH

GINJORGTMCHLZAFNZLMYSCMRMEXROUPRYZAFZAFCOGIRNMEXNGA

HND

ITAGRCDJI

PRY

SENTHACMRPOL

NGA

SGPOMNBGR

BDIHUNGTMFJIPAKNLDBRBSLVTHACAFCHE

THADEUTZACPVSVNCHNBGDCHNAUTUGANGAMYSCOMNORCHLSVKBLZNORLKAMDGBELESPDOMJPNMRTZMBSLVGHAGHABELSWEBELIRQETHCOMUGAIRNNORZMBUSA

SDNHKGSWEECULBNPERLUXTUNCOLSWECOLPRTAUSCPVDNKFINPRTBIHTZANORITAITAMARSLVMEXNGADEUCANJORZAFPHLECU

SWEUSAZAFCMRNGACHEDMAZAFBELZAFTHAMLIBRBZAFSLVCHE

ROUSTP

SVKTWNZAFRWA

KNAGNQ

FRAFRAIDN

RWA

CHNLTUOMNMEX

BEN

TZACHNKORBWATUN

MAR

BOLNORISL

ESPHNDEGYTUNKHMNZLNLDTGOGTMBELPERFRASLVPOLSENSWENAMAUSCMRHUNBRBAUSROUBIH

EGYUGA

MDGBWA

LKANZLINDPERFJISLVAUTPHLMARGBRTHANZLMEXAUTHKGCANDMAMDVIDNUSAGBRECUSDNGTMGBRNGAETHPAKARG

ETH

MUSIDNCRISWEBELFINLUXCHEFRAMWIPERSWZMDVCMRUGAMUSFRAMNGBRAGRDAUSITAMEXCOMAUTCANPAKJAMITACOMZMBTUNAUTMEX

BEN

TWNISL

IRL

PERNLDGHABELPERPAKAUS

SEN

MEXGNBTGOGBRCHLBTNGNB

LKA

JAM

CANAUSBDIURYKNANZLHKGAUSSVNHUNIDNMWIFJIPRT

KENECULVAFRACHECMR

KEN

ITAITANAMKENMEXCAFTZALBRDJI

BTN

VNMCHEPRYGBRDNKGBRNZLBRBPRTMRTLBRLUXAUTMDASGPGRCFIN

BRBCZEMWIMYSLKA

JOR

MDGNGADEUSLVSVKKNA

NGASGPAUSMOZUSAURYAUTROUPRYPHLMLIBFADOMVENHRVPRTISL

ECUIRNNGAMNGECUCOMKHMMNGFJIBELSENGRCBWAALBDNKNGALUX

BTN

BELKENNGACPV

LAOESPIDNNGADOMJAMSTPBHS

MYS

ETHGRCCOLITABELTWNAUT

SGP

NZLBOLMOZBELTURUSAGTM

BDI

ETHCHEPERGRDUSARWAPOLEGYDNKPANDNKZMBISLGRCGHAAUSBOLBOLCOLLBRBRA

VNM

USASVNBOLZAFNZLHNDNZLSTP

GMB

NGA

FRAARGCRICOMBELCHELKAKENCRI

MOZ

BRATTOSGPESPNORESPPHLALB

MDV

MWIGTMURYALBUSAGNQIDNFINUSAMOZPAKETHSWZIRNLUXMYSCRITHANORGNQJPN

TGOESPAUTCOLSYRKENJORLBNLBRDMALKAKORITASWE

COG

ECUKORMLIROU

VCT

CHLIRLSTPAGOALBPANHUNMDVMDGNAMLBNSYRSWELUXZAFURYUSAGBRCRIMRTBGDATGUGAZAFESPPRTCANPERINDDNK

BLZJAMCRIPRY

SLV

GMBIDNNLDMOZIRNNGACHELKA

DNKSVNGEOBGDVNM

SDNBENGMBITAJAMSWEMARGAB

NPLNLDSLEBENBGD

RWA

ITAUGAUSACRIDMACHLPANGMBROUCANHNDDNKBRANLD

TTO

AUS

SDN

CANPAKGTMTURBGRUSAKORBRBESTCAFTCDIRLPRYLKARUS

PAN

FRACHECOLMDGLKAHRVVENNZLBGDPRTLKAMRTFRAZAFMARNAMBOLZWELCAISLLAODEUZAFFRAMYSMEXSENNZLPHLFJICMRKORLBRESPLCAUSAKOR

SWE

ECU

BHS

SVNCHNPRTPHLLAOESPAUTSLEBELGBRESPBRABENKORFRACHENGADNKNGASYRLTUFRABELNGA

CMRTTOAUSEGYCOLSLEJPNJPNBLRITAHNDCMRSURSVKGNBFRABGDFRABGRBRAPHL

NGA

GBRURYVENAUTSLV

LKA

HNDMRTSVNPERIRL

VCT

ISLRUSFRAMYSPANNZLSWZPANFRAMARCHLLKAAGOLKASLVUSATURCANTGOPANNORZAFIRNLCA

LKAMKDSVNALB

YEM

CRIBELTWNTWNGBRTUNCANGTMFINPERDNKZWEDEU

ZWE

NGANGAALBKORJAMBRAHNDPHLCZECANGTMDNKBTNAUSFJIAUSROUPHLNER

ETH

ALBNLDFINGTMUSABRBMWILKATCDMWIYEMPHLPAKMOZGRCAUSMLIPERSUR

SUR

GTM

UGACHNGBRRWA

CRICANMYSBELNZLCOLAGOCHLCAN

TZA

FRA

GTMAGO

LBN

OMN

SLE

CRIZAF

TTO

TURAUTPAN

EGYIRQ

SVK

SLVUGABENPOLHNDJPNBELMARRWAGRDGBR

TKM

MUSUSAECUECU

PAKMOZMKD

DMA

UGANGAMWIIRLTHAUSAGNBMARSWEAUSFRAFRADEUSLVNLDPERGHAKNAFRABRAZAFDJI

ATGAUSCRIIRLSWEGRDCOG

INDCMRMDGNERMDGPERCANTUNITAMEXESPNORFRAMEX

MYS

CPV

HRVECUDJITGODNKNZLMDVDMAECUCANCAFCANMWIZMBBRATTOGTMFINFRAGBRURYCAFGTM

PAN

VNMTHABELBELBGDDNKDOMMEXUSACHEURYGINMUS

BWA

NORSYRROU

SDN

DOMBFAHRVHKG

BFAJAM

IRLPOL

DOM

TTOMEXTTOIDNIRLUSANLDGRCMARTWNUGAUSASWEJPN

LAOHNDPOLAUSIND

BOL

SWZAUTIRQ

ARMCHELTUPHLJPNBRBDMACHNCHEGINZAFGTMITABFASLV

CHNALB

CRIURYSLEHRVOMNMARLUXAUTITAISLSLEBOLMYSRWAPERAUSPAKTGOUGAHUNPANTGOFINCRIMUSUZBDNK

IRL

VNMBLZIRNALBPRTHRVYEMESPNGA

LVA

GTMHKGLCAPRTPHLCHEGTMTURMKDNORCMRFRA

BLZ

TTOPRTMYSLKAVCTMYSAUSGTMTUN

MUS

BENCOLCHEKENNERTKMCOLMEXLTUNORPHLGBRRWAPHLBRATWNAUTSWE

LAOURYSWEEGYCHNMUSAUSKHMATGIRLGRCINDFRANLDFINTHA

UGADNKBELGRCNLD

NGA

NERLVAIRL

TWNZAFSWEKNAEGYBELTHATUNTWNGINCANPAKINDTKMDNKIDNPAKFRAROUTWNTZAPRT

BTN

UGANZLPAKCANCOLBRAPERFINPAKTHA

LBR

BRAMUSAUTNLDMYSTHASTPNLDBRACRITGOGTMCPVBOLMEXBOLLTUNORISL

PRY

GNQBELGBRBRAPRTCRI

UGAMARRWAPOLPAKPHLCZEMKDCPV

IRQ

URYFINFRANZLLAOZAFMEXKENESPARGMUSUKRAGOARGMWIPHLTURVCTPAKUSATHATHATUNEGYAUT

ECU

ZAFROUDOMUSAFRACHEKORDMABGDNZLVENTKMECUNGAIRNITACHL

DOM

LUXUGA

SLE

CANHNDETHTWNROUMYSMOZPERJORBIHKEN

MOZ

NLDPANTWN

VEN

IDNCOLTGOBENCHLSTP

CHENZLMYSMEXOMNRWAFRANGAGNBDMADNKCOGSVKIRNLCA

BGD

THATJK

TWNBHSNORCHLALBPRTHKGKORBOLBWAESPBELINDCAN

TTO

FJISWETURMOZAUT

BTN

RWANLDCHNVENMEXMLI

LBR

JPNPERLBRPRYETHMUS

BHS

MNGUSACRINORGRCPRTNPLCHEIRLVENAUSSWEROUECUGRCSTPDOMTUNLBRMYSITAAZEPOLZAFAUTDMADOMESPHNDKORIND

EGY

TGOAUTFRAPRTTCDCPVBWAROUFRAAUSTTOJPN

NGA

DJIPANBOLALBNLDMKDTURNPLAUTMYSKGZFRAJPNINDZAFZAFVCTBRBVENSVKPRTMYSSGPUSAHNDMWILAOBFANORESPZWEAUTCHLCPVCOD

MRT

CANHNDVNMPAKITACANCOL

TZA

NZLGTMKENSTPFRAINDESPGNQECUBFAVENNLDVCTBELVENAUSPHLSWEPHLBRABOLTZAMNGMDADOMITACZEINDCOGDMAHNDTWNARGCOMNOR

SEN

GTMLBRMARIRLBELIRLPANSYRLKA

PRYHKGTURITABRABGRARGLTUCHN

TZABTNBGDDEUCRIPERMLIDNKGBRFINKENBGRESPHRVAUSBFATURLBRFINARGSURKORBFAITAEGYLKABIH

LKADOMFRABFAGABESPSURITACANPANCRIPOLCAN

TZABDI

GNQZMB

NORNGAMOZATGGINJORTUNBLZHKGBOLUZBGHATUNGRCVNMMDVBGRBENMEXIDNMDGTGOBGDGBRZWE

DNKESTGRCBFAJPNPRYMEX

MDV

CAFMNGNORMYSCOD

BEN

BGRARMBGDVENPAKBTNBFAARGSVKLBNUSAVNM

AGO

ESPARM

BLZVNMBWAINDDNKAUTCOL

ALB

PAKZWEINDNGACHNHUNGHALCALBR

VCTGRCTWNCHEPRTSUR

RWAUZBIDNBFALKA

GNQ

NZLHUNAUSBGRUGASLESWZ

GNQ

BOLBENPRYLKAGIN

COMSWEITA

ARM

COLTWNLUXSURPANIRLIDNNZLSVNDNKHNDUSATHAPAKGHAAUTVEN

OMNPANARGPERCHLGHAITAMARISLBRABGRAUSHNDTCDJORRWA

AGO

JPNGRC

BTN

GBR

SGP

BELCOLMDGPERCHNBELNZLAGOAUTTKMLAONPL

BRB

LKAAUT

NER

DOMTWNPAN

BRB

USAFJIMYSLAOMEXATGPOLLVA

MOZ

KENKORNGA

ETH

AUSHUNMEXGRDFRAPERURYFININDBELVCTGRDBWAKENISLBLZPRTLBNTURPHLFRAPAKARGNLDTWNMDGUGABGDTTOSWELVAGRCSVKHKGCHNCANPANGRCDOMMUSROUNORISLHKGPRYCOLBGRMOZUKRHNDPHLDNKBENRWASLEPERHUNNLDVNMGRDNER

SDN

GRCMDGPAKJPNDMAUZBCHLMDVGNQNORGBRNLDITAPRYGRCDEUESTECU

KOR

MLI

BWAAUTFRACOMTZAMAR

CPVMYSLCADMABENGHAAUSUSAMAR

CRIAGOPAKBENSTPKORNLD

TZA

KAZCHEMEXUGAGRDKAZUZB

THAKHMZMBMRT

PRYCHEBEN

INDMYSNERPERHKGGMBCAN

GAB

COGAUTGBRNZLBWA

MDA

ATGLKATWNPRYJPNCHECOLINDATG

MYS

ITAMDVBGRISLGRCBOLCHEMDATURNAMHKG

HNDKAZTKMTTOAUSPAKBLRLKANZLESTINDVNMLTUNLDGINKORPRTITATHABTN

SWEMLISTP

BDI

PANLBRGBRLBRHRVGTMSLVROUMLIROU

FJI

GRCCANNGA

NPL

LVARWADOM

CPV

ARGCRIINDRWAPERPOLSWEBOLIRNCHL

CRI

POLTCDINDROUDNKBRAKENBIHMEXTUNUSAAZELKACZEBOLPRTGBRBGDESP

SURBGDSWELBR

GEOMWICHNSLVKORUSAESPMDGPRYSDNCRICODTURIND

MYSHUNESPAUS

MDG

PRY

CHE

THA

VNMBEL

MDG

KENHKGTWNMDGIDNVCTNPLCODARGFINCANTUNMWIDOMMUS

LUXFRAIDN

ETH

AUT

LSO

CRIMWICANMYSHUNHKGBOLNERARGAZEAUTIND

COLBELMKDPRTGRCZWEBOLRWAISLMRTGMBESPROUDMALUX

SWE

LAO

EGYBGRPOLLUXTUNIDNIRLROUPANBEN

KNAZAFAUSTHAVENMEXCHEDNKNPLGMBPERMEXSGPJPNECUESPCOLGINPRTLUXALB

BENESPUSABENTCD

SDNTTOLUXCANROUMUSMDAITAMARBTNGTM

TTO

VEN

SYR

INDTWNRWA

MUS

ITA

BTN

ALB

JPNCOMHKGSURHRVITAGINTZAGTMCANMUSESTBRADNKBRBTGOGNBCOMTUNLTULAO

PANARG

SGP

TWN

SDN

SGPCHLBLRNAMBWAISLPRTDEUNPLKHM

KHM

UZBPANDOMINDITAALBNZLISLBFACODLBRGRCBRAGINMYSMEXKORBEN

AUTCMRLBRJPNNORCHESLVKOR

GMB

TTO

ECUTCDBGRMDAKHM

IDN

TURNLDDOMAZE

TGO

SVK

FJI

NGAPANDOM

FIN

GNQ

RUS

GAB

FINESPCPVBOLCHNSWEAUSUGAAUTECUTWNKNAJOR

GIN

TZABGDCRIZWELCAPANLTUHKGKENNORTUN

BTN

PERSTPGRDPOLINDBEN

SLE

SVKCPVCOMGTMHKGPRYGRCKENAUTUZB

PRTTHAIRLKENCOLGHADOMBOLNER

GRCGEOAZEBHSPANPERTWNMYSMLISLVHNDGTMJPNPRTMARMKD

TGO

ZAFTJKBLZKHMESPPRTCOLTWNBRABIHKOR

MOZLUXPHLMNGVCTTTOLCATKMPERCHNMUSGBRHKGSEN

ESPCHEGTM

NGA

BELJPNCAN

BEN

TUNTHALUXRUSBGRTUNBLZAUTMLILAOESTHKGUGASGP

HKGMDVLBN

UKRCHEPRYJAMARGBRBKORMARCZEUSACOMLCABGRCHETZAMLIITAIDNDMA

ECU

TZA

LVABLRGTMBHSLBRTWNTWNESTTZAAUSPANPRTMARLAOPRYPERNLDURYIRLBLRGHAETHETHCOLBLZKGZISLBOLMNGMEXVENNPLUSA

PAN

GRCGRCAUSJAMSWZETHRUSDEUIRQECUIRNPANETHJORUZBMOZTURISLSLEVEN

BHSTUNMYSUGAIDNBTNZWEARGCPVARGZAF

GHAMRTMOZ

URY

TTO

PAN

LKASURPRTCOMFJILCAHRVGRCESPMEXTURROULKA

LTUARGBGRARGNORMLIMNGBFA

CANGNBAUSCHE

NPL

SGPBGRIRNMNGHKGDMAVNMSTPNAMOMNDMAGRCCMRMRTGNQESPLUXNLDLVAECUPHLMEXMARCHN

MRT

RWAMYS

BHS

NLDVNMTWN

BRBMEXSDNNZLMOZIRNVNMMNGPOLECUVENIRLISLINDSGP

POLINDBTNMUSPOLPAKJPNARMCOLGTMHUNESTDMATZAOMNSDNCZEGMBJPNMNGGRCVENBGRHNDCHLTHA

TCD

PERBGRMKD

SURALBEGYTHAGEOMNGITAIRLINDSDNGHATURLKA

SGPVNMPRT

NZLDOMKORTWNROUGABSURIRNHNDJAMUSABRABRB

TTOKENPHLSYRUZBSVNSDNNZL

GAB

SWZTZAAUSGBRSGPIRLTCDTURNLDGMBHRVGHAVENFINSWETWNOMNHKGSLEGABCHNBRBBWAMYSCAF

SLEJPN

PERKENDNKGMBFINECUMEXLAOTHALAOPRYKORAGOETHOMNCPVTWNNPLLBNMNGBFAZWEIRNNPLPANGRC

VNM

THA

COM

GNBHUNNER

ISL

THAPHLAUTGABDNKROUKORESPVNMTGOSLVSGPKNANLDBELGRDSDNSWEMWITZAGRC

MDG

BELMDAMDA

ETH

KHM

BTN

GHA

CAFIRLVNMVNMBFABDI

PHLTUNCHNGRDLAOBWAHUNAUTCHLBELDNKTTOKGZROUCOD

MDA

EGYTWNCHLKORFINBELPRY

CHNCHLCOGJORNORARMFRACRIESPECUUZB

LKAMKDTUNBGRESTCOLINDTHABWAKORGMBTJKMRTMOZCPVHUNIRLPRYARGTTOGBRJPNFINJPN

FJI

IRNBTNTHAATGITAESPSLVBRACHNTWNBGDCPVESPUGABFA

FINJPNBDI

MDV

URYBWANPLZWEKHMPANSWEPOLMNGESPHKGJPNGNQGINHUNPRTSYRFINSLEVENLAO

PANMRTGHA

IRNTWNGEOURYMWI

COGJAMTHAPHLGMB

BFAMNGMOZCODBLZRWAGRDPOLGRCCOGPRTCOM

BWA

GNBIDNESTIDNLAONERESPYEMVCTSURBRATWNTWNBHSKORISLFINTCDKENJOR

SLELKASEN

LKA

TKM

BLZ

SWZ

GBRTTOPOLPHL

BTN

CHNTUNMOZ

BIH

GRCMUSARGPHL

CODTHAPANMLIYEMMDGINDCOGPANJAMGRCMKDHKGFINPRT

LAONPL

UKRTTO

SWZ

VNMITAINDBHSDJI

PER

ZWE

MYSYEMJORRWAGRDMYSCPVCHNGHATURMRTHKGVCTJAMJPNNLDBRANPLIRLGNBCPVTURIDNIRLSLVFINAUTLCA

CHLINDISLTKMIRLIRNTGOGRCCRIBOLKHM

SWZ

UGAJPNTTOCRICHNPRYCHNTHAGNQ

IRN

BLZDOMEGYBGRTWNGRDMRTCHN

CPV

MYSKAZMUS

TGO

COMPRTCMR

PRTLKATGOTHA

MDVETHCHLNORHKGIRNDMA

BOLNORRWAMEXUKRPERBGRBDI

CHN

FJIJPNCHLSTPARGPRTPOLPANROUNLDGHABTNMNGTWNIDNJAMITAARM

TTO

TGO

VNM

COMPRY

JAM

POLROULUXTZABOL

SEN

GINMDVVENCOLJPN

BRB

SURBRAKORKORJPNTURPHLPRT

CPV

ECU

ETHURY

PHLKENNERMARBLRSVKTHANERCHNMOZ

SLE

NZLHKGFINBRBMRTTURAUTNPLDOMEGYCHLOMNIDNGMBLBNJPN

CPV

ESTDJICOMMOZMOZDJI

ZMBTZAESPPANDOMFINTWNITAMOZ

BDIBRAHKGTGOMLIMEX

ETH

SGPBLRGABCOLKORCPVMDG

GRDZMBBOL

CPV

ISLLCALUXPERIRLBOLTWNKHMBFAJPNCMREGY

SYRIRNCHNRUS

AGO

UKR

NERTWNPRTMRTTURSYRIDNBWAPAKFINMKDMNGAGOSVKTUNPANTGOKORDJI

HKGZWEZMBSWZLBNLTULBNSENLTUDMAROULVABGRFRAINDNORZMBTHA

COM

THAPRYALBLUXINDGMBGHASYRSWZLUXJPNIDNKHMPHLETHPANISLBENDOM

NPL

IRLMUSMWIJAM

GAB

COD

MLICRIBRAURYMLI

BLZJPNZAFDOMISLNAMGNQPRYVCTCPVCHNCHL

SGP

STPMDVTWNARGTWN

ARM

ROUCOGHKGCRI

GAB

GRC

TURBFACHNDMABLZCHN

SLE

GIN

GHA

INDBDIITADMACHL

IDN

SWZLUX

GAB

HUNCHNMARCHNMLIDJIISLSYRIRLBLZINDPOL

TGO

DJITURATGARGNZLCHLROUJAMPHL

ETH

ARMMYSJAMSTPGHATKMNORTHAPRYGAB

MUS

LKACODTCD

CPV

JPNCODSDNIRLISL

TTO

PERPOLLKAKAZROUIDN

GAB

BWA

KHMTUR

KNATWNNERSDNCRIJPNRUSCHN

SEN

NAMTHAFINDOMRWABRACOLVNMFJIHNDHND

SGP

POLMWIJPNCHLARM

SGPPOLIRNPANCAFLTUMDVSWZCPV

MNEMEXJORDNKURYAGOKORBRBBGRIRLSLESVN

COG

BTNNERHKGETH

AGO

SGPGEO

CPV

DOMNPLCMRJPNUKRSDNISLMLISGPFJIURYCHNPEREGYDOMEGYIDNKHMMDVMUSPER

GABFRAATGSGP

GEOLCA

GNB

OMNTURTTOCODNPL

BGDEGY

COM

IRQ

LCA

GAB

NZLKORTUNTHALBNHUNPRYGNQMNGZWEJORBLZZWEKHMMDABGRIRNCRIOMNOMNJPNKORSGPKNATGOESPZMB

MYS

BDIURYMWIBWA

SLE

MWISRBGHASLEJORYEM

GEO

AUSETHBWAITABIHTWNOMNECUROUVCTIRLISLZAFNERTHAAGOHUNCHLGRD

BWAESPMARTURATGTUROMNMRT

MAR

CRICPVJORITAFINBGDHKGBDIUKRLUXZMB

LAOIRNSURROUZWETUN

CAF

IRNJORDMAVENLBRKAZDOMMNGKNA

SGP

SUR

CHNMEXTTOMWIIRQZAF

GRCLCATHABFA

BLR

MUSTCDESPJPNTUNPRTVNM

JAM

AZETWNMRTMDVLAOBTNGNQPHLLUXIDNTHAETHMOZISLTKMHUN

CMR

MWIMLIGMBIRNNORMYSROUALBSURHUN

SWZ

KOR

SGP

JORTURTJKOMN

IRLFJICOD

GNB

ZWEVCT

TWNCAFSGPCHNBRAGINCHLLAOFJISGPMNGDMAROUCHLMYSFJIISLKHMSGPBLZKHMCHLTWNMOZMYSBWA

LCACOG

POL

FJI

MNGFJIKORKORJAMISLLBNGRCSYRMLIESPDOMKORKORUGAGRDMDABGRGHAARGBRBBWAVNMBLZCHN

BWAHKGBRB

MRT

PRTMRTMARKNAVCTROUKGZ

LCA

TWNBFAGHALUXPHLHRVRWATHAIDNNORCODUKRSYR

STPMWIKORTJKIRN

OMN

LBRTJKCOG

MARKNA

GEO

BHS

CMRPRYMWIMOZRWABRAPAN

BTN

KNAKORJOR

BTNMARBFAGNBMWIPHLMOZBTNUGAGRCCOD

SURGEOBENEGYBRBURYDMAIRL

SGP

CODTTOGABMWITUR

TGO

BLRMDVURYLKAKORCODLVA

RWA

GRDBRAIRQCPVALBJORLBNATGPANHNDNERCHNETHIRNTCDLAOTWNCMRCHNEGYVCTATGSDNKORBTNPANBWAYEMBTN

YEMBLZBRABLZMLIBTNLUXMARSYRBHS

TTO

IRNKHMCOGLBN

DMA

TZALUXSDNBHS

GNQ

GABAGOSGP

LBRKAZGAB

JORPERDMASDN

ALB

VNMGNBAGOISLSLERWARUSROUTKMSDN

MNG

LBN

LAO

ATG

SWZ

UGA

ESP

MAR

JOR

MDV

VNM

CHN

DOMKORBWATUNECUKAZBWATHALCADOMMUSARMGEOITAURYIRNMNGBRALUXLUXARGGHATCDDOMZMB

OMN

TUR

SLE

LBNHKGBLRMRTRWAGNQMDVIRNCOMRUSAGOALBVNMBRBIRN

KENZWEMARIRQBRAEGYROUMDVUZBKAZTGO

MRT

JORLAOBGRKNABDIKENETHLBNTCDCPV

ATG

KORGNBTTOSYRARG

FJIGAB

EGYSTPZWELCAHKG

SDN

GNBBRBTWNZWEGNBOMN

COD

SGP

ETHGAB

SLE

EGYSLVMNEBLZZMBSGPGRDGAB

MUSBWA

KENCHNIRQCAFZMB

COGGNBLBN

CHN

RWAIRQROULBNGMBYEMEGYCPVBIH

SWZCRIVCTOMNEGYBHSSYRCPV

TTOARG

TCD

BHS

SYR

FJI

BHSSWZISLDJIYEMGRDBHSCODSYRVCTBRAKHM

CMRMNG

DOMTURIRNMNGSLV

GABPERSENGMBATGJORATGARGBWABRBIRQNORAGOGRD

TURSDNCOGGNB

TCD

EGYCODIRN

BGR

BTN

SWZAGOMDVSTPNOR

COG

MYSBWAARGDJIIDNCAF

BWA

GRDGRDSWZBWAEGYSURLUX

GNQ

ZWECPVZWEATGSGPMLIZMBLCATKMMDV

CMRZWE

BDISYR

UZBTJKZWELBNCHLNPLSYRCHNTJKYEM

SYR

AGOMDVMWIVCT

ATG

LBNIRNIRQ

TJK

JORIRQTTOALB

JORKNACPVBDIKHMIRQKOR

GNQ

COGKORIRNZMBATGSWZGNBVEN

GAB

IRQSLVKNAIRQALBMARTUNZMBGNQGRDLCAARGMUSRWALBRAZESYRSTPMNGSYRSUR

BDI

ZMB

KNATHA

GNQ

DJI

BENBWALBRMLICOGLBRTCDSGPAZEUGA

LBNVCT

OMN

GNBIRQJPNMUSAZEBIH

MDV

BIH

YEMGNQTZAGNQ

TCD

AZEJORSYRGNBGNQZWE

IRQ

IRQMDVTCDMNG

BIH

GNQ

LBNLBN

BIH

LBNLBN

MDV

IRQ

GNQ

MRT

SWZ

COG

LCAZWETGOATGGNQZWE

GNQ

LBN

GNQ

SLVLBR

GNQ

SWZ

-4-2

02

4Ln

(Tot

al E

mis

sion

s)

-1 -.5 0 .5 1Ln(Output per Capita)

coef = .20318854, (robust) se = .04345469, t = 4.68

Residuals on ResidualsTotal Emissions and GDP Per Capita

RWA

BIH

RWARWABIH

GNQ

GNQ

GNQGNQGNB

GNQ

GNQRWABIHKHM

KHM

GHA

GNQ

GNQ

LBR

ARMLBR

ARMBTN

KHM

KHM

ATGATG

GEO

ATG

LBR

ARM

EST

ESTATG

ATG

CHN

BTNBTN

GEO

CPV

GRDGNBBRBGRD

LBREST

ATG

LVAGRDGNBATGIRL

GEO

MDAMDALVAESTMDACPVGRDKAZGRD

ARM

LBR

LVAMDACPVLBRKAZ

ATGMDA

GEO

SUR

MDA

BGR

IRLKHM

TTO

KAZ

DMABGRKAZMDADMAKNA

IRLKNACHNIRLGEODMADMADMASURGEOKAZMDA

ALB

GEOKAZKNA

ALB

GEOLVARWA

ARM

MDABGR

KNADMAATG

GRDALB

KNAGEOESTALBBGRDMABGRGRDGRDKAZGEO

KNA

KNAMDAPRTBGR

BGRGRD

IRLSURBRB

IRL

ATG

HUN

IRL

UKRBGRHUN

MDA

UKRHUNUKR

GEOLVAIRLUKRBTNLBNSURHRVGRDGEOLBRARMHRVBGRKNAFINHUNESTGRDPRTDMAHUNGRDMDAMDAHUNALB

BTN

CHE

ALBHUNIRL

GEO

ROUGRD

SLE

MDAPRTDMAPRTUKRSURPRTUKRSLEMOZKAZCHEIRL

SLE

BGRESTBRB

CPV

LTUBGRUKRBEL

ALB

LTUCHEDNKLVALTUBELGNQBRBDNKHRVLTUBGRHUNHUNAUT

LVAMOZAUTBELDMALVA

KHM

IRLBELBGRDNKLBNAUTAUTPRTMDAZWEAUTLTUUKRLTUDNKAUTUKRGBRBGRRWAHRVROULBNDNKBGRAUTHUN

KHM

GBRLUXLVAUKRSWEUKRESTSWELTUPRTHUNBGR

GEOAUTIRLBGRLUXLVACHEFINCHEUKRBELPRTAUTROUGBRROULVALBNGBRPRTAUTLTUBGRLUXUKRBGRLTUURYROUTTO

DMAGBRURYROUPRTDMAROUDMALUXBGRLVABGRBGRPRTSWESWEARMAUTBLRUKRAUTBGRBGRBELPRTAUTIRLSURCPVDMAMDAUKRAUTGBRUKR

BIH

DMABELLVABGRITAAUTBLRITADNKAUTIRLBGRLTULUXPRTITABLRDNKGBRITAURYGBRLBNITABELBGRLTUPRTESTDNKARMGBRAUTSLEGBRLBNGEOITADMAGBR

ATG

LTUHRVCHEHUNLUXGBRALBITABLRLVAUKRROUAUTLUXBLRLVALBNLTUBRBMDACHEITAUKRBLRAUTDNKGEOBRBHUNSWEIRL

ROULUXRUSBELAUTSURDMALVABLRBLRIRLBEL

SWEITAROULTULTUGEOGEOLTUPRTKNARUSGRCBLRAUTRUSBGRGBRBELBLRLVAROUURYGBRITASURDMA

DMA

DMAGRDLTUNORNZLTTOGBRGBRGBRNZLDNKNORNORSRBRUSBGRFJIBELBLRLUXATGURYBLRBLRSURFINLBNAUTBELRUSGBRBELITASURESTBELPRTBLRBLRRUSIRLBELGBRNORBRBBRBROUGRCIRLHUN

DMAFINNORBGRBRBRUSBELDNKGINLVAAUTHRVITALTUOMNNORESPFINIRLIRLBRBFINCHEHUNGBRFINSRBGBR

ROU

SWEHUNLUXGBRRUSGRCSUR

DNKSWEGBRROUBLRESPESPHUNESPBEL

GRCCZEESPDMASWEGBRDNK

VCT

ZWEGNQBGRBELSWEHUNGBRSWEHRVDMAROUBLRSWEROUAUTZWEFINSWEROUAUTNORSWECZEHUNBRBFINGBRBRBARMLBNRUSBELFINIRLGNQRUSKAZBELESPRUSHUNFINGNQNZLGBRGRCCZESWEPRTAUTATGDNKNORAUTPOL

BFA

BELITABGRHUNSWEGINITASWEBELNORAUTESTGBRBGRSURLUXBELRUSGRCHUNFINSLEGBRIRLLUXAUTESPAUTHUNGRDROUIRLBRBFINLBNFINHUNFINIRLGRCDMANLD

SUR

FRAGBRGINGRCKHM

NLDIRLGRC

GNB

MOZURYESPBELNLDBGRPRTHUNPRTGBRVCTGBRBRBDNKESTAUTDMAROUROUROUDNKFINFINGRCHUNSWESWZFJIGRCGRC

FINLUXROUHUNDNKHUNGRCPRTGBRCZEFRALUXROUNORITAIRLROUHUNGRCNZLFRADMADMADNK

MDAFINURYNLD

NORCZEBGRSWEGBRDMAHUNROUHRVBELSWEGBRSWEHUNHUNSWEITABELITAFINDMAHUNGRDFINFRAHUN

BRB

ESP

ALB

FRABRBSLVCHEFINDNK

POLFRABELNORLBRURY

FJI

ITAITANLDFINFINHRVFRABELHRVNORBELAUTITABELESPLUXJPNGBRHKGROUNORHRVLUXBELDNKITADMABFABIHVCTBFADNKGINCZESWECHESWESWEDNKBELHRVHUNGINPOLJPNOMN

ROUDNKBIHESPGBRGRCMOZFRAITAROUAUTGRCHRVBRBPOLRUSTTOHKGPOLHRV

BRB

RUSESTBELDEUFRA

BGD

CZEITAROUJPNJPNLUXITAHRVBRBBELAUTVCTHUNITABRBBELJPNPRTITAPOLROUBELLUXDNKLUXPOLAUTHUNPOLROUBGRFINESTGNQNZLURYHUNPRTDNKAUT

SLE

JAM

BRBFINVCTDNKBELLUXGINFINCZEROUHUNCHERUSGBRLUXDNKFINPOLAUTDMAVCT

ITAJPNIRLVCTALBDEUFINPOLFINITABIHZWEARMSWEPOL

JAM

SWEVCT

ESTVCT

DNK

DMAESTURYBRBITABELBRBBGRBGRPRTBELGRCFRAHUNPOLITAESPSWEBRB

SWEJPNPRTBGRCHEJPNIRLDMAIRLPOLAUTITABGRNLDURYDNKSWEURYURYTTOBRBSVKPRTPOLSWESWEBRBFRAESTURYITAITAVCTDEUJPNDEUCZEBIHNORCZESURDEURUSBDINLDDEUNLDLUXPOLRUSNORGRCBIHITAROUFRABRBISLGBRROUZWEPRTPRTJPNFRARUSCZEPRTVCTROUJPNSWETTODNKAUTTTOITABLR

ITACHEURY

LUXPOLFRAITAROUCHEITANORPRTITATTODEUPRTDEUITABRBITASWEDNKDNKBRBITAFIN

JPNFIN

LBNPRTESPNORAUTNORLUXFRAPRTNORBFA

FRANORVCTCHETTOGRCZWEFRADMA

ESTNZLAUTBELSVK

ATG

POLDEUITA

VCT

SVKLUXFRAGRDJPNDEUVCTBELSLEGBRNLDGRCGRDDNKJPNNZLFINGRCNLDSVKDNKBIHITALUXFRASVKAUTLUXITAGRCNORPOLDNKNORPOLSWE

URY

BIHDEUJPNVCTSWEURYTZAGINNORSWE

BRB

FRAJPNSVKNORFINNORCZEJPNSRBNORDNKCHEHKGBFAFRANORJPNAUTJPNJPNVCTFINDEUITAJAMSVKBELGINDEUSWESRB

BRBNORSVNITAESPJPNSWEDNKSVNJPNNORURYSVNVCTVCTFRAKAZBDIITANZLURYNZLURYDNKPRTITAFRAFJIDNKVCTKNACHEESPGRC

MNE

SVKESPNORURYATGJPNPOL

GNB

POLPOLROUNORARMFRALCASWEBELNZLGBRURYNLDDNKNORESPGBRURYNORNORJPNPOLDEUGRDZWEJPNIRLARMSVNPOLVCTVCTARMSLVURYHKGDMAJAMFRANZLVCTSVKBELNLDJPNSVKJPNPOLBELESPJPNJPNCHE

GNB

GNBFJI

LCAFJI

SVKURYVCTESPBFAFRAESPNZLCHEFINPOLSVNITA

ATG

URYFINBELTTOGRDLBRARM

NLDJPNURYFRASVNSWE

DMA

LUX

HKGMUSVCTESPGRCDNKGRCBRB

ESPSWEBRBVCTESPPOLGBRFRALUXHRV

LBNIRLDNKMKDGBRGNBAUTSVNBRB

ISL

DMANORNORGBRBRBVCTFRABELJPNBRBFRACZEPOLPOLGRCDMABRBSWE

BRB

CHESVKPOLESPBELDEUESPBRBARMFINGNBUSAFINPOLARMFINKGZBRB

URYSVNSWEUSAALBFRAFINFRASVKGRDFJI

SVKPRTGRCVCTESPBFAGBRVCTHKGARMJPNMUSCHEJPNSVNTTOGRCJAMSVNSWESWEFRA

MNE

NLDBRBESPGBROMNBRBGRCMUSBIHVCTPOLUSAAUTAUTSVNPRTMKDFINGBRFRANLDROULUXKGZJPNNOR

URY

NZLESPPOLESPNLDJPNJAMFRACANOMN

CPV

FRACPVSVKLUXURYDNKUSATTOUSA

BDICHEVCTFINCHE

BRB

GRDJPNNLDBRB

BFA

PRTJPNUSAVCTGBR

MUSATG

BRBISLBRBKORUSASVNPOLURYSVNGRDSVKESPCHE

KHM

FRAMKDJPNLCAMNE

LBN

USAURYUSASWEBRBMKD

TTO

ISLSVKUSAFJIJAM

MNEGRCBELDNKCHEARMGRDESPDNKJPNTTOESPBRBPRTTTODNKPOLMKDTTOUSAESPNLD

MOZ

FINNLDCANBTNJAM

SVNNLDGRCGRCGRDSLVFRAFRAESPROUMKDJPNGRC

LKAURYJPNUSAJPNSWEPOLSVKGRCMUSIRLBRBMKDURYNOR

KGZ

BGDFRAFRADNKPOLSVNFJI

USAFRACHEVCTGRCUSAPRTMKDJPNPOLPOLNORSVNFINSWEBFANLDGRDPOLLUXLBNGBRLCAROUTTO

BDIISLNLDNZLESPPRT

URY

DNKDNKDNKPRTDNKGINCHEAUTDNKPRTBRBMKDFRAGABNORSLVFINDNKFINCANSVNNLDTTONLDAUTTTOTWNNORUSANZLTTOISLTWNGRCESPUSAMKDPRTROUCHEJPNDNKAUTGRCMUSPRTBELROUDNK

VCT

URYPRTVCTMWIPRTMKDESPURYGRCROUISLNLDLKAVCTSWESLVMKDLAO

URY

CZEGRCGRCGRDVCTLUXSVNROUNLDJPNFRAATGTWNUSAJAMUSAJAMCHESLVNLDCHEDEUURYSLVCANISLPRTAUT

CPVCPVPRTIRLITAMUS

CHELUXSURTTOMKDESPALBPRTFINPRTFINJPNGRDISLAUTJAMJAMJAM

FINTWNFINUSATWNROUUSAESPFINCHN

GBRFRATTOFJIGRD

TTOALBCHEESP

FJINLDMKDKOR

MKDLKADNKMUSTTOMKDMKDALBMKD

JAMTWNROUGRCGRDFINGRCGBRAUTKGZPRTTTOPRTFRAJAMGRCLUXPRTCANKORNLDTTOISLTWN

GAB

KGZSWEESPALBHKGISLTTOGRCNLDDMAJAMUSAFINNLDJPNNOR

GRCURY

MRTFINKOR

ATGBELESPDEUGRCPRTAUTUSAGRDURYESPNZLROUVCTESPBFA

ISLCHE

KGZNLDURYLAOFRA

JAM

TTO

DNKNORNLDMWIVCTALBLCAESPTTONLDLAOCANBFAESPJPNFINKORGINHKGNLDISLAUSGBRNLDIRLAUTESPGRCISLNORKORZWE

FINAUSNORGRCKORKORUSAFINGRCNLDISLKORUSADNKGBRJPNKORITAKAZNLDNORHKGDNKISLLKA

FINALBGBRFRAURY

TTO

BTN

USALUXKORDNKTWNBELNLDSWEHKGSLVNORUSABELJAM

FINSLVSWEKORTTO

KORCZEESPKORBELUSACHELUXAUSCANTHAMUSCANNLDNLDCANITAIRLVCTGBRBELNORKORJAMSWESWEAUSCHNETH

USABDIURYSLVALBMNGURYTWNKORITANORNORISLCHEFRAURYSGPCHN

GRCTTOISLPRTCHEKORNLDNLDCHEKOR

BDICZEBELAUT

MRT

URYSLVISLJAMTTONLDKNANLDSLVGBRCHNBELGRCNLDESPNORJPNCANTWNURYISLGRCNLDTWNFRAHKGARGAUTROUCHNLUXCHEMWINLDALBGBRJPN

VCTCANBELIRLJPNCHNCHENORISLURYHRVHKGNLDGNQNLDSLV

NZLLBNCAN

LKABELCHNURYMRT

TTO

THANLDTWNLCACHNGBR

GAB

CANNLDLCACZEJAMLUXLCA

NLD

SLV

SURALBAUSTWN

SLECZENLDTTONLDSGPFRAGNQKORDMALCAZWEGRDURYFRAALBNLDMUSTTOFRASLV

FRASLVSWZNZLETHCHEFJIKORBLZMUSAUSTWN

KGZATG

CPVNLDAUTTTO

CHEGRCDEUCHNIRLKORTWNMUSURYCHEMNGLCANLDMNGHKG

FJIARGAUTURYCHN

GAB

IRLCHEITABHSISLCANLKAISLSWZNLDSLV

NZLURYKORNPLLCAZWEUSAAUTFRAFJIOMNUSA

GNQ

SWEAUS

TTO

HKG

GAB

ITALKAGBRITAJAMNORCAN

LKA

GNQ

AUTDEUCHEMRTSLVSLV

MUS

FRAPRTAZEKORTWNCHNTWNJPNCHE

JAMKOR

GNQ

JAMITAAZECHNFRAIRLITAMRTMNGCHL

AZEJPNTWNJAMURYTWNSGPBLZJAMTHAITASLVHRVBLZBDICHENZLARGURYJAMCHNTHATHA

JAM

FRA

CPV

KORARGFRAJPNBDIURYJAMCHNCHECHETHACHNLKACHENPLCHNHKGLKAJPNLUXTWNKAZMUSISLMUSCHNGRCAZESLVCHLCHNCANCANMNGISLPRTCHEJPNBIHGRCSGPSLEARGIRLJAMLKANZLPRT

GAB

CHE

THAHKGHKGMOZGAB

GAB

SLVJAMSWEGRDSLEJPNTHABGDMLIMRTISLAUSJAM

MUSSLEFJINOR

SLEATGCHESLEKORFJITWNUSASLELUXCHECANCANJAMCHNSLVCANGRD

KHM

MUSSWEARG

ETHTWNAUSLBRTWNURYCHNJAMARGBDICANURYUSALKAMUSMLI

MUSIRL

MNG

LBNARGMNGKORCANLKATWNARGBLZPRTKORLKALUXNZLSWELKALKASWELKAAUSCHLJAMZAFJAMARGROUFJINGAPRTCANIDN

KGZ

NPLAUSHKGARGCANLUXMUSCHLURYTTOCHLTTOARGESPGNBCHLARGGRCISLKORMRTUSAISL

MUS

KAZTWNMUSCHNCPVCMR

GAB

CHLLAO

LBN

NGA

JAMNZLMUSBDIMUSJAM

LBN

CANTTOCHNGINGNB

AZECANSLECHLARGUSASUR

SLE

ARGARGCHLISLAUSJAMTUNMNGVNMJAM

TTONGAIRLTWNARGZAFJAM

KNA

THATWNNLDSGPKGZCANJAMLCAARG

RWA

ARGKORUSAJAMGRCTHACHNMRTMNGTHAHKGUZBISLSTPTUN

MOZ

USAMUSUSAAZELUXAUSPRTLKALKACHNJAM

ARGCANBRACMRJPNJAM

MUSLUXMUSKORARGMUSJAMARGSLVUSACHN

MUS

TUNAUSHKG

MUS

ARGARGISL

NGA

KORARGLCAHKGLCAHKGARGFJIKOR

TJKTHAHKGCANJAMUSAUZBUSACHNFJITTOJAMARGCANARGAZEUSAKORNPLLCAGRD

SLE

CHLARGUZBCANTUNISLTUN

LAO

CMRARGFJIIRLNZLARGARGHKGARGISLCHLTUNCHE

GRD

USATWNNPLIRLLKA

FJI

ARGGNBAUSBRACMR

BRALBNTUNMNGTHAARGCHNARGATGJAMARGARGSGPIRLTCDMUSNORCHNLCAMWITJKUSASGPCHECANCHLBDICHLISLKORARGMLIARGCANSLVBLZTUNSURSURKORMARMUSISLCHLTUNAUSLUXARGLKATJKCPVIRLSURLKAISLUSASLVMARESP

NGAUSAGRCUSASURISLIRL

LCA

STP

NORETHGINTTOBLZZAF

NPL

ARGUZBGNQTHASURUSAAUSHKGCHLCHLGRCTHA

HKG

GIN

BRACANCHLCMRUSA

BDIISLCPVIRLMLIBLZAUSVNMTJKISLLKAARGGINTUNMUS

ETH

CAF

NZL

SGP

VNM

ISLAUSCANVNMTCDCAN

LSO

CHECHNMLINZLCHNCAN

MRT

MRTMARNGA

SURISLSWZARGARGAUS

LCA

GINMNGNZLMARUSALKA

ETH

KAZMUSCANNZL

IDNIDNLKAAUSUSAGHAAUSNGALCAUSACAN

TCD

CHNCHNMUSCHNMUSLCACHLTTOKGZ

TJK

CHNMARAUSCANLCA

ETH

MARLKAJPNLCA

LSO

USA

SLE

USATJKCHLARGFJITJKNGATKM

SGP

CANCPVNZLGNBGNB

ETH

UZBCMRSWZARGETHMUSCANMARTJKESP

GIN

SUR

BHS

ARGUSAMNGLCAAUSETHLKAOMNIDNAZEINDATGLBNZAFAUSARGAUSLCAAUSNGANZLTUNLBRBRAUSAAUSINDNPLVNMPERCHNINDTWNSLENPLTUNBHSETHCANARGIDNBGDKORMARCANCAFCAFNZL

VNM

LCATKMUSAGIN

ETH

MARAUSCHNUSACAFUSAARGCHLLKAFJI

ISLMLI

BGDCMRCHNCANGININDCHNCHLNGASURNORTKMVNMOMNCANAZEIDN

LSO

MARATG

ETH

CANTHACHLIDNGINVNMKAZETHIRNVNMSGPZWECPVGRDUZBGINSLVCHLSURTKMSURINDKGZKHMINDPER

VNMVNMSTPCPV

IDN

THAVNMUZBMARNZLMUSPERCPVBRATUN

SLE

NZLKNACHLNZLKAZSLVUSAAUSSURISLNZL

MUS

LCA

LKAMLIETH

NORZAFCHNLCAINDMOZKNAAZETKMTHA

MUS

LUXMARKNATCDIDNCHLTWNARGINDTWN

GHAMARCANTTO

SLE

ETHVNMVNM

TTO

CHLBHS

AUSAUSTUNLKATJK

CAFMNGIDNVNMMDVCHLCHLIDNTUNNGAAUSBGDLKAISLBWAUSAUZBCPVTUNVNMISLIRLLCALKABWATKMSLVCHL

JAM

TKM

KGZBRALKAMEXNZLSURLKAINDCHLLCATKMCHLSLVCHLTHABDIPERETHFJIIDNAUS

NGA

VNMCHLCANCHLLCAMLISTPIRNPERISLMLINGAALBSURAUSSURVNMIDNTJKTKMSURCAFCAFTCDTHAGAB

CHLBHSAUSBHSTJKBHSSGP

NGAKHMCMRVNMCHECODATGNZLTHACHLVNM

BGDMLI

PERMLIGTMGIN

PAN

MUS

TWNALBHKGESPMLIKNACODTHAMLIIDNATGAUSNGAMARTHAZAFTURGINMUSBWAJAMKAZBHSTHAETHBHSESP

CAF

TKMCHLNZLAUSSGP

MLIIDNTHASGP

BRAARGMEXKHM

NGAIDNARGTURCHLMDGTURIRNLCA

SGP

MDGATGISL

NPLBHSIDNGHABWABLZAZEKHMUZBLKANGANZLCODINDMLIMEXLCAKHM

NGA

TUNNGAATGETHTJKGINIRNGINIRNLCANGAMLIFJIUZBBRACODDJI

NGA

SURLKANGAHKG

MDGISLCOD

AZEAUS

JAM

AZETUR

FJI

LKA

KNANORIRNTHAISLBOLTHALKAARGSLEMEXMEXCAFFJI

KHMETHFRAETHCHLBRAMEX

NGA

TUNKGZ

GHA

CHNCPVINDPERCODISLKORLBNNGANGABGD

EGYMEXMLIBFANZLMUSMEXBDITUNUZBBHSTWN

JAMTWNMEXMLISWZKNAGTMCHNSLVKNABDICODMEXVNMTURCHLBHS

NPL

SURMEXFJI

NGA

CANLCALUXZWELUX

BRAIDNNGAMARLKAMNGNZLIND

BDISGPEGY

KNA

NGA

BRAIDNSTPIDNNGAKNA

MLIMEXGTMALBNER

KGZAUSSURKAZLUXIRNAUS

MDV

NGA

IDNTUNIDNARGLUXTUNSLEARG

ALB

LCAIDNMEXMDG

LAO

NGALKAZAFIDNCHLNZLTURCODAUSMEXCHLCAFBRACHLLCAARG

MDG

ARGNZLIDNBOLGINLCANGAZAFIRLNZLNERNGAAUSFJIBFA

STP

ZWETKMLAO

BHS

MLINZLMDGTJK

NGA

MOZ

TJK

NER

NGAIDNGTM

NGA

IRLIDNLBNETHBOL

SGPKHMCODTWNBRAMLIBRATURINDPERAGOIDNBDIBENTHA

FJI

BHSESPLUXNZLCHNTURNGANZLTKMEGYTWNISL

MOZ

GNBBHSKNA

ETHETH

HKGAUS

MOZ

TCDKGZCMRMOZ

IDNKHMBOLSGPMLILUXBRAMLIIRLMDVBRALCATHAUZBSLVTURFJI

NER

STP

ETH

TCDBOLBRA

TJK

ZAFKNASWZTHAMEXNERLCAIDNIDNCHLBRAJAMAUSIDNPANBHS

TURNERSLE

TCD

AZEBRACHLIRNZAF

COD

GNBBHSBHSNZLTUR

TUN

BHS

TURTUR

EGY

TURMOZCHEMLIPERTURMDGLUXMNGTUNTURTURJORTCDBGDBOLMAR

BHS

NERTCDNGAHKG

NERISLSURBHSBOLBHS

CODBHSKNAPANPERMLINERCODTURCANZAFKNADOMTUNIRNBDITUNBWABWA

CAFAUS

BTN

BOLHKGSURDOMSURBWAIRLTKMECUBLZ

CHLCMRNGAZAFKORBFATCD

KGZSTPMLIZAF

SLE

VNM

CHN

BOLCHLGINVNMDOMKNA

ETH

AGO

FJIIDNNGA

MEXIDN

TTO

SGPNZLCOL

JAM

KNANZLPANTWNKNAMUSINDLBNPERPERBHS

BHS

IRNCOLVNMGTMINDCOLAUSIRQTURBWA

MLI

BLZVNMMDGMUSMEXCOLKORTUNGNBFJILBN

LKA

KNA

IRQ

MLISLV

ALB

ISLCOLLBN

INDMDVMOZ

TCD

MARBHSTUNMARFJIDOMGNBFJIINDLUXTURCOLALBISLDOMEGYTWNMEXMDVESPBOL

BOL

SLEMEXHKGBOLGNBTCDATGSLE

ECUBRABOLLCA

SGP

SGPDOM

ECU

GIN

CPV

INDTUR

BEN

TURKGZTJKCOLMARPERAUSECULAOCOLMEXKORFJI

BFA

TJK

TURTURIRNCOLARGKORCHNCHL

UZBTWN

TKMTUNCOL

TCD

EGYLKACOLCOLNGAMEXMOZ

JORBRASLEISLBRABOLCOGCHLKHMCANIDNGABNGA

BEN

DOMGINTCDTGONZLFJIMARPAN

BHS

TGOTJKSTPIND

CAF

TURESPCOLTUN

TGO

PANINDDOMALBSURNPL

TURMOZBRATHAIRQTURZAFBOLEGYTURBHSIND

ECU

DOMPANZWESLEBHSBOLSLEBOLISLPERROUFJIINDLAOTTOCRIDOM

MLIGNB

LAOCOLIDNAZENZLPANIDNINDMDGECUNZLTUNNGABDIDOMMDVIDN

BEN

KORMEXNZLLBNCOGBRABENBHSBHSECUCAF

PANBIHBOL

DOM

TCD

SWZCOLBFAMEX

PER

BGD

BHS

SLE

COLBDIIRNMARLAOTURSGPCRIBRACHL

NGA

INDCOLTUNMEXBRAPEREGYDOM

CAFSTPBHSINDMNGFJIVNMDOMMOZFJITUR

NGA

COMIRQMOZBOLSLECHLINDIRNJORGNBBFAFJIGTMSURCOLIRLDOMDOMEGYDOMCAF

TGO

BRAINDVNMSTPSTPAZEEGYCHNOMN

NGADOMBOLSLVTURCOL

MEXKORZAFLAOCPVAUSZAFBOLDJIEGYBGDALBESPBWAEGYTURPERDOMEGYSLVCOMVNM

VNM

IDNKHMGINAZESTPTURCRIATG

COG

TUR

MOZ

NZLEGYGNBLAOSGPMEXMDVISLINDIRNNGAGNBTURPERDOMMEX

NGA

KORECU

BWAINDBOLLAOVNMLKA

BENVNMEGYVENBENBENALBUZBSTPALBTURLAOIRQMEXTURMARMLIBOLCRIZAFCOD

TUN

DOMINDAGO

BHS

SWZALBEGYPERLKANZLECUCHLBDINERSTP

STP

AUSPERDOMSTPCOLTURECU

BHS

THAEGYAUSINDBOLTURMARAUS

NPL

DJIGHA

GAB

SWZLBNINDVNMBRATURCAFMARSTPTUREGYIDNCOGDOMDOMEGYBOLINDKGZMDGCOLPERIRNINDCOGCPVCHLINDLKASWZ

PERCOGDOMTGO

TGO

EGYEGYMOZSENLAOSTPBLZTWNIND

STP

RWATURBOL

NPL

INDMARIRLDOMVNMCOLTUNNGATURGINNGACAFCOLCANALBPAN

SLEMOZEGY

MNG

KOR

TCD

VNMISLBWAMWIZAFNGACHL

TCD

COGAUSBHSCOLZAFCOLNGAJAMTURAUSCOLPANMNGGINSENZAFMYSCOLBOLPANCAFVNMDOM

SLE

BENTTOSTPBOLINDCRIEGYSTP

JAM

SGPBHS

MAR

GNBCAFBRATUNNPLINDTUNEGYAGOIDNCHN

GINTGOAUSCPVTUNESPVENISLINDINDEGYCOMTUREGYMYSPRYZAFVENPERTCDIRLTGOAZEBOLBEN

NGASTPINDCOL

VNM

NPLCPVEGYSGPCPVCRIMDVLAO

EGYPANSENCRIINDTURTURCAFESPZAFBOLBOLMLIEGYNPLNGAMOZ

TGO

BOLEGYDOMIRQTURINDKORINDCOMMYSEGYMDV

BDIMNGHKG

MAREGYINDCHLNPLGTMPAN

AUSECUCOLCOLBFANZL

NGA

CAFTCD

LKA

NPL

BFA

ISL

NGAMUSIRQPHLCOLMOZ

LKA

PAN

ALB

HKG

BEN

IRQ

PANIND

ALBIDNPRYBENBOLEGYZAFPERMYSMEXPANCAN

PANEGYGTMPERMEXLKA

DOM

BRAEGYGTM

FJI

EGYBFAINDSLVSTP

NPLCOMKHMCOLEGYINDZWEMYSLBR

SDN

BHSTUNGTMALB

BGD

NGA

IND

TCDEGY

SDN

INDTHA

SGP

COLCOLPERVNMLBNGTMZWEINDCRILKABDIPRYCHL

DOMCHLMDVECUATGGTMHKGBFACRIMYSMARCOL

BOLPRYSWZPANCOLMYS

SENIDNTGO

GTM

BOLZAFEGYNPLNGAEGYMNGBOL

LAO

BFA

BTN

INDZAFPHLBENPRYCOM

FJI

CPVNPL

NPL

INDPRY

BHS

LAOMDVJORLBNPANMYSCRIGHAIRNBOLBRAIRNMYSMARCAF

BFA

VENPRYTGO

EGYMWIMWIMNGINDMYSALBDOMNZLLAOGIN

IRQZAFCAF

NPLCOLBRAMYSCHLEGYMYSPRYTCDSTPSTP

NPL

COM

MYS

SDN

MUSPHLGTM

MAR

BOLSGPNER

ECU

GINCAFETHVNMPAN

BRA

TTO

PANBOLUZBEGYSTPBFAPHLBTNZAFGABTUNSLVPERBOL

PRY

MARPRYBGDRWABRA

LKA

NPLCHNTZAEGYTGOECUCHLEGYCOMNAMMARDOMMYS

BFA

ECURWAIDNIRN

VEN

MAREGYTUNIND

LKA

NPL

BGDECUNAMMYSECUNGAAUSZAFBGDSTPIRLCOLEGY

PANBRAEGYBENSGPCAFBRA

MAR

PRYGINAGOPRYCOGZAFNGAVENINDVENLBRBRABTNTGONPLSTPEGYDJIBRAMAR

GAB

CODBOLCOLLUXEGYBGDIDN

ZAFMYSPAKGTMEGYCPVPAKTUNKHM

CAFBOLTUNPERPERSGPCHNDOMTWNIRNBOLMOZKORMEXPAKPAN

SGP

PHL

BTN

TGO

HKGCOLPAKCANNAMTHA

BEN

BOLCAFIRNMYSAUSGTMPANMARMARPRYCRIIDNSLVEGYPRYZAFSTPTUR

TUNCPVSLEPRYMDVSEN

ECUEGYCAFECUBRAGINTWN

MDG

SWZ

PAKLAOSYRBGDBOL

EGYLKAMDG

VEN

KORTKM

BDIVNMGTMVENPRYGINGTMTCDMDV

BENCRITUNPAKGABEGYNZLEGY

MUS

INDTUNHKGZWEBGD

SGPZAFGNBBGDAGO

TGOATG

MDG

SENIDNMYSBTNSTP

GTM

PRYPAKSEN

GAB

ETHIRNAUS

UGA

MARZAFMYS

ZMBEGYDJI

ECUZAFCOMZAFTUN

GNB

BTNNAMBOLVENNAMCOGPANZAFMNG

NPLECUMARBWA

KORLAOMARPAKIDNLBNSTPMDVHKGEGY

BDI

STPSTPMYS

FJICAFZAFPER

IRQ

LBNPRYGNBMAROMNPAN

CAF

ZAF

UZBZAFPERPERMARTCD

FJIPRY

MDG

DOMNPLGNQ

NAM

MARGRD

AGO

ECU

ECUPRYPRYHKGPRYTGOMWIGNBPANGNB

BHS

GABVENDOMPRYCAFZAFPERRWAJORPRYSYRVENCOMSLVTGONAMPANGTMECUPHLIRLTGOGTMDJIRWAPERTHABENPANNPL

PANZAFMNGZMBEGYPANCOGPERPANINDPERGINDJIGTMCHNPRY

GHAPERALBUZB

MYSCAFIRLECUMYSIDNTGOECUVENLKABEN

BDIMOZIDNBOLPANINDBDIZAFNAMBTNCOMLBN

SGPVEN

NPLPERSYREGYMARGHA

PAN

ALBZAFMARPRY

MARPRY

CMR

BOL

LAOZAFMOZCOM

VENMYSLKAMARCANGTMRWASTPSLVPERMNG

SEN

BOLDOMCOMVENZAFPANMNG

PAN

PAN

PANNPL

GAB

PRY

ECU

COGPAN

NAMUGAMWI

SWZNPLMWIMYSSLVBGDBGDBGDGNBTUNLBN

SDN

CPV

LAO

ZMBCOMCRINZLPAKMOZMUS

ECU

TURCAFCAFKHMCOMDJISENECULBNPANDOMPERPHLZAFECUZAFBENGNB

GAB

HKGJORCAFMDGZAFGNBHNDCOMPHLZAFZAFDJIHKGECUMARBGDIRNJORMARVENECUCAFECUUGALAO

NPL

NER

GHAMNGZWEZAFPRYGNBDJIHNDMARLBRPRYGHADJIUGACHN

SWZ

UGA

MARBDI

BFABOLMYS

PAN

MDGGINIRN

BIH

THAKENGTMZAF

HNDPANBFABOLCAFCRICPVBFACRIECUPERPHL

SWZ

DOMJORPANCOD

TURPHLCHE

MWI

BEN

ZAFGINHNDCOMSDNECU

PRY

PRY

BGDUGAGNBCODGNBBLZ

MNG

COD

PHLPHLZMB

GAB

MDG

ECUVENMARBENSWZPERVENTUNVENCRINPLCANVENMYS

ZMBIRLKORCMRIRN

BOL

MYSTKMSLVGHAGHAMRTPERVNM

VEN

BGDBGDMEXGHABDIDJIMDGPANAGOLKACPV

BENIRN

LUXBENMYSCOLGTM

NER

UGAMRT

KHMPRYPRYPER

MRT

DJIECUPHLUGA

TGO

ZAFZAFMARHND

DJI

BENZAFBOLMNGPHL

PRY

PHL

NPL

LAOBOLVENBENLAOMARMYSHNDBGD

MYS

BGDAGONERMLISGPTTOPANPANMUSGHACRI

MDG

MDVGNBHNDCOMPRYBOLKENMUSCOLCRIGNBUGAVENTGO

ZWECMRLKAGTM

ECURWA

HNDTURMARCRICODSWZ

SGPBOL

SGPATGZMBAGONPLGTMCOLCAFIRNMARGNB

CODBENCOLCRI

MRT

TCDGRDHND

MRT

BGDZAFGHAVENHNDBLZMNGMARMYSALBCRI

GAB

VEN

NPL

HNDCAFPERPANCOMPAKMDGBGDMYSAGO

SEN

TUNGNBTZABTNMARGABGAB

TGOCRIPRYCRICAFHNDGTMVENBGDSDNBLZMNGDOMMOZPHLBGDPRYPRYPERBRAHNDHNDVENCOGPRYCRIGABCHNZMBTGOPRYLBNMYSPERCRILAOCRIPHLLBRSTPSLVBRAGHAETHTURMOZ

BWAPRYBGDSLVUGATGOCAFIRNCOMCHEPHLCODPHLMDVBLZPHLPERPHLPERMWI

SDN

ATGECUCOMGNB

KORLAO

COD

GABTHA

UGA

ETHGNB

BEN

HNDGHABLZPHLSWZGHAPANKENMWITUNLBRSDNHNDZAFGHA

TUNJORIRNMDGBLZCRICRIKENCODTHAPHLTURKENDJISDNPRYBRAUGA

MDV

MRTCMRMUSGINBFAVENMYSCRILAOPERPAN

IRQMRTRWACHN

MDG

SYRCOD

GHAECUBGDCOGPHLPRYBWAUGA

MRT

IRNGHAUGAKEN

SWZ

SLESLVTTOPERMDGCRIUGA

GAB

MYSUGAPERHKGHNDMNGPAN

IRQCAF

HKG

KENPERMWIGABPANGTMGABPHLMDGGHAHNDNPLCRIPERPAN

RWA

PERIRNIRNNERCODMNGPRY

DOM

SEN

PERBLZ

SEN

MEXNAM

CODOMNBGDCODGTM

BFA

PHLGHAGNBCPVCODMDGMOZBOLLAO

LBRCODTWNMOZ

ETH

BRASDNUGABLZBTNPERBRA

GABCOG

ZMBSGPNERSENCODPERNERSLVPAN

MDG

PERMRTCRITZAECUSLVPANECUTUR

TKM

LBR

STP

CHN

CMRRWALUXAGOTGOUGAGHALBR

CPVPHLPERUGACOGSENECUBTN

TTO

MDVTHANERGNQ

BENPHLMRTSWZGABTHAGHAJORCRITGO

BTN

TTOGNB

ETH

THAMRTPRYMRTBENJORNERPHLPRYSLEPHLIRNKENPAK

MDV

TURBRAMEXMRTBRAPHLHNDMEXCAFSWZBRAPAN

IRNBRAMUS

BDI

PRY

CMR

MDG

CMRCMRBRAZMBMEXLBRPRYHNDBRAPHLPANPHL

COD

ECUGMB

BFA

CMRCOGCMRECUTGOIRNAUS

KEN

LKA

GHA

MDVGTMPHLPRY

COGCOLGMBUGACODPAKTHAMYSPAKSYRECU

TTOCMRSLVTGOBGDLBRMEXCMRMRT

LBRSLVMYSCPVUGAGTMCODPHLGAB

SWZ

GABBLZPHLECUSWZOMN

DOM

BRAPRYKHMMNGCRICANUGA

COG

BRANERPRYSENBOLPRYBRAPHLBRAMNGPAN

SEN

LUXPRYCAFPRYECUMRTLUXNERKOR

BRAECUCMRPHLCODPHLCOG

PHLDOMIRNCMRPHLETHPRYLKAGHA

CMR

COM

PHLGTMSYRPHLPAN

KORVENETHBTNCMRCMRGTM

SYR

CMR

MNGPHLHNDCOLMNGGTMUGANERECUGINPRYBDIGINBLZCOM

MUS

TTOETHPHLCOGHKGZAFMEXSDNPHLBRAIRN

BOL

THA

MYSBLZTZAMEXCOGCAF

COD

ECUUGACHNCMR

CMRGHATUR

LAO

MNG

CMR

NPL

COG

BOLPANMRTCMRCPVECU

BFABGDBRAHNDPHLHNDBRACRIMDGTURCODSLVRWABLZMYSSGPCOMECUCMRPHL

GAB

CAF

TGOSLEGABSLEBLZNERGMBLBRGHACPVZMBPHLUZB

NPL

MEX

COGCPV

CMRMDV

HNDMDVMEXMEXLBRNPL

IRQ

DOM

KORLBRCOG

BLZCMRBENAGOCMRHNDPAKKENECUECU

BWALKAIRNDOMTGOPHL

SYRMNGJORIRNSYR

CMR

MWICPVMYSHNDZMBIRNCMRBRA

COG

CPV

ECU

COG

ECU

NPLTGOPHL

LKAIRNPAK

TTOTHATHA

COM

THACAFATGMEXBFAMRTLBR

CPV

HNDMEXMRTDJISGPNPLNPLCOLLAODOMPHL

CODLBRMEXMEXUGADOMCOD

BLZ

GAB

ETHZWEGTMKENSEN

SEN

TGO

GAB

FJICMRLBRZMB

UGA

PRY

COG

PHLCOGZMBCODCOGMYSMYSCRINAMSLV

SDN

LBRCOGTHAHND

CMRMNGPHLBDITHACODJORMEXMNGGHAZMBECUCRISENTHAGHALAOMRTPHLUGA

IRNHNDNER

SLE

AGOCOMCPVMRTSLVMWIZMBNPLECUIRNMYSMWIPHL

MDG

HNDSDNCRIRWACOLGABGHAGHA

PHLCOGGHAIRNCOLTHACRI

CMR

GRDTHA

THA

HND

SYR

TWNETHMYS

THACMRNERSTPMRTGTMPRYLAOMRTBTNGABPHLCRISDNUGA

COG

CRIMWIKHMSYRZWEMEXGMBHNDATGMOZKENNERKENZAF

SENDOM

ZMB

LAOBGDGHAGMBCOGDOMHNDBLZHNDCOLPAKZMBMDVUGAMEX

UGATCD

JORZMBPHLMEXPAKSYRUGAHNDGAB

SLV

SENHND

IRQLAOSWZMDVMEXTZA

GHA

HKGCRINERCPVGHAGTMBDIHNDBLZHNDZWEHNDHNDSENMEXHNDAGOTHASDNSDNUGACOLSWZBDI

MDV

MOZSYRTCDBDITHALAOGTMSYRPHL

SWZ

HKGGHAMOZ

VENMYS

MEXCOLNPLRWAMEXCOMGABMARMYS

CMR

MEXGHAMYSRWACOL

CMR

GHANER

MUS

ZMB

BIH

COGCMR

NPLCOGUGANPLKENBLZCOMGMBDJIETHGHAGMBTHASYRSENTZAHND

BLZ

MYS

SLVUGAMYSTZAATGCAFGTMPAKSDNGTM

DOM

PAKKENGTMKENBWAGHAGAB

BLZ

RWANERMWI

COG

TCD

SYR

GTMCRISENCOMSYRSYRGHAAGOTZAMEXHNDKENLBRGTMCOLTZAMOZGMB

BWASGP

GHATURCODSLEHNDMOZHND

SDNGTMCOLBLZSYR

SENTGOSENCRISDNSGPGTMSWZPAKGTMSDNCOGTUR

OMNSEN

MWIIRNTWNGHALBNKENDOMGHATZAZWESDNKEN

MDGGTMMRTGTM

BLZIRNSDNCODGMBGTMTWNBDITGOTWNBLZSYR

SLVZWE

TZATWN

SLVSDNCHNTHASYRPAKLBRMYS

GTMKORETHGTMGMBMARMRTETH

TZA

CMR

SDN

SDNMEXPAK

BLZGAB

CMR

SEN

COG

SDNKENHNDPAK

ETHMEXKENTHARWAZMBCANSWZMDGKENZWEMYSSTPETH

DOM

DOMCOMMOZTZASDNRWASENMYSGTMGTMSYRTZASDNTGO

GNQ

GNQDOMCOMGHAATGTZA

RWAGNBSEN

CPVCMRMDVSDNDOMBLZMOZ

COG

COLZMBCOGMDGZWETGOAGOGTMSWZGMBTZASYRDOMSENPAKGMBGHAPAKCOGZMBETHTWNCOLCPVSENCODETH

GTMETH

ZMBSWZGTMMEXCOLVENCOMMOZSYRCRIGMBGHASYRMLISENCHNGTMGTMCOLZMBSWZ

ZMBHNDZMBKENSYR

ETH

BLZSDNNPLZMBGMBHNDCAN

COLTGOIRQBDIETHDOMTZAMWIATGBWASYRMRTCMR

ZMBDJIKENZMB

FJI

SENMUS

COGTHAKEN

NAMGTMJORZMBHNDSDNIRNPAKZMBMDVRWASTPKENCRI

SDNBTN

LBRCOM

SYR

MEXSYR

GMBKENBWA

SDN

OMNSGPMRTZMBDOMTZA

MWIBDIPAKCRI

COG

ZMBKENBTNTHA

MOZ

BWAGNQ

RWA

ETHLBRTZACAFKENSDNSYR

NERHND

TZADOM

SDN

GHA

SWZLAOIRQIRNMLIHNDCPVMWIKENZMBZWEGMB

MDVMLIUGAETHTZABWAZWEBWAKOR

TCDBDI

SDN

KENTZA

SENBDITCDCMRSENMWI

BTNMOZTZA

CPV

AGOTZAMLI

CPV

MRTTTO

AGO

BFAKENKEN

SENSYRTGOCRIBENCOMSYRGMBJORCOD

SGP

BFAMRTRWAMWIIRQ

ETH

BDI

RWA

IRQMWI

TCD

SYRCOM

COG

GNQSEN

VENGMBZMBAGOLAO

TGOTWNMWICPV

TGO

VENMOZZMBDOM

ZMB

MWICOGZMB

ZMBCODSDN

SEN

COMZWECOMMDVLBN

MWIIRQ

BTN

COMJORCOGSDNBENSYRGMBHNDPAKGMBSYRBWAMLIMDVSYRKEN

MUS

SYRCOMNERVENPAKMWIMDVMOZSENCOMGMBIRQJORCOMGHAAGOGAB

GMBMDVBWACOMSEN

VEN

COGGNQPAKBFAMLIBFACOMCAF

FJIIRQ

TCD

SYR

SENCOMZWEIRQVENBFAHNDHNDHKGSENDJISYRGMBTZATZAHKGSDNZMBPAKMWITZAPAKFJIETHZWETGO

PAKGHAKENJORIRQBWAMLIJOR

SENZMBRWAVENPAKPAKHKGCODGMBTGOBENPAK

SYRZWEPAKMRTSLVTZA

SEN

TGO

RWABTN

TCD

CPVBTNATG

MDVKENAGOSENBFAGMBMRTTTO

KHM

SENSYR

AGOTCD

GHABFABENGMBMOZBWAMRTIRQNAM

OMN

SGPVEN

SWZZMBNERLBN

MRT

IRQ

SYRCRIPAKMWI

RWATZA

TWNGMBHNDMRTTGOBLZBFATKMAGOMWIMWIBWAFJI

MDV

ZMB

SEN

SGP

GABMWIKENCOGETHMOZ

AGO

BDI

LBR

VENMLIGMBETHCODNAMZWECODIRNNAMRWAGNQBWASLE

GMBMOZVEN

GHA

TCDZWEZWE

LBRCOMCRIOMNNAMCODGMBHNDMRTGMB

GABJORTZAVENNAMCOGDJIMRTHND

BDI

BWAMDVTCDZMBETHNAMCOD

GABAGOSGP

IRQZWEGMBRWAETHGMB

ETH

ETHTWNSYRMRTBEN

GAB

VENSGP

BTN

KENUGA

BWA

MRTAGOTZAGMBBFA

MUSIRN

TCD

SLVBENTWNGNB

NAM

IRQ

BTN

AGO

HNDUGA

BWA

UGAAGO

KEN

YEMVEN

BTN

TCDTWNTGOGNBGABGMBZMB

SLE

SYR

MRTMDG

JOR

ZMBBFACOD

CRI

KHMBEN

MOZ

AGO

AGOVENBDI

BLZSYR

MUS

GNQ

IRQ

YEMCODHNDBENCODBENUGASLVCRIOMNHNDVENVENMDGCRI

TZA

MDVMDVOMNRWAMRTZWETZACRIUGAVENSYRKENTZABFAJORTGOVENMWIMDGZWE

BDI

SYRIRNBTNTWNBFAMDGUGABFA

GNQ

KENKENBFAGNQGABBLZKENZWEBENTZA

CRI

MDG

BFAMDG

YEM

MDG

BTNMDGIRNIRQKEN

SGP

MDGUGATCDTCDCOMZWECRIKENIRQBWAAGO

BTN

GMBMUSKHMMDVCODUGA

BFATWNGMBTCDIRQMDGMRT

NAM

IRNKHMBFAUGABTNGINKHMIRQBDIMDGGMBYEMIRN

SWZ

CRI

OMNGINMDGIRQBENTCDYEM

VENKENTWNRWABENBTNYEMKENUGAKHMBDICODMLISDNMWITZAIRNTWNGMB

CRI

KENMDGRWAKENJORCRIMWIIRQTZAYEMVENBFAMDGIRQMDGYEMBTNGMBKENRWAUGA

GABZWEJORMDV

BEN

RWAGNQOMNSWZKHM

BWA

KENBENUGAKENJORMLIMDGBTNMLIKENGNQMLIUGAETH

KEN

KEN

ETH

KHMMDGBTNBEN

COG

MWIMLIMWIKHMDJIMLIGMBJOROMNMLIMLIAGOYEMGMBBTNMLITCDIRNMLISYROMNZWEBWA

MDG

TWNBEN

TZA

KEN

BTNCOD

KENSLVGMBCRINERYEM

GNQ

VENUGAUGA

JOR

CODIRQTGOTZAAGOGNQ

AGO

ZWEKENSYR

KENDJIKENBENMWILBRYEMTCDBEN

GNB

MOZ

COM

TGO

BDI

SYRZWEJORZWEUGAYEMGNBJORIRQOMNJORUGATGOUGA

BWA

OMNUGANERYEMUGABWAUGA

AGOBENBENTCD

TCD

UGA

SLE

NER

VEN

UGAUGA

UGAETHDJINERNERYEM

NERKHM

OMN

DJI

GNQ

ZWE

GNBJOR

GNQCODVENAGOGNBIRQCOM

BWABEN

NERJORVENSGPBWALBNJOROMN

GNQBIHIRQGNQVENNERKHMGMB

COMNERNERJORVENBIHJORJOR

GNQ

IRQ

AGO

SGP

HKGJORLBN

COM

NERNERNERSWZNERNERGNQ

JORNER

VEN

GNQ

OMNJORJOR

AGO

SWZCODVENVENGMBNERMOZJOR

GNQ

AGO

MWI

YEM

JORTCDRWAJOROMN

COD

TCDMOZ

NER

TCD

GNQ

SWZJORGMB

TCD

CODOMNJOR

RWASWZKHM

GNQ

SLE

OMNSLE

KHM

SGP

GMB

JORGINSGPGNQDJIOMNGMB

LBR

RWAKHMYEMRWALBRGMBGMBGINJORJORJORRWA

OMN

OMNMWIOMNMWIDJISLE

YEMYEM

JOR

GNQSLELBR

JOROMN

OMNLBROMNSLELBR

YEM

OMNOMNOMNDJIGINLBRLBROMNMWIJORDJIMWIGINDJIJORGNQDJI

GINDJIDJIGINDJITGORWALBRGNQGNQ

DJIDJI

DJI

DJILBRLBR

GNQRWADJIDJIRWAJORDJI RWA

JOR

-4-2

02

4Ln

(Tot

al E

mis

sion

s)

-.1 -.05 0 .05 .1Ln(Total Population)

coef = 1.3610423, (robust) se = .17274039, t = 7.88

Residuals on ResidualsTotal Emissions and Population

Figure 1: Partial residual plot from column 1 in table 1. Visual inspection of the role of outliers requires adifference in the x-axis between the two panels, which obscures the fact the the coefficient on populationis larger.

17

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Emission Ratio GDP per capita Ratio

Population Ratio % Working Age Ratio

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Total Emissions Ratio GDP per Capita Emissions Ratio

% Working Age Emissions Population Emission Ratio

Figure 2: Results from the economic-demographic model. All variables are the ratio of the outcome of the low fertility scenario overthe medium fertility scenario. Panel A (left) plots the main outcome variables. Panel B (right) decomposes the difference in emissionsbetween sources.

18

8 Appendix

8.1 Summary Statistics

Table A1: Summary Statistics for Unbalanced Sample 1950-2010

mean sd min maxCO2 Emissions (thous. metric tons of C) 38,406 153,483 5 2,259,856GDP per Capita (2005 USD) 8,300 9,478 163 59,640Pop. (millions) 37.67 128.4 0.06 1,318% Age 15-64 58.59 6.74 45.92 75.18% Urban 48.84 24.13 2.19 100.0Trade (% of GDP) 73.04 51.71 0.02 531.7Observations 5679Countries 147

19

8.2 Results with Total GDP

Table A2: Determinants of Carbon Emissions: Total GDP

(1) (2) (3) (4)Ln pop. (a) 1.161*** 1.262*** 1.200*** 1.213***

(0.169) (0.179) (0.177) (0.199)

Ln gdp (b) 0.203*** 0.207*** 0.206*** 0.226***(0.042) (0.044) (0.044) (0.052)

% Age 15-64 0.016** 0.016** 0.016**(0.007) (0.007) (0.007)

% Urban 0.008* 0.014***(0.004) (0.005)

Trade (% of GDP) 0.0002(0.0002)

Year FE Yes Yes Yes YesObservations 7133 6426 6426 5679Countries 156 153 153 147R-Squared 0.05 0.05 0.05 0.05Within R-Squared 0.017 0.020 0.020 0.023P-value: a = b 0.000 0.000 0.000 0.000P-value: a = 1 0.342 0.145 0.260 0.285

Notes: ∗p < 0.1, ∗ ∗ p < 0.05, ∗ ∗ ∗p < 0.01. Robust standard errors clustered at country level in parentheses. Equation

estimated in first differences. In all specifications, the dependent variable is the natural log of total CO2 emissions. The sample

covers 1950-2010. Within R-squared is the percentage of variation in the dependent variable explained by the independent

variables after removing variation due to time and year fixed effects.

20

IRQ SWZLBNRWABHSLBNSLVNGA

LBR

GNQAZE

LBN

KNA

AZE

ALB

IRQLBR

CHNGEO

OMNZWE

IRN

ATGLCABLRNORAGO

GNQ

MDV

TJK

LBRLBRTZA

GNB

TGO

COGSURCODSLESYRLBN

LBN

TKMLBN

COG

NGA

IRNNER

AGOMNGGNBSLVCOGNOR

GNQTZAGNQ

KAZDJITCDIRQSLEMLIKGZ

STPTCDBRB

MDVLBR

OMNCPV

BGRTTO

ZMBSWZ

MUSCODIRQAZEZMBGNQOMN

JOR

ATG

NGA

OMNLBRIDNLBNIRNCPV

MDVCOD

MDAIDN

TJKCOG

KHMRUSGABKAZZMB

ETH

LCAFJI

GNQ

COG

BOLMNGGABIRNJORZMBLCAGNQUKRCAFZWEDJI

CPVGRDCOGUKRBWA

UGA

PERTCDVCTTZANGA

KAZIRNZWE

KHM

KNA

KGZJORGNBCHLIRQ

GNQ

MOZCODARGUGATHA

SYRBHS

JOR

GRDSLV

LTUCOG

SYRIRNAGOGHA

IRQ

TTO

TCDVENNGAGABGNBVCTBGD

UZBTGODJI

BLZ

CPV

RWA

BENKHMGHA

VCTSLEMRTUKRZMBMLISGPGIN

ALB

COG

CODLUX

TKMNERZMBDMA

GABAZE

SGP

MWISLV

SYR

CHLGNQUKRDMAHKG

GNQ

BTNBOLSYRGABIRN

SYR

KENSUR

MUSZWEMDG

TJKRWAMARSLELKAPOLATGMYS

MNE

SGPTGOIDNBWAGINETHESTGINGHAIRQSDNPANTURCHNCOD

TGOSYR

KGZ

BDI

MRTMUSIRQ

SWZ

COD

BHS

COD

COG

NZL

NERCOGMEXLBNBHSATG

TCD

CODZWEARM

STPAGOGINTGOMLIZWEBGRZMBTHARUSZMBKGZLBRGHAPHLSWZGNBJAMMWI

TJKARM

BENTHAFJI

ZWENERCMR

LTUSYR

CAF

LUX

GNQBEN

URYGABRWA

KHM

ISL

AGO

HNDBHSBOLMOZVEN

UKRSLVJAMSTPSURSYR

ALB

GAB

LBNZMB

NER

GNB

ROUVCTDOM

BENDJIMNGIDNSDNARGISLCODURYETHBLZSUR

SGP

ZAF

THA

TTONGASYRSLE

SYR

GAB

BHSDJICODFJIURYKENNGASWZMAR

GRD

VCTZWEMLIVNM

PER

MARMYSSTPBHS

NGA

MRTKHMDOMOMNCOMGNBGNBVEN

ISLCOGPOLTTOSYRTTO

BDI

BDIFJIMWIETHCHESURMYSBWAARGBWABOLBLZ

CODJORTTOGINPHLMUSIRNNAM

ZWETGOSWZCHN

MRT

TTOOMNGAB

BEN

GINGINOMNMARLVADJIGABSYRJPN

GAB

IDN

CAF

IDNGNBSENNGASLESLVMOZIRN

COMBLZCOL

COM

OMN

MWIZMB

GHAGMBNERMDGTJKGINJAMSYR

MDA

GEO

LVAVENRUSDOMBDI

URY

TGO

ATG

PHLSLEEGYLBR

MWIAUSLKAZMBMRTKHMGABJAM

BOLBGRTHASDNLUX

COD

ISLLBRGAB

BDIMARDJIAGOROUTTOKEN

BHS

HNDCOD

GAB

SYR

BRBCAFLUXKGZCODZWEETHIRQATGTCDUZBARGKENSDNCAF

NGA

BHSMUSRWAIRLBFAPHLMWITCDPRYMWINORSWZURYSUR

CMR

MOZ

ZMBNPLECULKA

SUR

TCD

FINNPLCOM

CODJAMFJISWZBDIBRBGNBFIN

FJI

ZMBKAZDJIBGRCAFKENUGA

GNBGRDDJICAFLBRLCA

SWZ

BOLMEXTZA

BIHTCDGMB

FJI

BLZTTO

NORBHSLCAMRT

MDV

TZALAOVENVEN

DMAJAM

TCD

ATG

CHNSTP

NGA

FJI

HUNBGD

BDINZLPRY

BRBNGAVCTMDAMEXLKAHNDPHL

ATG

BRBKOR

GAB

COMGNQTURFJISYRZMBBELMWIARGSDN

ARMSWEGINKNAPRYBRBCOMDEU

AGO

CHL

NGA

ITANZL

TTOCMRNPLVENAZETTOLBRZMBATGTUNIRQ

BFA

STPCHEBFARWADJIGIN

MDGCRIBRABHS

AGO

URYCRINERPRYINDKGZ

IRQ

ETHGHATUNSURPOLCMRTURNGASLVDJIDJINERVENCMRCAFPRT

HKGLBRCHLTHA

URYSVKCMRMDAJORRUS

NPL

KENFJI

MNGJORCOMMOZDOMVCT

CRI

CHNKENLBR

LKAAGOIRQCOGMRTSURLUXTCDBGRBENIRQMRTKNAMAR

MWIMWITURZMBKEN

GNBTURPERSWEESTMUSMEXBDIGINDOMIDNKAZMDG

SYRFJIETHISLJAMCZEARG

SLV

LKA

LBR

MLI

TGO

MYSSLVISLARGBDINERROU

MUSMRTHKGGHATURJAMTTOECUAUSCOD

STPNGA

MDA

GMBKGZBRARWA

TZA

TCDDNKVENNPL

COGKORTJKMARISLMUS

NER

JOR

ATG

CHLGHAJORVEN

TGOMLIPER

GAB

BLZAGO

SLE

SURUSAMDG

SYRCHLRUSCODISL

URYKGZMARTTOCODMOZMLITKMGEOTCDDJICAFNZLALBGRC

CPV

BENSGPCPVKENDOMSENSWZ

COG

UKRISLGHAZMBCPVSVNMKDNPLLKATGOMUSJORLBRTURTURETHHKGLUXBENSLVBRBTCDESPTUNIRLPRYBLZDMABFA

ATG

GMBCPVDOMZWEGINBFAMNG

KHM

URYTZANGATGOBDIPRTURYCANTWNAZELKASGPATGGMBLCATUNNERBOLCODEGY

UGAJOR

GHA

CHLBLRNERYEMCMR

COG

UGAMLIAGONZL

TTO

HNDUKRSENKAZCOMETHSRBNGATGOECU

PRYGABTGOLKATGOBRB

SLVUGACMRMDGCOD

BHS

BDIGHABGD

BTN

ITAURYCRIARGMDGUGACAFCODROUSENBGDESPCAFAGOKGZ

COM

ZWEESP

KEN

RWA

BHS

GHA

SYRDOM

HNDMARBOLPAKNGARUSMLIUGA

AGO

NZLJAM

MAR

KNABELGINLUXMLINPL

TTOGINHRVUSACMRGMBLKAKENHNDINDSLVZAFHRVBOLVNMCODBELURYMDGISLZWEMAR

MDGMYSFJI

VENGMBCOMISLSENLVAHRVVEN

MDG

RWARWA

BHS

CHEDOMSWZCMRTTOMWICAFMUSGHAIND

ATG

FRAMKDVNMGMBLUXCODPANPANBTNRUSLCA

COG

TGO

PRY

CHNCHLJAMBIHCANKENCAFGRDKORJORMUSGHAHUNGTMNGAJAMGBRTGOGNB

STPESPNPL

BFATTOBDIJPNAUSALBCOLBLZSYRECUJORINDMUSSWE

VENTKMCPVLKA

SEN

BTNMNG

LUXMUSCOMNGAVCT

DNKCOLSLVPHL

NERINDGMBHND

CMR

ZWECOMBDIMDG

GRD

ETH

MEXSURGBRUGAZAFFRA

SDN

NORSDNNLDMLI

TURBFAUGAKAZMDGLAOCHLKEN

TTO

GABHUN

COGMLICHLBRADMACHNDOMCOMNZLMDAGMBGHALBRRWAUGAIRQ

SEN

SEN

CRINAMBRAHND

BRB

MDGGHA

LBNDNKCAF

SLVTUNBRAGNQGNQHKGCOMITARUSCAF

SEN

STPGRCFINGNB

LKATUROMN

MUSAGOGRCNER

SYR

IRN

NAM

BHSSDN

MARJAMNERFINLUXPHLMRTCOLBDIARGNGAPER

COM

USA

EGYSTPARGSLVSDNCAFBHSDJIZAFGHADJIFJISLVGTMATGUSA

JAMCODSRBISLKEN

MUSESPPANFINAGOBOLBRBKOR

NER

EGY

ECU

NLDLKA

JAMVENCHLNERGIN

GAB

GRCUKRMUSSYRZAFTZADJINORBGDOMNKORCANBDI

UGA

FJIARMVEN

DJI

BDINOR

ZWEBRACRIYEMNPLSURTZASLVCOGGABNERGBRDOMCHLCHEGEONORCAFCAFKNA

FJI

COMGNQMDV

UGAKHM

COD

JOR

NAM

LAOMWIZAF

MRTPRYSLVSENMOZROU

TCD

GTMGBRGRDHND

CRI

GTM

DJIROUSLEVCTDNKBTNCHLPRTMDVPRTLBN

IRQ

UGALAOBRANER

NORCOLISLESPGTMEGYETHLKABELIRLPERZAFSENCAFPRYMLIPERDNKDMADMA

BRBTUNINDZAFMLIMEXPERARG

DOM

BFA

RWAKGZ

BFAZMBISLTJK

NAM

PAN

USAMWIISL

ETH

GNBGMB

GNQ

GIN

CAFCOLVENBFALCAIRNBFAAUS

CAF

MWIHUNBDIKAZPOLSWZZMBKNAIRNLKAKENISLALBIND

PAN

LUXBRBBLRLUXGMBMOZBOLURYFJIOMN

PHLHUNMARMOZMLICZECRIPRYIND

TTO

ESTMDGNPL

VNM

AUSSURUZB

NPL

SURMRTJORCANDOMCMR

ETH

ISLGRCSEN

AUTBLZINDCRIPAKECUPRYGBRSVNSLVTURGMBAUS

MLI

ECUTUNCOMFRAMLITJKMOZURYURYAUS

KHMCRIMARAUTNGA

CMR

GMBBENIDNGBRVENMDG

MDV

ARGDJIITAURYPRTIRNTUNSVKGRCSWZPRYTUR

LKA

CMRTHAGHAGTMLAOGNBTUNTURCHLKHMSLEVENAUSVEN

SEN

FINPHLBRACOMISLMDANPLGINMDVBGDBENTZAMYSSDNMLIGTMITAVENGTMFIN

ISLVCTSTPCAF

JAMTCDCZETGO

CAFNZLZAFESPBELURYBRB

SDNGTMCANTWN

BFA

USANPLNZLVENAUSVCTJPNMYS

MDG

JAMPRYNERBOLTCDBDINAMLUXPHL

GNBESPGTM

VNM

MYSBOLCODMWIINDBENJORNPLKGZ

CAFAUSCRIBLZHNDAUT

CMR

NORGRCDNKGINBOLCANMLIGINCPV

BEL

JAM

NPLGBRGNBCANBOLPHLSUR

ZMBCHEGHACOLFRAARGCOLJAM

SLE

MDGAUSGHASLV

LUX

PAKBTNGTMBGD

NZLPHLCOMKEN

DMAGHAGINVENGIN

CPV

BOLHND

SLE

BFAMUSUGABELKGZ

OMNCOMCAFMNGURY

JAMGTMUKRCRIHNDFRAGINCOLBRALCAAGOCANDNKKENKHM

BGRBRAEGYSENBFA

ZWENZLGMBHNDCOL

BDI

ARMBELEGY

VCTBLRBELGMBGMBKHMAUTTUNDNKMARPHLBRA

MUS

BRBGBRTCDIRLCODIRLHNDNLDEGYPANSLESENSLVZAF

BTN

GTMJAMBELSLEUGAJAMESPIRL

IRQ

MOZBGDCZENORISLHKGECUAUTVCTSWEPRTMRTGNBTURDEUCMRLUX

KENJAMMLIFININDPAKBRBNGALKATJKLUX

SLEALB

PANKHMMEXFINSWEURY

GRD

SURDOMCZEBGD

JAM

LUXAUSJPNNGABTNLUXMEXDNKDJICHNGRCHNDBOL

DNK

COM

TZALBRBGDSLVYEMPERBDIAUSPHLRWAGMBSGP

URYZAFUZBFRAGBRITAFRABOLLUXEGYARGURY

LCA

MARGHAMEXDJITWNJORCZECRIJAMCAN

UGA

CAFHNDCAFUSAAUSCOMCHEESTGBRROUBRACHEFRA

CAF

BFACANAUSCZEFRASENSVKBTNIRLBELHKGGNBNLDGNQBRB

NZLMLIGRCDOMSLVDNKDEUURYBTNMKDCMR

FJI

GIN

BEN

SWEAUTNAMETHNGALBR

JOR

MRT

NORMRTMDG

SDNBHSJPNBLR

KNATGOALBCMRFJILBNZAFPRTSTPUZBCPVDOM

COLIRLSENAUSNLDAUTNERCHLATGROUTURCANSENVNMKHMURYSVNEGY

COD

BGRSENNPLGBRCOM

TUNVCTMNGNGAITANGA

CHE

GAB

INDKORLCAKENBLZ

NAMNORTGOFRA

ETHLUXKENBHSMUSTCD

GRCMDVGRC

KHM

ETH

VNMLKANLDEGYNERUSA

ARMLAOMWICANSTP

LBRUGASWEBRAEGYNLDCMR

SLVKENMAR

KGZECUGMBCANECUMDGGMBGTMPAKMOZZAFZAFPERLUXCOLCRINAMHUNJOR

BEN

BFATWN

TTOMARPERSVKMWIMEXMRTBFADNKTURGNB

ECU

ATGALBUSACANNPLTURVCTNZLTUNLAOPRYCODNAMBDIZAF

NGA

TURCOLETHTTOCOMIRL

RWA

NERCANPERCAFOMN

GNQ

ITABRABEN

ATG

CMR

INDURYUSAEGYAUSITAURYURYDNKCOLBLZBRBMEXDEUVENEGYHKGESPCHL

LBR

GRCMOZBRBGRDHRVKENCHLBOLLAO

STP

HUN

PANBDIGBRIDNCODPOLGINDMAIRLFINGRCGTMNLDGBRIDNLCAGEOPOLSLVFINCOGCRICOLTCDCANCHLTTOSWEHUNTUNSENTWNCANSENUSABOLCOLMDVPRYVCTITAMDGLKABFAMDVCODLTUGNBKENFRA

FININDNERSLECHEARG

MDGNZLBENPHLITAMRTCOGMEXBGRMKDDOMTTOCRI

ETH

FRANPLUSANERDMASLENLDNERSLV

IRN

BFAGTMMARDNKPRTTUN

VENKENMDGALBSWETCDLUXPRTSENJPNTUNBOL

UGA

CRIPRYIRN

MDG

COD

IRLGBRNLDSENARGKENMLICHNTUNJPNESP

THA

JORSGPSTPCMRCOLDNKGINAUTMEXESP

MDG

PHLBENPEREGYPOLVENFIN

ZAFCODFINIRLJORBENHNDSENSYR

FJI

JOR

LUXATGAUTJPNSVNPRTTURCPVIDNSWZDEUCHE

SLV

BELMYSBENHUNCOGHKGTGOHUNCOMMUSSWEUGA

BOL

BDIGRDGNBCHLMNGZAFNZLGBRCOLGMBGMBNPLPANPRYUGABELBHSCMRBENMWITURCRICHLPANCAFGRDCZEHUNJPNZAFFINMDGLAO

PHL

ISLUZBGBRBLZMARBENDOMBFACMRSGP

BFALAOUGAIRLBGDHUNCHLMOZ

JPNZAFNORISLTURHNDBELNERGHAIDNBENCOGJPNNORLUXPRY

ETHBTNFINMDGUSA

NPL

HND

MOZ

PERGMB

DMA

GNB

GMBCAFHUNBRAGMBVENIRLJORMYSJORKORNPLMRTJPNOMNNLDCOGLAOURYJPNLCABRBCHLISLHKGFRAMEXAUSCPVFIN

GHANZLVENTCDNPL

JPNPERTUNCANDMAGNBUSAPANMWI

MDGPRYTTOINDEGY

MUS

ISLZAFALBMUSMEXDEULUXBRA

MOZGRCSENJPNGIN

FIN

BENDJICOG

SWE

CODCRISVNBFAMOZGTMCHEGHAHRVARGLUXPERBGDNORALBNZLPERPRTBOLJORLKA

SLE

GEO

MUSCHLMARPRTURYSLVMARBIHCODSTPFJIIRNMARLUXNZLSLENLDPRYUSATHASGPAUTJAMINDESPLKA

NGA

JAMMUSKENBIHGINBDIMEXFJI

INDTHAVEN

LKA

GBRSWEPHLPAKCOLDEUGRCECUNERETH

MDGETHIRLSENZMB

HNDESPBLZCAFNZLCOLNZL

NPL

TCD

DOMGRCCHEHNDUSAEGYMUSJPNHUNETHECUDMAGNBMEXTUREGYCOGPOLGRDSEN

PRTGBRFINGMBYEM

BTNAUTSLESYRSENAUTZAFHKGSWEJORKENIDNAUTLCATHAOMNDNKHNDJAMBOLCZE

PRY

INDGINPAK

SLVKHM

JPNJAMARGFIN

JAMGINIRNUGAGAB

ZMBGBRNPL

COGITAZAFSGPBELMOZ

PANAUSFRAPRTHNDTCDLKATUR

SDN

POLTHANGA

BFA

CMR

TURAUTNPL

GEODJIIDNBELDJIJAMHKGARGKNAHNDBRBETHSWESLVPHL

SDN

RWAZMBMWIGMBITABLZECU

MRTGTMDJIHUN

TTOSLEKEN

URYTURCRIMEXSENESTFINVENURYDNKCANGTMCOD

BDIBHSBDI

SWEMYSPHLLVASUR

TCD

MDGMEXGRDCRIVENLCACHEJAMAZELVAPRTPOLGMB

ZMB

IRLLUXNLDCHEESTPER

URYSWEURYMKDTZAEGYBFABENATG

GNB

HKGUGAECUTCDZMBCZEBDIINDGRCGBRHKGUSAHKGMNGKORTHACMR

BOL

DOMPHL

COM

GBRNORBOLETH

MKDHUNSLVPOLBWAITASURNLDGTMISLPERCANMOZ

MDVNPL

BDIPAKSVK

CMR

ALBAGOMARNLDNZLHUNCODUGASURZAFSLEECUSDN

LAONPLBLZLVAUGA

NZLSRBSGPSWZNLDCANTZAPANGRCSEN

BDI

CAFRWA

SLE

CRICRIARGGBR

LSO

MUSAZEKENBRASWEROUCHLHRVEGYBLRDOMNORDNKTUR

ALBGRDPERHNDBENFJIEGY

FJIGTMIRNCHEUSASTPTCDTZA

ETHKGZPRYITASWEKNAPANGRDGHAVENSEN

MRT

ETHFINGBRURYKENMLIKENMARBHSNZLSWEECUMYSCAFIRQBLR

SWZ

MLIDOMBOLVENIRLMKDNERPHLESPSTPNLDPAK

JAM

GBRMRTAUSNLDCOLSWEARGDJIGBRTCDRUSCOLALBMLI

EGY

GTMESPMRTFRACRISWELVAEGYNLD

SLE

LAOSGPECUGBRMEXTGO

BGDZAF

SLEUSA

MRT

GHA

ETHOMNSENHNDMUSINDURYGTMCOMHUNKENCHEPAKNZLVNMGBRITAEGYIRL

USA

FJI

CANMYSCHEGTMGBRDNKMUSEGYITAPRYNOR

VENYEMGMBMEXRWAOMNTWNSWEGABUSAGNQARGCOL

SLV

COMPRTZMBETHEGYLUXVENHND

GNBNLDALBGTMAUTIDNSVNNERARG

GAB

CAFEGYPANNORFIN

COD

BGRIND

NPL

BRAMLIPHLBGDBLRFINCANCOLCHN

MEXIRQBRB

NZLNLDKHMSTPZAFGTMBIHBRAJAMSWESLEROU

JAM

DNKJOR

BDI

CMRGTMSTPSVNAUTIRLMEXDNKUSANZLISLDNKCPVGINBELGINNLDNPLLKAROUTGOGINCOGNLDKHM

MNE

STPZWEPAKBEL

SWZ

AGO

MUS

KHMBRBTHACODAUTCHEIRN

BDI

ARMBOLBFABRATUNZAFBELNORUGANORCHETKMUGASWEEGYNZLBGRHND

PRTDNKCANTZACPVLCACHEGMBSWEOMNECUUGABELFRA

TUNSENNLDESP

MUSVNMNAM

VCT

BELCHENGACHECHEMUSDNKCANURYRWACOLSEN

ISL

THATGOINDEGYBOL

NPL

SENNORPAKDNKKORHUNMUSCRIBRBECU

CMR

TTO

ROUSWEGINURYDNKCHEMARNOR

CAFCHEJORUSASGPDNKDNKFRAHNDECUIRLGBRMARBGDMARIRLDEULBRNORIND

JAM

BFAARGDEUBLZNERPRYSVNECUPRYMNG

BHS

AUSARG

ETH

KENZWEBELAUTTWNJPNLAONLDMRTHNDNLDDNKFINMRTBGDLCAUGAMRTNORTUNECUCOLFINECUSWECOLLUXITAIRLNLDPAN

SYRGINCAN

BRBPRTBOLNLDBGRAUSAUSZAFARGMARMOZCHN

TCD

ZAFKENCHEIRLMDGIDNAUTBELGTMDNKKNACOLGHASWEIRQVENITA

GRD

GBRCOGUSABHSNLDSLVNZLTZA

GAB

ALBGTMGBRCOL

FJIPOLEGYTCDSURUSAZWEFRACMR

CRICHEBOLKAZSWEBFACOLCHLAGO

PRYUSABRAGRCCHEVCTHND

LSO

GTMNGAJAMBGD

ZAFYEMECUDOMPHLCHLEGYDEUZAFCAFPHL

BGR

UGAAUTLTUARGVNMARGMDGBLZFJINLDFINBRASDNKORSGPIRLCHNTTOINDUGABELPER

NGA

LKACANBELIDN

ETHBEN

HNDMOZSWEFJI

GBRBFAVCTPRYIDNURYVENBDIGINPRYPOLDNKSDNMDGPANMEXGTM

GAB

IRLNZLBRAMEXJAMFRATZANZL

UGA

HNDBGRINDLVAVENHNDCANSLVSENGMBFJI

ECU

BENBRBBGDGBRETHPRTHND

LAO

TTOPRTSLVSVNGBRPAKCPVCZEAUTBGDCHLROUJORMNGPRYSWETUNCOLARGTGO

MUS

GIN

IRN

ESTMYSAUTCOMCAF

ETH

PRY

IRLSLVTZATWNITA

FINCOLCOLGTMBELECUHND

DOM

GTMBGD

ETH

COGTHAVNMECU

KEN

CHEZMBPRYCRIFRAECU

SDN

UGAZAFJORFJIEGYBENBOLCHLGIN

GNQ

COLLTUCHNSLVZAFTHAOMNAUTGMBPOLGRCGTM

COG

SGPZAFIRQJPNPAKCMRBLZITASWEECUESPDEUDJIMOZZMBSVKBELFINTWNECUPRTUSAMYSZAFBRBCOMMARZAFSENCHNIRNHUNSWEAUSNLD

JOR

LTUZAFNOR

RWA

EGY

SLVBELHND

NGABDICHLCPVDOMSVKDNKHNDNORLKAPHLHKGCHECMROMNSLVBWAMRT

STP

CMRRWA

CHEFINPERPRTBIHTHABRATZAMEX

MLICMRSWEHKGGHAUGATHABELNORMEXNAMMARSWETUNMDGKORSWZMWILBNCHNMYS

THALKA

FRAGHAROUMOZSLVBRBBELBOLKNAESPBFANZLMEXUSAITAGBRSWENORAUT

ETHBEN

JAM

ECU

LUXTUN

ROU

GTMTGOPAKMNGTUNZAFDMANORSDNNZLECUSENFRACANUGANGAZAFPHLMUSMARCHEFRAGBRNZLSLVLKAAUTGBRAUSSWEAUSAUTCMRGBRROULUXPOLAUTMEXNORFJISLVMWIISL

CRIETHAUSHKGPERDMANAMHUNMDA

IRL

CHEIDNZAFBRBPAKGRCPER

SEN

BIH

MUSPERMNGNLDFRATUNNZL

ECU

BEN

VNMLVAECUCANITAPERNERAUSFRA

BWA

ZMBPAKMEXHRVCHLMOZFINBDIINDNLDCHEMDV

VNMMDVAUSBELPRTTWNGRDMWIAUTGRCPRTCANCANITAPERITAITAMEXCOMAUTTZAGNBIDNGBRHUNISLARGIDN

PRY

BTN

CAFPANFJI

MDG

TGOCMRLBR

KEN

URYCHEGNBUSAAUTCOMPRTCHNUSABRACOMJORSVNCHESLVKEN

LUXGHAMYSAGOGBRMWINZLKNAFRADEUSVKKENBELBOL

DNKCZELKABRB

LKA

BTNPRY

JAMSTPAUSBELFINGRDISLBELMRTITAMLIGABISLCHLSVNSGPMDG

DOMAUTPAKDNKUGABWAVENUSACOLETHCOLAUSDJIMEXKNAJPNGHABELDOMMNGMOZCOLDNKGHA

BRB

CPV

TURBELZMBALBTWNKHMLUXECU

BTN

BOLPHLPOLHNDDMAFRAESPURYROUBHSURYPERLBRBOLNAMMDGGRCSWZTTOESTNORDNKUSALAOCHEKENGTMSGPARGRWADNKNZL

SGP

GMBJAMSGPESPROUATGNORSVNETHBRALKA

MOZ

ESPLBR

KOREGYUSATHASTP

URY

VNM

FRA

IRNMYSESPCRIBOLJORESPFJINZLALBUSACRIBRAIRNBELUSAGNQKENLUX

BDI

IDNCOMIRLAUSSYR

MDVIDNKORITAITABLZEGYKHMCRIPHLMLIGTMZAFECUKORCRISTPFINBGRPER

VCT

KENMDVSWEZAFZAFGNQ

COG

PANUGAGBRMOZ

ALB

BEN

NZL

LKATCDHUNRUSCANETHIDN

ALB

SWE

VNM

NLDLKACHL

SLVMARMARLUXUSAMRTITADNKSWEIRLINDCANGTMUSAIDNSYRPRTPANDNKCRINAM

CHEBENLCAESPCANGEONZLAUSLBRGMBLBNDMABGDTWNIRNJAMCOLURYNPLNLDLBNSDNBRANLDCAFBGDBOL

FRAGMBPRYPAKTURPHLBGDAUS

TTO

BHS

LKABRBBGDSDNLTUCHNCHLCHEBELJAMCMRLBRMRTHRVNZL

PAN

GMBLKAVEN

RWA

UGAMEXUSAFRACRIRUSSLEPHLAUTKORCMR

GBRMDGBGDZWEJPNMYSLCASENZAFDNKKORCHELCAZAFLAOLKA

TKMITASVNBRABELKORIRNUSASLETURGRCHNDPRYSENLKA

PERGNBECU

SVNFRADEUFRAVENEGY

PRTNGASURFRAPRTCZEJPNGBRBLRTGOPHLESPFRABELFRAFJISYRAUSBRASWEAUSNLDCMRNGAHNDBTNFRAGNBSVKPANTTONORALBISLFRAGBRAUTTUNISLGHALKANERMRTMYSAUSCANCRISVNZAFMARTWNCOLTURESPPANCANUSADNKBEN

MKDSLVIRLALBNZLGTMROUDNKLKA

VCT

CRISLVBRASWEGTMPERGBRDJIMWIUSADEUAUS

TGO

MEXAGOPANNZLGRD

DMA

PHLSVKSWZDEUUGAMKDJAMHNDGRDBENPANLTU

YEM

NERPHLCANHNDSURMWIBELPHLZWEPAKCHNBELGTMIRLCOLOMNPERDMAFINZAFEGYMOZCRIFJIPOLBRB

ATG

RWAJPNPERTCDMLIBELCOGECU

SUR

GTMTZA

KNALBNFRAMUS

ETH

SLVSLE

MYS

MOZFINAGOAUSUSASLEMYSCANUGASWEINDESPLVA

MWITTOTHAFINTUNGBRKORPAKFRAZAFNZL

BLZ

UGA

CPV

MDGMARFRAFRAARMDOMECU

TTOUGACMR

NGA

HNDHRVGBRPERSYRIRLGTMCANITACAN

BOL

TTOAUT

YEMCANDJINORGRCSLVFINMEXCAFGBR

DOM

MDGHNDBRAZMBBFAMARHRVUSABRA

IRQ

CHLTHAURYNLDDNKINDCRIJPNMEXECUIRLROUCAFBELLKABELDNKGINBRBUSAGTMDOMCHNTWNIRLGINMWISWEBGDCRIECUHRVHKGLAOMUSURYNLDSWZMARBOLAUTFRAAUTUSABFAPHLLAO

TTOPOLNORIDNMARCRI

BWA

IRLBFAPRTIRQCHEPANLUXCHEGTMBEN

JAM

CHEOMNRWAKHMTGOLTUPOLBGRUSATTOVNMTWNITATGOPRTHRVPAN

MYS

DMASLEDNK

LKAINDMUS

LBRVNMURYHUNITA

ALBCHNGRCAGOPERMEXIDNMEXKNA

MUS

CMRGTMAUS

SDN

TKMJPN

YEMAUSALBIRNGTMTHANGAVCTPAKIRLSLE

PHL

ZAFUGAFRATGO

BENISLUZBPERFRASTPZWECRIMYSALBCPVTGOMYSCHEIRLGRCEGYCANTWNLCANLDBRA

UGA

PHLTURESPARG

NOR

SLE

KENFINFINBELPRTTHA

CHEPHL

SLV

TUNVCTTHAGINUKRNLDHKGTUNNERMKDURYCZERWANLDDNKBRAPRTCOLSWE

IRQ

FINTKM

LAOSWECOLPOLTWNTKMBLZCHLMYSMUSPAKCOGTWNNORATGUGABRANZLCHNECUCOLLVA

THABOL

NER

GTMPAKEGYRWAINDCANRWAMKDDNKTWNPOLDOMAZEAUTPRTROUGRCAUTCPVTWNCRIAUSFRATZABOLPERMARNORCANPAKLTUCHEPAKBRAPRY

SWE

MUSUSABRAALBNORURYISL

STP

BHSAGOMUSIDNVENROUESPUSAITAKENEGYBELPAKDOMTJK

MWICANMDV

DNKTURTHA

VEN

FRATUNLAOARGGTMZAFZAFESPCHNKOR

EGYUGANZLGTMNLDNZLMEXPHLPAN

ECU

OMNJORUGAHNDBIHMOZPRTMEXTHACHLBOLCHL

MOZGNQDMAMUSIRNNGAMOZZAFDOMESPMEXIRNNORLUXDOMMYSBGDETHTWNSVK

BGDTGOHKGFRAFJI

TTO

COLNLDAUTAUSFRA

BTN

SWEETHGNBAUS

BTN

TURMYSMEX

BHSPRY

CHNRWATHANLD

DMAAUTPRTZAFCRICHEPER

LBR

PRTKOR

LAO

BWAKGZLBRNLDBELCANLCAGRCAUTINDPANMLIVENJPNFRAKORSTPECUPANPAKDMANPL

FRACPV

RWAINDGRCIRLINDAUSITABOLESPJPNTCDCPVARGNLDTGOLBRALBUSAFRACRICANESPNGAHNDKENMKDCODNPLZAFITAZAFROUAUTZWENZLNORDJIROUPERMNGMWIJPNCOLTZAHNDGTMMYSHNDAUTZWEVNMTURPRTBRAVENVCTVENSGPGNQUSASWEMYSCHEFRATUNDOMECUITAPHLBOLBELSWE

MRT

IND

NGA

CANTZAPAKBRA

BFA

TWNTURMNGSTPGNQBIHBWAEGYBGRHKGBTNUZB

SEN

MYSSURAUTTTOAUSVENMDAHNDBRBLTUDMAARGBFA

TZA

PHLBGDCOMGBRFINMARSVKNORESPNZLCOGCZEPHLMLINZLESPLKAVENKORBLZLBRGTMGBRDNKHKGIRLFINDEUARGBFA

AGO

VNMINDBGRTURBELKENBFAHRVPRTLKA

BGRROUBFABGDITA

TZA

ATGBRBARMZMB

BDI

LKAKENPANBGRAUSCRIGRCSYRPRYBGDMEXITAIRLVEN

GABVCTPRYCANTGOCOLUZBGBRBGRDNK

MDV

VCT

BEN

MOZUGAGINARGESTBWAPAKDOMVNM

OMNGINBFA

PERJPNBOLSWECAN

GNQ

CAFNORTUNJORCANITATWNLBN

BTNGHAFRAGRCCHLESPISLMEX

TUNSVKSURVNMMDV

AGO

GHAUSANGAARMLAO

BENGRCMDGLBR

AUSLCAVENKENHUNHNDGHA

GNQ

NORIDNLBRTWNSWZBLZCOLMNGIRLGHALVAAUTINDLKALUX

ARMSURCHEITABRASWEPANCOD

ALB

BWAPANNZLIDNLKACOLPAKHUNPOLRWADNKBENCHNFJIATGSLEZWEGRCBOLBELCOMMARJOR

BGRTWNSURLKAPERTCDJPNHUNPRYLBNGRCSVNUSATHACHLDNKMEXDOMLVAMRTMYSSVK

SGP

TKMPAKHNDBFALAOAGOTTO

RWAPOLFINAUSMYSPANPHLIDNAUTKEN

MOZBELISL

MOZ

AUTAUT

TWNDOM

ETH

NZLINDHKGMDGHNDGRC

NER

BGRGRDAUSINDVCTNLDNORRWAHKGPRT

BTN

NLD

GAB

CHECHNMDGGHA

NPL

GNQLCAPERGRDBLZROUGBRDMAKOR

BRBDNKARGUSABGDNORKORUZBKAZURYUKRFRAKHMBENITAINDPHLMARESTPANJPNATGAUSMYSPRYISLPRY

COG

MDGARGCOLFRANLDKAZMEXPAKBLRUZBGRDITAGRCMARUSAZMBRWA

BEN

MLI

SDN

DMADEUVNM

CRI

NERMUSGRCKAZPAKTHAPRY

AUTTHA

BDI

HUNTKMCOMGRCUGAEST

MYSMEXCANCHLTWNESPECU

PERNERBENTZAKORGMBNLDBELBENCHEGBRATGSLEAGOBFASTPPRYGRDSWELKAPAK

TZA

MLILBRNLDTCDPERBWAUGAGRCMDABIHCOLGBRCRITHA

HKGNAMGINMYSINDJPNMDVPRTSDNTTOITAPOLCHEGEO

BOL

MYSLTU

MDA

STPGTMKORVNM

BTN

HNDHUNCHEARGTURUSANZLLKAISLNZL

CPV

IND

FJIRWANGALVAPAKCANPANFRA

NPL

MLIAUTHRVSLVPRTHKGPERBRAINDBOLPRTPOLGBRCHELBRKORROUKENMDVIRNMYSSWEROUAZEMKDARGINDAUSMWIMEXDNKTURRWALBRROUCHNSURCODCRISWEAZEESPLKABOLCODCZEGMBITA

BEN

BWASLVHUNINDIDNROUPRYTCDAUSBGRBGDDOMTURLUXUSA

COL

TUN

MDG

ZWELUXCRI

INDMWIMWIHKGCHNVNMBELNPLCRI

LSO

MDGKENPANMUSIDNCANMDGGRCAUTESP

ETH

MRTARGBGDTWNVCTCHE

CPVMDG

EGYBGRAUTCHLVENINDIRLHKGTTOESTLUXDMAVENTUNROUPOLPRYITAGBRISLLUXIDNSGPHRVCANTWNFRA

SYRMEXBELTUNGMBCANSURROUKNALUXDNK

SGP

TGOBRAALBSWEARGPRTBOLUZBPER

LAO

LTUJPNECUTTONERESPMDATHABOLTWNAUSBENPRTDNKMEXSDNBENITA

KHM

MARALBTZACPVNPLGTMGNBUGACOM

BTN

HKGBLRESPIND

LAOCHEMUSISLPANAZESGPNAMZAFMUSSLV

GIN

TUNKHMSVKGINJPN

BWANORCHLCOMBFALBRBRBMEXRWAUSADOM

ALB

DOM

BENKORGTMBTNCMR

TGOKORGRCISL

TTO

MYSBGRFINECUNZLCODTUR

MUS

NLDITAPER

IDN

GAB

GINKHM

FJI

CANGINPRYIND

GMB

FINPANBRAGHABOLLBRDOM

SDN

ESPNPLRUSTUNDEUMDAKNAJPNGEO

GNQ

CRISGPJORECUTZATTOFINPANDOMPOLSWEKENPANZWEAUTTJKMKD

TGO

KENGRCGRDNORSTPBENAZEKENDOMLCAGRCAUT

BTN

COMHKGESPHKGIRLUZBTCDJPNAUTBOLTKMCHNMARBGDKHMGTMNGAMYSCPVPRTZAFAUSVCTTWNSVKGTMESTBRAMLICOLKORLTUBRBLCASLVPRTTHARUSTZATWNPERNER

CHNBLRHKG

LBN

BHSCOLJPNPERESPTHAPHLBIHITATZACOLIRN

MARBGRBHSLAOMNGJAMBLZTUNMLIBELBLZUGAPRTKGZBGRSENMNGHKGLUX

SLE

TWNLAOJAMPERTZACOMESPMDVGTMUKRLVAUSABLRLBR

MLIBOLNGAGTM

TTO

CHETUNPANBGRCHEVENITALUXKOR

BEN

DMAHKGGBRETHUZBIDNCOLARGMARIRLTWNETHESTAUTISLAUSECULTUGRCSLENLDPRY

ETHETHUSACZESWZZAFTWNVEN

PRYMOZMEX

NGA

BHS

BTNLCANGAURYFJI

PAN

NPLCANTUR

ECU

GHACPVISLRUSDEUARGPANOMN

CANCOM

PANLUXIDNARGROUPRTTUNPRTMOZLCAPANGHAGRCJORVNMAUS

URY

UGA

CMRARGSURCHNNPL

BFA

MRT

ARGHRVHKGECUMRTTURZWEBRBNORTWNMOZESTMEXMYSLKAINDMEXHNDGNQLKAIRN

BHS

DMAPOLBLZDMAISLMNGAUSNZLBGRESPMNGVNMTHATHAMOZITAPHLESPMEXNAMECUMUSSGP

SGPGRCCHEJPNCHERWAGMBCHLINDNLDSTP

POLIRNMYSVENGHALKABTNKORARMHKGBGRSDNOMNDMAGRCNLDCZEEGYFINVENIRLMRTLVAMUSBGRTZAVNMIRNSDNPERPHLTTOGNBTURGTMPAKBRBSYR

TCD

ECUNZLGEO

GRCSURPOLGNBSDNSWZMNG

PRT

COLNZLPRYMKDPERSGP

HNDGMBBRATGODOM

SURUZBIRLDNKGABTZAIRQHNDJPNALB

USAIRNMEXGABVENGBRSGP

MYSSGPSLE

AUSBWAHUNOMNROUKENTURGHATCDBRBTWNTWNINDSWESDNIRLMNGZWE

ISL

LAOTWNNPL

MDACAFJPNKORGABVNMETHROUVNMTHA

VNM

OMNAGO

SLEGRCCHLNPLKORBFAMLISVNCHNTTO

GHA

LAOGMBPHL

GAB

THAMNGFINPANKENCPVHRVMNGAUTPHLARMECUDNKMWINLDKHMLBNMDAKNA

MDA

CODNLD

ETH

TZAMARTUNGRDGRDVNMUZB

COM

BELNERIRLBDIVNMSYRIRNCHN

MDG

CHLBTNTWN

KHM

EGYCOLIRN

KGZCHLCAFROUBELCHNGRCLAO

PRY

FIN

FJI

ESTJORESPCRIBELKORCHNFRATJKAUTKOR

TTO

THANORCPVFINGMBMRTMKDARGJPNTUNTHAIRLNGABWALKA

ESPJPNBFABWAGEOHUNGBRSDNTWNDNKJPNURYVENGRCMOZBGRJAMESPSLVHUN

MDVATGPOLESPPRY

BGDGNQPANITABLZINDHUNBDI

BFAUGATHATHAMNGZWE

COGFINHKGBRAJAMMNGCPVFINCOGNPLSLETWNLAOGMBMKDBWACOD

LAOESPURY

GHAHUN

PAN

RWAMWIGINCOM

BLZ

SWEESPSLVYEM

BTN

BWA

GNBGRDPHLSWEYEMSURVCTTWN

LAOARGBFAFINESTTTOIDNMRTCOGNERISLKORBRACOGUKR

SWZIDNBEL

SLE

PRTPRTTKMGBRTCDMOZ

TWNPANJORBIH

GRCNPL

POLMDGPHLMLIKENCPV

LKA

JAMCPVSENYEMMUSNPLJPNITANORTHACOD

BTNTUNJORGRCMOZ

ZWE

MYSTTOGRDINDGNBBRAGHACHNTURHKGCHNHKGBHSINDDJIPAN

SWZ

RWAFINIRNBHS

VCTNLDAUTFINIRLCHNUGAMYSPERVNMETHJAM

IRLTURISLSLVKAZPRTIRLCPVKHMMRTTKMIDNLCAINDPHLCHNGRCBOLGRDJPNJPNDOMKOR

CMR

POL

CHN

SWZPRT

PRYCRIJPNARMCRITGOHKGMDV

LKAMRTNLDCOMEGYTWNCHL

THATTOIRNUKRJPNMYS

RWACHNPRT

JAM

THANOR

TGO

TTOIRN

GNQBGRBGRTGOGHAMNGMEXFJIROUPERLKAROUBOLCHLSTP

SEN

ARGBTNPOLBLZTWNPANITABLRSURPRTPOLCHLBRATURMUSTGOBOLKORIDNMDV

TZAPHLVENESP

JAMKEN

VNM

TURPRYMOZECU

URY

MARTHACOMJPNNERDOMLUXCOLGINNERPANSVK

CPV

DJI

SLE

DMABRB

ETH

PHLEGYCHNMRT

ZMBMOZOMN

FINITABRA

BRB

AUTMDG

LCAESTMOZHKGNPLFINLBNGMBRUSDOMTZAMLIMEXDJITWNUKR

CPV

TGO

KORCHLBLR

ETH

JPNMNGISLGABSGPBDICOLTWNGRDIDNMOZMKD

NER

LUXCOMIRNKHMCPVHKGBOL

AGO

CHNINDEGYJPNBDIBFAMRTKHMCMRLUXLUXSYRZMB

IDN

COM

IRLLBNDJI

AGO

SYR

BWAPERLTUZWELVAFINSVKPANROUPRTKORZMBTHADOMLTUTHABOLTUNINDZMBIDNDMASWZPAKGMBFRAJPNJAMPRTCHN

TGOBENBRALBNTWNSWZALBSENGHA

GAB

PRYISLTWN

HKGGHANZLPRYBLZMLI

NPL

CODBGRMWIMLIDOM

GAB

TURMUSCPVNOR

CHNSTPZAFDJIETHVCTHKGISLNAMCRIARGPHL

SYRBLZGIN

ARM

LUXBDITURTWNCOGURYJPNGRCMDVCHNSLE

INDROUJPN

SGP

GHA

BFAITATKM

ETH

HUNJAM

GAB

CHNGNQCHLSYRCHLSDNCHN

CPV

IDNDJICODIRLIRLARM

CHLTURATGKAZMLIIND

TGO

DMAPOLARMNOR

NGA

STPRUSISLBLZARGPHLPRYCHN

CPV

ISL

TTOGABNZLTCDMARTHAMUS

ROUCOD

PERLKASWZ

BWA

SDNMYSTWN

SEN

NERPANPOL

GAB

THAIDNIRLJORTURHNDCRIFJIRWACRI

DOM

JPNMDVJAMVNM

FINLKAMWI

NGA

IRNLTUPOL

SGP

KHMROUBRASGPSLECOLCAFDMAJPNHNDSWZKORNAMAGOCPVGEOETHMNECHLKNASGPBGRPANIRLMEXURYPOLSGPCOD

BTNNEREGYHKG

COG

UKRSDNCMRNZLFJISVNSGPMDVIDN

BRB

TUR

EGY

CPV

MUSCHNMLIPERGEOKHMLBNGNQTTOGABBIHDOM

AGO

MDAJPNBGDLCAKNA

IRQ

EGYFRAJOR

URYOMNOMNDOMBLZ

GAB

MNGNPLCRIZMBESPPRY

GNB

KOR

COM

ZWEPERSGPKHMBGRDNKGHATGOKORHUNIRLTWNTHA

GRDTUNOMNBWAJOR

ECUOMNAGOZWEJPN

MYSSLETURSRBAUSLUX

GEO

CHLBWAISLMWIIRNYEMMWIMRTATGNERETHNPLBWAROUITACRIMARBDIISLSUR

SLE

LCAUKRIRNTHAESPATGURYHUN

MAR

ZAFROUKAZVCT

BDITURBGDOMNIRNVENDMAMNGJORZMBFINZWELCA

CAF

CPVJOR

SGP

MWIITATUN

GRCSUR

IRQGMBDOM

MUS

CHNLAOJPNTTOZAFLAOKORTCD

VNMLBRTUNJAM

BTNMEXPRTTWN

BLRAZEESPGNQBFAKNAMDVTHAHUNLUXMWI

IDNMRTISLTJKETHTKM

THAPHL

OMNSUR

CMR

NORALBMLIROUIRNHKG

MYS

SGP

MOZ

SWZ

HUNJORMNGCODTWNCAFIRLTURFJISGPCHNKHMMOZZWEROU

COG

GNB

CHLISLCHLGINFJIMYSBRADMAMYSSGP

LCA

SGPMDA

FJI

LAOFJITWNLBNFJIBLZCHLBRBMNGSYRBWAPOLKORMLIKHMVNMKORJAMGRDMRTGRCGHAKOR

CHN

UGADOMBRBESPBWAOMNBGRPRTLBRBLZHKGVCTVCTKORROUKNABFAUKRMARISL

SYR

NOR

LCA

KGZTWNHRVKNAGHASTPIDNTHACODTJKRWAIRNLUXKORMWI

BTN

PHLTJKCOG

MARKNA

BHS

GEO

CMRDMAARGBRAMOZRWABTNBWAPANPRYBFAMWI

MRT

JORMWIBTNMOZUGAMARKORCOD

GEOGRCMDVSUR

PHLMWIGNBBRBEGYTTOBENCOD

TGO

LKAIRLURYBLR

GAB

KOR

RWA

PANTURSDNJORLVAIRQETHCOD

SGP

LBNHNDBTNCPVALBIRNTCDLUXGRDNERCHNATGCHNLBNBWABHSPANSYRCMRKOR

LAO

EGYVCT

ALB

SGPBTNKHMYEM

URYTWN

YEM

DMA

ATG

GAB

TZABTNIRN

BHS

BLZLUXLBRBRAKAZCOG

TTO

MLISDNNGABRASDNMAR

GNQGABVNMGNB

JORDMARUSSDN

LBNISLAGOROU

AGOMNGSLERWAUGALAOTKMESP

MARCHNARMGEOBLZDOMIRNBWATUN

SWZ

ATG

MDVURYVNMKAZECUMUSBWALCA

DOM

DOMTHAMNGBRAPERITALUXJORGHALUXKORARGZMBTCD

SLE

LBNRWA

OMN

HKGTURMRTRUSBLR

KEN

COMIRNMDVALBIRNGNQAGOCPVVNMZWEMARIRQMDVKAZEGYUZBBRAROU

MRTBDIKNABGR

NGA

LBNLAO

GABGNBJORTGOSYR

ETH

ATG

TCDZWELCATTO

GNBKENBRBFJI

ARG

SDN

STPEGYCODGNB

SLE

OMN

HKGGAB

SGP

ZWEBRBKORMNESLVETHBLZEGYGABZMBTWN

MUS

GRDIRQ

LBNSGPBWACHNKEN

GMBLBNROU

CHN

YEM

CAF

VCTCOGRWAGNBZMBTTOEGYSWZCRIIRQBIHCPV

TCD

OMNBHSEGYSYRCPVSYRARGISLYEM

BHS

BHS

FJISWZBHSGRDDJINGASYRCODBRAVCT

CMRDOM

MNGTURIRN

NGAKHMIRQGAB

MNGSEN

ATGSLVGMBBWAJORPERAGOARGBRBATGNORTUR

GRDCOGSDN

TCD

EGYGNB

BGR

IRNMDVAGOCODSWZ

BTN

STPNORMYS

COG

BWAARGDJIGRDIDN

BWA

CAFBWASUREGYZWEGRDGNQ

ATGSGPCPVSWZZWETKMZMBLCAMLI

BDI

LUXSYR

CMRZWETJKUZBZWEMDVLBNCHLTJKCHNNPLYEMSYR

SYR

AGOMDVVCTMWI

ATG

LBNIRNIRQJOR

TJK

IRQTTOJORKNA

NGA

ALBBDICPV

COGKORKHMIRQ

GNQ

KORIRNZMBATGVENSWZGNBSLV

GAB

IRQ

IRQ

TUNALBMAR

KNAGNQGRDLCAZMBNGAARGAZELBRRWASYRSTPMUSMNGSYRSURKNA

BDI

ZMB

THANGANGA

GNQ

DJI

BENLBRBWAMLICOGLBRTCDSGPAZEUGA

LBNVCT

OMN

IRQJPNMUSAZEGNBBIH

MDV

YEM

BIHGNQ

GNQTZAAZE

TCD

JORSYRGNBGNQZWE

IRQ

IRQMDVTCD

BIH

MNG

GNQ

LBNLBN

BIH

LBNLBN

MDV

IRQ

GNQ

MRT

SWZ

COG

LCAZWENGAATGTGO

GNQZWE

GNQ

LBN

GNQ

SLVLBR

GNQ

SWZ

-4-2

02

4Ln

(Tot

al E

mis

sion

s)

-1 -.5 0 .5 1Ln(Output per Capita)

coef = .20298196, (robust) se = .04233006, t = 4.8

Residuals on ResidualsTotal Emissions and GDP Per Capita

RWARWA

BIH

BIH

GNQ

GNQ

GNQ

RWAGNQ

GNBGNQ

GNQ

BIHRWA

KHM

GHA

KHM

GNQ

GNQARM

ATG

BTNATGATGKHM

ARM

ATG

BTN

ATG

KHM

ESTBTNARM

EST

CPVATG

LBR

GRDATG

LBREST

GEO

BRBMDA

GRD

GRDGRDMDA

GEO

LVAGRD

ARM

CPV

GEO

RWAMDA

ALB

GNBIRLKNAMDAALBLBRMDALBRLVAKNAGEODMADMAGRDGRD

MDA

GNB

ATGBGRLVA

CPVBGRKAZKAZDMASUR

IRL

DMAIRLMDAKHMKAZ

DMAESTKNAALB

TTO

ESTIRLKNA

SUR

BIH

SURARM

GEO

GEODMAKNAGEOATG

GEOGEOLVABGRGEOPRTIRLCHNKNAGEOKAZKNAIRLLBR

DMALBNBGRALB

IRL

LVA

BRBGEOGRDMDAMDA

GRD

GRDHUN

MDA

ESTHUNBGRSLEKNA

CHNKAZ

HRVHUNDMAHUNMDAUKRFINGRDHUNLVAIRLGRD

ATG

BGR

BTNBTN

UKR

SLE

HRVBRB

LBNSUR

ALB

GRDUKR

BGR

CPV

HUNPRTGEO

MDA

BGRLTULTULBRPRTDMAUKRSURIRLPRTBGRBGRBGRBRB

KAZHRVBGRZWEKAZCHEUKRGEO

HUNCHEUKRBGRMDAESTIRLARM

LTUUKRLTUPRTLVAHRVHUNPRT

LVACHEUKR

LBR

DNKUKRPRTUKRAUTLBNBGRPRTDMAHUNBGRDNKAUT

DNKLVAAUTFINMDAMOZMDACHE

ATGLTUROUDMAARMUKRPRTAUTAUTBELEST

SLE

ROU

DNK

PRTLTUBELAUTPRTBGRDNKSWELVAROUAUTTTOLTUAUTUKRIRLROUBGRBGRBGRIRLBELDMASURGNQGEOBELGBRLUXSWELTUGBRAUTHUNAUTUKRIRLBGRLUX

PRTBGRGBRBELIRLSWEURYALBGBRESTAUT

DMA

AUTHUN

KHM

BGRMDABELDMA

KHM

LVAGBRITAAUTGBRDNKKAZBLRLBNRWABGRBLRITAURYAUTAUTPRTROULBNGBRIRLBGRCPVSWEMOZLVABELBGRITABLRDMABELGBRLUXLVACHEAUTUKRAUTDNKBLRITABLRBLRLTUDMALTUGBRLTULVAKNAHRVITAITAGNQSURGBRDNKROUKAZALBAUTLUXBELAUTBGRROUBGRBGRROULVABLRLBNIRLLUXGRCGBRCHEITASRBLUXATGSLELUXGRCHUNROULTUHUNGEOURY

TTO

GBRSURLTUBELROUNORSWEDMAARMESTGBRSWEAUTLUXITARUSROULVAAUTBRBPRTDNKBLRPRTBGRBGRBLRAUTRUSLTUITAIRLITALTURUSFINBLRITADMAROUBELBLRRUSBLRURYESPGRCGBRAUTBELBGRBELLUXBLRBELGEOESPRUSLBNDMAGEONORGBRDNKDMABLRBELFINGBR

ALB

ROUNORBLRUKRNZLITAGRCBGR

GNB

ESPESPFJI

HUNHUNHRV

DMA

ARMSWEGBRIRLGRDBRBROUFINROUSRBAUTSWEGBRLTUUKRSWEVCTROULTUFINBELFJIPRTIRLFINNORITANORBELGBRGBR

GRC

SWEURYBELGBRLUXLVAITAHUNSWEROURUSBELDNKGRC

LTUDMA

BRBDNKROU

AUTOMNESTHUNVCTSURDMABRBAUTIRLGINBELHUNGBRHUNNZLDMABELBRBBELGRCSLVBELGBRSURFINDNKROUHRVFINAUTMOZBGRFINGRDSWEVCTGBRHUNROUNORLUXNZLSWEBRBRUSSURIRLESPFINRUSJPNIRLGNQAUTBRBAUTFINNORGBRBRBGBRROUPRTDMAHUNIRLFINNORITAFINGRCBGRESPLVACHEROUGBRHUNAUTGBRESPRUSGRCHUNGINPOLMOZRUS

SUR

DNKSURGINDNK

MDA

HUNPRTBRBLUXPRTNORRUSBELFINVCTJPNDNKGRCSWENORJPNGRCBGRSWELUXGRC

MDA

HUNBELHUNBRBLBNNORCHEBRBLBNGBRGBRSWELUXBGRFINBRB

FRAGBRBGRFINITAHUNROUNLDITAHUNAUTFRAITACZEJPNESPGNQGINHUNGRCBRBPOLGINATGSWESWEBELROULBRCZEDMAFINSWEITAHKGIRLDMAITABFABELBELFINESTLUXHUNNLDLUXBELCZEHUNCZEGRCATGHRVCZEDNKPOLIRLFINESTPRTSWEDNKBELBLRFINSWECHEAUTHUNFRANORBLRGBRPOLDMAIRLITAAUTSWEPRTBELHRVFINHUNDNKSWEDNKDNKHRVBGRURYHUNJPNBRBARMPOLHRVESPNLDBELHUNFINVCTROUPOLSWELUXITAUKRPOLROULUXFRAFRAGBRCZECHEZWEFINROUGBRBRBHUNHKGESPITAGRCDNKBELGBRDNKNORBIHNZLITAITAITACZEROUJPNITAESTGRDIRL

FJI

FINNLDGBRLUXSWEFRAROUNLDGBRBIHDNKBELITAGNQFINHUNITAAUTDNKFRAHUNHUNBGRROUBELROUAUTLUXDMAVCTBRB

DNK

ITAOMN

PRTRUSBGRURY

SLEGRDDEUDNKBIH

BRB

AUTSWEROUPRTJPNDMAGRCHRVDMAPRTCZEFRAITAPOLESTITALBNHUNPOLCHE

JAMPOLDEUBRBSWE

BFA

BELSWEITAHRVDNKITAPOLCHEARMFRAPOLNLDSWZAUTZWE

FRACZEDMAITAVCTCZEMUSNORFINGIN

FINBIHBRBPRTITARUS

BRB

DEULUXPRTAUTITAGNBROUIRLNLDFRAROUNORBELPOLGBRBEL

JAMCHEHRVZWEITAFINGRCJPNDMASWEDNKFRAURYCZEESPBELNZLBELTTOBRB

JAM

PRTPRTPOLAUTSWEAUTURYSWEVCTFINGBRITAGRCFJISWEPOLFINSWEPOLISLJPNDNKITANORNZLUKRGRCHRVDMAPRTURYALBVCT

PRTGRDLUXFINFRAITASVKNORITABRBDEUFRASWERUSURY

ZWEBRBBDIBFAROUCHECHEVCTBIHGRCROUIRLNLDESPTZAJPNPOLVCT

DEUPOLFRANORITARUSDEUURYNZLSWEURYAUTFRANORRUSBRBBIHFRALUXITAVCTDNKMNELUXTTOPRTITANOR

URY

URYFRA

VCT

LUXBELFRAITADNKPOLJPNPOLJAM

ESTNORSWEGRCSVKGRCAUTVCTURYJPNNORGBRITADNKKNASVKNORESTDEURUSPOLKAZGRCESPPRTFINJPNBELVCTAUTESP

VCT

FRARUSNORPRTITASURFRANZLDNKVCT

FINDEUFRAROUNORDEU

VCT

ESPGNBPOLDNKJPNDNKBFADEUJPNESPURYVCTARMPOLSVKLUXNORNLDBRBSWENLDHKGESPJPNFRADNKSVKSVNNORFRASWECHEESPVCTESPURY

ESPFRAPOLBRBMUSFRAPOLNZLNORSWEURYBIHNORSVKJPNJPNESTCZEHRVESPITAOMNDEUURYARM

NORSVKJPNESPFINGRCSLEPOLROUGBRLBNSVNDNKNLDVCTJPNBRBLUXPOLARMJPNBFATTODEUJPNSVKNORDNKNZLJPNGINSVKJPNPOLGRCSVNCHEBELSVKNZLARMJPNGINFINKGZSVK

CPV

BFAFRANORESPVCTGBRROUNORESPSVNDEUESPPOL

URY

DEUGBRMUSBELLUXJPNTTO

MNEBRB

BRB

FINHKGGBRAUTNZLBRBBELSVKJPNNLDJPNGRDESPJPNJPNGBRBELIRLDMAFRAESPSVNSWEGRCCHEFRASVKFINURYARMFRABELNLDURYJPNSLVROUVCTBEL

MRTBELALBROUESPJPN

BRB

CHEURYLCAPOLESPPOLESPJPNGBRSRBJPNCHEDNKFRAFINJPNVCTNORSVNDMATTOHKGJAMVCTBELITAPOLSWEJPNURYGBR

GNB

MKDJPNNLDSVKSVNTTONLDTTOGRD

ISL

FRAUSABRBDMAFRAGBRJAMESPURYGRDURYCHEUSABRB

ALB

GRCTTOAUTUSAUSANORMWIFRAGRCJPNISLBFAGRC

ATG

LCASWEJPNJPNGRDISLUSABRBDNKBRBFINSRBGNBSVNFRAJAMVCTSURPRTNLDSVNZWEROUGRCCHESVNISL

GNBVCTMWISVNNZLVCTOMNJPNSVKNLDLCAGBRSVKMKDSWEPRT

PRTJPNDNKBRBSWEPOLMKDFINGABKHMROU

MNE

MKDSWEMUSROUISLSVKBTNGRDSWEBIH

BGD

CANFRABGDAUTSVNUSAUSAPRTNLDLUXZWENORURYJPNFINURYJPNVCTFRA

BDI

URYDNKURYTTOFRAZWE

TTOCZE

JAM

BRBMKD

BRB

CHEUSAKGZDNKCHEMUSBRB

URYESPJPNDNKBDITWNDEUFINMKDIRL

VCT

ALBNORSVNPOL

CHN

JPNNLD

MUS

CHEUSASVKFRA

ATG

KOR

DNKTTOGRDCHE

URY

NLDFINSVNCHEFJIMKDPRTUSAESPCHENLDUSASWEFRAFIN

GAB

ROUNLDURYLUXESPPRTURYARMPRTFRAIRLESPGRDGBRPRTGINJPNSVNISLAUTFRA

GAB

BRBNORGRCROUTTOSVNMKDUSALUXCANJAMUSASLVGRCESPCANSWELKADNKPOLGRCGRCNORDNKIRLDNKSWEMKDGRDDNKMKDCAN

CPV

URY

FRAPRTBRBTTOUSABFABDIPRTZWEMKDROUESPFINGRCFRASWEDNKVCTLCAGRDTTOVCT

FJI

BRBNORUSAUSAVCTJPN

VCTDEU

BFA

TWNPRTKAZNLDNZLPRTPOLGRCBRBCHEFINVCTKORKORALBPOL

JAM

AUTBELISLNLDFINDNKBDIPRTMKDUSAFINDNKTWNGBRHKGUSADNKESPPRTPOLCHEBLRLUXNLDITAUSAFINGRDSVN

KGZ

BRBNZLMUSTWNTHAPOLGRCGINGRCPRTLUX

TTOMUSESPGRCNLDTTOGRCFJI

ARMNLDPRTMKDUSAMKDGRCESPBRBGRD

TTO

KORURYGRCTTOMKDCHEFRACPVNLDSLVUSATTOGRCISLISL

TTOFINFINTWNESPFRAJPNTWNCZEESPISLSVNNORNLDURYLAOTTO

GRCLBNAUT

MNE

VCTESPSWEESPGRCAUT

NORNORNORALB

FJI

GRCNLDMKD

TTO

BRBNZLPRTNLDMKDHKGAUTESPFINLUXCHEVCTTWNMKDMNGKORFRAUSA

MOZ

DEUPOLGRCDMALKASWE

URY

IRLKORISLNLDTTONLDJPN

FINALB

ATG

SLVGRCIRLGRDNORNLDCANESPNLDESPFIN

SLVTWNDNKGNQTTOALBFJIBELKORKORLCANORKORGRDAUSFINAUTIRLTWNESPNLDSLVUSAJPNTWNCHNCHNMRT

ISLSGPDNKHKGAUSCANTTOGBRKORPRTGRCUSAALBFJIHKGKORLCAFRA

JAM

KORCHNURYNLDNLDCHNIRLPRTPRT

DMANLDKORCHENLDISLLCAKORTWNKORNORLKANORNORFIN

ATGHRVNORMUSPRTKOR

DMA

AUTGRCKORJAMTWNFINLUX

BTN

KORNLDGRDGBRESPCANATGAUSFJIKORNLDTTOCHEKORLUXTTOCHNGRCUSAKORNORDNKURYMRT

USAZWECZESWEISLCANCHEAUTBELBELCANBFAKORHKGHKG

GAB

NLDCHN

DNKUSASGP

THAMUSJAM

NLDLUXTWN

ISLJAMLKACANCHE

LCAKORTTOCHNGBRCHNBLZCPVNLDJPNURYALBURYDNKLCAJPNAUTLUXKNANORAUS

URYFINCANAUSJAMURYGNQNLDNORCHN

CHN

CHETTOHKGDEUGNQLAOJPNDNKALBISLJAMNLDPRTLAOTWNCHN

MRT

ATGCANKORFRATHACHNNLDTWN

CPV

SLV

ETH

ROUNLDSLVISLTHAITAURYHKGMRTGRCAUTURY

KORKAZARGFJI

TWNISLISLKORTHALUXTTOKORLUXLUXNLDURYLKAALBBELCANGBRNLDCHEKGZBELVCTTTOJAMMNGURYSLEGBRHKGSWEGABNLDNLDBDIURYUSAFINSLECZEISLBELNLDNLDFRACHE

LBN

CHNCHNVCTCHNSLVCHNITAFRABFAMUSMRTFRAJAMCHNJPNJAMCHNSGPNLDSLVISLALBSLVBELAZECANAUTSLVLKAURYNORAUTOMNLBN

TTO

CHEGBRIRLNLDTJKCZEJAM

GAB

CANTTOLBRUSAIRLNLDSGPURYAUSJPNMUSHKGSLVSWZUSA

KHM

CHENZLBELFRAJPNGBRDEUMUSISLCZEFRAIRLFJIJAMCHENLD

LKA

VCTARGSLEURYFRAITASLVCHEMUS

GNQ

URYURYLKAURYETH

THAARGCHEMUSAUSGBRTHAAUTCHELKANZLBELHKGLKAGRCJAMISLMUSTWNSWE

TTO

GAB

JAMAUTTWNSWELKAAZETWNIRLCHLTWNAUSITAGRCJPN

KGZCHLITAITA

KHM

LBNCHECHNTWN

LAO

FRANPL

SLE

GBRJAMPRT

GNQKGZITAARGSUR

JAMNZL

SGPBLZCHNURYARGJAMJAMJAMMRTLKACHLSLECHNCHE

ARG

BDI

SLV

MNGCHLARGAUS

MRT

FRAARGTWNTWNPRTSLVMWILCAUSACAN

ATGHKGTWNLBNSLVJAMHKGSWEARGGRDTWNKORCHECHEURYCAN

ETH

KGZMUSLKATHACHLCHNARGJAMNZLPRTLBRSLVCANCANLKANPLSLVKORFJITWNTTOJPNKAZCANIRLJAMITAKORLKAJAMGRCARGPRTESPTWNLKACHEBIHFRABDIVNMMNGISLSWECHEITATTO

CANJAMCANCHENZLLCAMUSFJI

SLESLELKAMNGTJKKAZURYROUCHEUSATWNCHNAZETHASLEAUSISL

LKAARG

SLE

ISLNZLKORCANHKGKORISLGRCKORMUSIRLCHNARGUSACPVCANLUXMNGBLZAUS

JAMLKAFRAMUSISLHKGZAFARGARGAZEGRCGRDCPVHKGSLEBDIIRLLCAHKGLKAARGCANUSAARGJAM

SGP

LCA

CAF

LCA

ARGJAMTJK

ARGCHNHRVMNG

MOZ

BLZARGLUXCHLURY

GAB

LUXJAMBLZTHAAUSMNGARGTHA

MUS

MUS

MLITJKARGMOZCHNISLKORUZBNZL

MUS

CPVLAOARGJAMMNGARGCHNARGSGPSWE

SGP

NORNLDARGHKG

MUSMUSARGCANJAMAUSNPLCANTHA

GAB

IRL

SLE

ARGJAMUSACMRNZLVNMLBNKORARGTTOHKGNPL

AZECHNCHECHNCHNARGCANBGDJAMSLVCANARGIDNGRCUSAJAMLKASURSWZGRDISLCMRMLISLVBRABRAVNM

GIN

CANARGARGUZBARGCMRIRLJAMBLZ

MRT

FJISWEIRLJAMPRTGNBGINCHLBDICHNJAMARGKORCANCANJAMSGPISLISLCHLJPNSURFJIHKGUZB

BHS

TUNMUS

JAMCPVGNB

TCD

ARGUSALCAAUSLKAISL

LCAGNBUSAARGCHLUSAUSAISLGRCMLIARG

BDI

MUS

CHEBRACHNUSALKAJAMBDI

ETH

AUSZAFLUXCHLIRLAUSGINARG

TTO

AUSHKGLKATTONZL

FJI

MUSMARGNQKNAUSABHSCANBRASURETHMNGCHECPVISLSLVISLAUS

VNM

CANAUSMUSTUNTUNLCALKATHAZAFCANLBNMARAUSUZBFJISURARGUSAMNG

MUSUSAUZBPERTJKKOR

ISLIDNARGNPLUSACHLLUX

ISL

AUSCHLNZLSGP

MUSLBNLCAISLISLVNMKAZCHLAZEAUSSURCHLJAMARGISLUSAAUSLCA

ETH

MRTAUS

ETHOMN

LCACPVUSATTOUZBMLILCALCAARGUSAAZEKHM

FJIMUSCHLUSAUSACMRAZEMUSAUSSTPARGGHA

TCDMLIPERTKMCHLUZBNORCHLCHLTUNPERCMRKHM

LSO

TKMTUNMARTUNCHNSTPLCAIDNUSAARG

LSO

ARGCANETHLCAKGZ

MARCHLCHLAZETUNUSALKANPLNZL

LCA

LCAMUSTJKAUSLCATHA

ZWEARGBGDBRATWNATG

LSO

AUSIDNUZBVNMISLMLILBNFJITUNIRLESPVNMAUSNZLMNGUSAKNAUSACHLETH

GIN

GINCANKORSUR

MUS

LAONORAUSMARIDNZWETTOZAFNZLTUNVNMVNMARGSGPTKMHKGATG

TTO

NZLTUNINDTKMVNMUSAAZELKAVNMUSAKGZKORTHALUXVNMTWN

CHLCANPERCAFARGNPLSTP

ETH

TUNUSA

BGDVNMCANNZLVNMTWNKAZARGARGCHNTTOMUSLCAINDMUSCANSURARGGNBCANGINAUSCHLCANINDINDSGPAUSSLVGHACMRTKM

TJK

SLEVNMBHS

PER

ETHSWZTUNSURINDTUNOMNARGBGDTKMMARTKMAUSKHM

ETH

CANMUSMNGUSATHACANGINEGYGRDZAFKNABHSLCAIDNVNMSURIDNTJKUSACHLCPVVNMAZEIDNCHLETHTJKSURJAMATGCANARGCANSURIRNCHE

ETH

DJICAN

LCAAUS

SGPSLV

CHLETH

SLV

FJI

CHLCHNAUSTCDMLIBRACHLMUSCODTUN

CHN

LKAVNMMUSINDMLICHL

TKM

MLISURUSALKA

CHLAUSSLESLE

CANBHSINDNZLIDNCHNFJILCAIDNLUXCANINDTWNBGDUZBESPBRAKHMTHALCATKMTHANZLISLTHATWNMWIKHM

MNGTHATKMKORIRNNPLNZLINDIDNHKGKGZSLVTUN

LCAAZENZLPERSLVCODIRNCAF

CPVAUSMLITHATUN

UZB

MARALBCHNATGTHAMARHKGTHACPVLBN

LUXLUX

FJI

ARGNOR

IDNETHTWNCHLTUNINDTHAMARKGZ

GRDHKG

JAM

CODVNM

GIN

CAFESPKHMETHTUNTUNCMRLKAGINISLTWN

BHSIRNBLZTKM

BLZ

KNACAFBDI

BDITUNCHNIRNSLVMDVTUNFJIIRNNZLMUSAUSARGMDVCHLNORGTMETHTURFJILKAKNAIRNTJKMARATGNZLSURCHLTHA

CMRNERIRNSURCHLCHNBHSPERBFALKACHL

BWAALBMLICHLEGY

RWA

SLEKGZ

MARKAZTURFRABWAIRNSURKNATURARGSLETHAKORCODCHLESPAUSTTO

BGD

ZAFTKMFJIETHBRAPANMDGBLZAUSLCAAUSAUSBWANZLKNAIDNBHSMDGEGYIDN

JAM

MLI

GAB

KAZETHBHSIRNBHSBWAMNGSLVTUR

EGY

NPL

BRALKASGPLAO

THA

ALB

ARGMUSFJI

ISLMEX

SGP

BTNTWNTURBWANZLMLITWNSGP

CHNNERMEXKNAMARPERCHLLBNISLIDNMEXATGGNBGTMATGIDNCODNZLFJI

GTM

LBNETH

MDVLUXIDN

BIH

LUX

NER

IDN

BHS

BRALKAMARCAFLKAMDVCHNIDNTURCHLMEX

JAM

MEXBRAALBBRACHLCANSWZISLTUNAZELKATURTURGNBTUNFJI

STPINDKORGINSGP

VNMCAFMEX

MOZ

LBNMLI

ETH

TUNTHATURSLVMLIINDIRLVNM

VNM

THAGTMFJISLVINDTWN

BHSAUSEGYCHLTKMIDNISLBRAKNAKNACHLCOD

THAMEXLKAMLIMLI

MLIBFACHLUZBKNAGNBKNANZLMARMUSBRA

MDG

NZLTURIDNMNG

ISL

ZAFLCA

NPL

KNASTP

AGOIDNKNATURFJINZLMLIUZBKHMNORNZLCHLTCDETHMLITWNLBNMEXBWANZLAUSCODMARIRNESPKHMFJISURBRAFJIDOMIDNLCAMEXPER

TGOMDGBRAGINTURLUXLKACAFSURSLENZLBDINERZWECHLCMRIDNMARISLHKG

ETHBFAMEXGINMUSMLI

CAFSLE

BRAVNMISLMLIMDVKHMKNAMEXTURLCAFJI

MLIFJIIDNKGZBRAIDNIDNTUNMEXINDLCAZAFSURETH

COGDOMDOMKGZBHS

BGDMARLUXIDNLUX

BDI

MOZ

MEXIDNSURPAN

MOZIDNDOMZAFINDGHA

TURBOLOMN

ZAFTUNCOD

ALB

TJK

GABCHEINDZAFBOL

MLI

MLIMLIZAF

KGZ

MDGBDIMDGLCATCD

IRLZAFDOMBENMEXBHS

TTO

IDNFJI

MOZBRACHNKNACODTJKLBNIDNTURBWATHASURIRNIRN

BEN

LKA

SLVESPSTPISLIDN

BHS

AZETCD

EGY

TJKIDNBOLBHSMDGMEXMEXNER

BHSSLEBWACPV

MOZPANIDN

BIHDOMTURIRQMEXBOLGNB

FJI

MOZ

COD

TURLKAINDIDNBHSBENMUS

TUN

CHLGINAUSCHLMDGTJK

BHS

CHLPANINDCOLINDEGYDOMPER

TURDOMTURBOLBDITUNMLIEGYJORBLZCANBRABOL

ETH

BRABRANZLCHLDOMTUN

TURGINBHSCPVCODNZLEGYIND

NERGTMLAOTUNSURTUNAUSJAMALBNGABHSTCD

TKMCHLCOLKORSLVUZBSWZMEX

JAM

MARECU

SLE

BHS

TWNBOL

BHS

COMVNMPANSURCMRSTPBOLBRASTP

TURTURCOLDOMSGP

NER

NZLBOLMEXEGYMNG

TCDMARBWAIRLEGYBHSROU

TGO

AUSBFALBNCOLBRATURMNGLBNTURLAOTTOTCDEGYDOMBDIEGYCOLMARLAOMAR

BOL

BOLECUSURTURDOMESPCPVBOLDOMTJKCHLMEXDOMVNMCOLECUTURALBTUNECUCOLCOLMOZGNBBGDPAN

TCDTGOPERSGPKORPAN

CAF

COLPERIDNEGYIRQIRNCOLTURBRANERMEXINDCANTGOMEXTURSLEDOM

DOMKORTURCOLNZLCHNNZLTURTURPERMOZBOLPERLBNCOLKHMCRIIDNBHS

MEXMARATGMEX

TCD

ARGCOLCAFBRAINDMDVDOM

TCD

BRA

ECU

SLETURAUSTCDIDNCOLTURMEXTCDBHSNZLBOLCOLBOLZWETHAEGYGHATURMDVDOMCOGSTPVNMFJIPANIDNBOLSWZBENIRNEGY

LKACHLCPVBOLFJI

LAOGNBIRLHKGKNACOGBENNZLMOZ

SLVLAOVNM

NGA

EGYTURIRNMARPERISLCOLNZLISLGNBZAFNZLPANCOLTCDPANIND

SLE

TTO

LAOTCDSTPMEXINDCAF

MARSTPALBKORARGZAFCHLDOMMOZDOMJOR

KGZ

SLEBHS

COLDOMVNMVNMBTN

IRQBHSINDLKALKAZAF

MOZ

INDINDINDVNM

AGO

ISLKOREGYINDIRLPANSLECRISTPBEN

NGAAUSTURBOLLAOSWZBHSAUSGTMVNMEGYTUNTUNVNMCOLPERNZLGNBINDVNMJORINDSTPTURNERBFADJIMDGEGYIND

SGP

VNMTURPERPANLKA

ZWEFJIPERNPLECUINDTUNTURIRLCOL

BENEGYSLEECU

ISLTGOCOMBOLDJIBRACOMECUSWZSTPTCDCHLSTPPERCOMINDBOLNZLKHMBDIISLTCDCHLETH

BHS

BOLBOLDOMEGYSTPALBLCAPANMAR

AUS

MLI

LBNLAOINDESPDOMAZEAGOMDV

STP

IDNINDSLVGIN

ALB

INDTURTURECUMNGBRA

VENGINBOLCOMMYSINDBRAEGYMOZINDGABTURTHAMLISTPLKABFAPERSLEAUSBRACOLECUAUSCOGMWIMNGALB

NGACAF

IRNCOLIRQPANALB

CPV

BOLVNMHKGSWZPERVNM

EGYBHSINDCANALBCAFCRICOLBRA

MARBDI

TGO

PANEGYINDEGYLAONPL

LAOUZBMDVMARCOLSGPSTPEGYAZENPLEGYTJKMNGCOLBENPERNPLCPVIND

NPL

TGOBGDCRILBNNPLCHLINDCRIEGYPERINDBWABFATURMDVBFABENPERMEXMYSPANMEXAUSTTONPL

TJK

JAMEGYBHSBTN

EGY

MDGBHSMEXDOMMYSEGYCHNSTPECUBRABOLEGYTURCOGMAR

TZANPLDOMMARISLCAF

VNM

VNM

MDVGINTUN

COGISL

SGP

BFAZAFTURBOLSGPTURTCDINDMYSINDMEXCOLAUSCOMBHSEGYTURZAFMARBRAMNGPANHKG

LAO

CRIIRQSTPPANINDJORIND

LKAALBCOLCOLCOLDOM

SGP

IRN

STPGINKORCOLCANBOLTWNEGYTUNMYSCODINDMYS

EGYINDMWIBTNTURIRLPANMLICOLVENPAN

PANBEN

CODBRATCDMOZBRA

TGOCAF

PRYBENECUCOLZAFECUCOG

MOZ

SDN

ECUCOMMWI

TCD

VENIDNMARVENSGPIDNLAOTHASGPPER

BFA

CRICPVCHLGTM

BHS

PER

BHSSGPCOLCRISGPTGOCHLPANZAFSENESPMOZMYSCOLEGYPRYGNBPHL

GIN

ATGZAF

GAB

CPVESPMYSMAREGYLKASENSWZTGO

NPL

COLBRABEN

STPRWACOLMYS

BOLEGYMYSBOLATGPHLDOMTKMSGPBOLAUSTGOEGYGNB

HKGINDIND

JAM

TGOINDCOLGINZAFCAFUZBBGDPERMUSDOMDOMEGYBOL

NPL

LKA

PAN

CAF

DJIGTMTWNPRYDOM

MDG

LAOPRYCOMIDN

KHMLBNBENVENNERBRAPERNZL

BTN

GTMDOMSENMYSEGYNGA

ALB

COL

COGMARMYSGTMIRN

BTN

JORVENTUN

TGO

VNMPRYCAFMYSZAFCRIEGYPRYSUR

NPL

ECUTCDDOMCPV

NPLGHA

BEN

MNGRWA

GRDBOLMLI

SWZ

HKGDOMNGA

EGYMYSECUIRNSGPKORBFA

AZEZAF

NPL

BHSTUNIDNIRLCAFBOLPHLECUBDITUNGNBMYSNPLCOLMYSKGZKGZ

MDV

SGPSENZAF

MOZ

GTMCOM

PRYZAFATGCPV

PRY

MARBOLEGYPRYBFATGO

PANAUSTGOTGO

CAFVENSWZVNMSLVGTM

BOL

COLTUNPERMARZAFMARZMB

NAMPAKIDNMYSTUREGYSTPINDIDNEGYPRYMDGMYSALBCPV

MOZMNGIDNPHLPRYNPLCAFNPLGTMGINBRAGTMSTPRWAMYSHKGEGYCPVZAFMNGBFABGDCRIBHS

STPNPLGTMTUNEGYMARNPLPRYSYRBOLBTN

SDN

KORAUSBRABOLINDIRLEGYTGOCAFNPLINDPRYZAFPANHKGZAFNZLGTM

LKA

NPLBOLPRY

FJI

BOLCRINAMGINNGAPANJORMOZCAFTURPAKMAR

MARPAKLAO

COMEGYTHAPAN

MDG

BWA

BWAZWEBGDTUNBOLLKAETHGTM

BEN

BOLBOLSTPCAFEGYPAKGTMMEXGTMDOMSWZ

BENPRY

GAB

NAMMOZPANPER

ECU

ECU

SYROMNLBRSTPSTPNGAZAFMYS

SDN

PRYBOLSTP

GTMGTMZAFTURMWICHLIDNCANAGOIRQNPLECUZAFDJIPERMARLBN

STPDJIMAREGYPERMAR

NPLIRQBGDMARMARPAKPRYIRNINDGNBZAFGAB

GNQGINCAF

MYS

CANIRLEGYIND

PAN

DJIKHMZWE

PANMARMARIRNNGATUNSLEGNB

CODBOLLAOEGYZAFGNBAUSINDDOMNAMDJIDOM

TUN

SWZ

BDIPERCOGPHLLKAINDGNB

VENMEXZAFPRYSENBWA

ZMBPERPAKGAB

ECU

ZAFPAKSTPNGAMYSGINECU

SENGHAEGYPRYCAFBGDGINCRIVENLKA

MDV

BLZIRNPAN

CAF

PRYLUXBTNBDI

DOM

PRYBOLGNBZAFVENLKARWAZAFBGD

SDN

ZAFIRNPERCAFPAKGABPRYPRYLKAECUZMBMDVBOL

BTN

IRN

GNBBFA

TJK

BDI

TUNPERGTMALB

BFA

TURSDNMARDJIVENMLIPERGIN

TCDMWIMYSLBRMDGLAO

SWZ

GNBSENZAFPANPAN

CMR

MUSPERBGDNGATCDGTMCAFCRITGODJIRWAGHAPANSLVPANSEN

ATGBGDNAMCRIGINGABLBNGAB

IRLSGP

PAN

MDVMARECUNAM

PANSWZPRYFJILAOSGPEGY

PRY

TCD

ECUSLV

NPL

STPUGA

MDG

BENSLVBENUGAPHL

BDI

ECULBRSTPBFAVENCMRNAMMYS

BEN

ZAFCHNBDI

EGYDJILBRRWAPANHKGFJI

CHN

CODPAN

MRT

AUSCOGGINZAFBENCRIGHA

GHAMOZ

GAB

BOLTHA

SEN

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DJIGNQ

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-4-2

02

4Ln

(Tot

al E

mis

sion

s)

-.1 -.05 0 .05 .1Ln(Total Population)

coef = 1.160967, (robust) se = .16883019, t = 6.88

Residuals on ResidualsTotal Emissions and Population

Figure A3: Partial residual plot. Note that the x-axis is different in the two panels of the figure. Thisobscures the difference in slopes, which are listed below each scatter plot. The coefficient on populationis significantly larger. The difference in scales is necessary for visual inspection of the role of outliers.

21

8.3 Results from Balanced Sample

Table A3: Determinants of Carbon Emissions: Balanced Sample

(1) (2) (3) (4)Ln pop. (a) 1.160*** 1.197*** 1.165*** 1.127***

(0.217) (0.210) (0.210) (0.221)

Ln gdppc (b) 0.206*** 0.196*** 0.195*** 0.214***(0.050) (0.051) (0.050) (0.051)

% Age 15-64 0.032*** 0.032*** 0.035***(0.006) (0.006) (0.006)

% Urban 0.005 0.005(0.006) (0.006)

Trade (% of GDP) 0.0005(0.0005)

Year FE Yes Yes Yes YesObservations 2940 2450 2450 2332Countries 49 49 49 48R-Squared 0.09 0.10 0.10 0.11Within R-Squared 0.022 0.030 0.030 0.037P-value: a = b 0.000 0.000 0.000 0.000P-value: a = 1 0.464 0.353 0.435 0.568

Notes: ∗p < 0.1, ∗ ∗ p < 0.05, ∗ ∗ ∗p < 0.01. Robust standard errors clustered at country level in parentheses. Equation

estimated in first differences. In all specifications, the dependent variable is the natural log of total CO2 emissions. The sample

covers 1950-2010. Within R-squared is the percentage of variation in the dependent variable explained by the independent

variables after removing variation due to time and year fixed effects.

22

SLVNGA

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BRANZLSLV

NZLNLD

COL

BELARGMUSJPN

MEX

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AUT

DNKVENBELAUS

MAR

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VEN

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ETH

IRLCOLTURITAPRTNZLJPN

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CRI

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AUT

KEN

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ETH

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PANLUXHNDESPAUTFRAMUSCRI

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HND

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CAN

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MUSGTM

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GTMIRLGTMGBR

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CANJPNPERPHLFINIRLUSAPER

BOL

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PRT

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UGA

CRIBEL

CRIISLNLD

FIN

ARGTHAAUT

LKA

LKA

SWE

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AUTLUXIND

UGA

VENNORCAN

FRA

LKABELLKA

JPNGTMDNK

TTO

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UGASWEPHLTHABRACRI

NGA

MUS

PER

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CAN

SLVMUSBOLCRI

HNDTURUSA

SLV

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BELMEXFRACOLTTOPERMEXCHEETHDNK

BOL

HNDBELFRABOL

PHL

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HND

ISL

TTO

THACOLLUX

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LKA

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NOR

COLNZL

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PAN

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ITA

PRTINDESP

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COD

COLNZL

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HND

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MUS

PAN

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HND

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NORTTOUSAFRANLDURYCANFINAUS

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NGAPANTTOUGAPRTNLDZAFCRIUGA

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DNKAUTBRAITAPANIRLMUSNZL

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PER

MAR

SWE

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PHLESPPRTMARAUSINDPHLTHATHADNK

PAN

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BRA

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BRA

AUS

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DNK

CAN

IND

UGAGBRCANFINSWEITAAUSKENFRA

CRIBEL

BOL

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PHL

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DNK

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HND

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NGA

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ITA

PAN

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MUS

VENGTM

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NGA

LKA

PANISLGBR

TUR

EGYNGAESPAUTCOLPAN

KEN

BOL

GTMETHFIN

GTM

CHEVENIRLBRAESPNLD

MEX

MEXMUSBOLLUXNGAMEXJPNCHEAUS

PHLKEN

PANAUSLUX

GTM

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GTM

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CHEITATHATHAMARGTMNLDUSA

PRT

KEN

ARG

FRAUGABELTTO

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FRA

ARGFRADNKSWE

IRL

AUT

NOR

PHLCHE

NLDNORSWE

JPNLKANZLINDMEXIRLFRA

MEXNZL

MUS

BEL

PHL

NLDPERBRA

THA

KENBELIRL

SLV

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HND

GTMESPGBRINDTHACRI

LUXAUT

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CHE

ESP

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AUS

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CRIFINARG

CRI

TURNLDAUT

NOR

PER

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LUXARGBOL

NOR

TUR

DNK

SWE

THASWETURGTM

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THAARGAUSNZL

VEN

LKA

LKABOLBRA

ETH

UGAINDCOLIRLIRLINDBRANZLPER

CAN

ITA

JPN

BOLAUSMUS

TTO

HND

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TTO

GBRZAF

VENBRA

PRTINDGBR

ESPHND

KEN

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UGA

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AUTISL

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MAR

VENARGBELTUR

NLD

COLBRAPANCRIESP

URY

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MUS

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NOR

FIN

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PER

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THA

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PER

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ISL

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THA

JPN

TURAUS

PANSLVSLVCHE

CRIZAF

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URY

NZL

BRA

TTO

PAN

LUX

CRI

PRT

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VENJPNNGA

FIN

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BRACANINDNORMUS

VEN

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MAR

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IND

LKA

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PRT

NOR

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COL

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ESPKENESP

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TTO

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NLD

TURJPN

BRAPHLISLBRAARG

AUSJPNJPN

EGY

PRTBOL

MEX

ISL

EGY

CHE

PAN

IRL

THA

FIN

IRLETH

LKA

URYTUR

MEX

JPNVENPANVEN

PAN

PANMAR

NGA

THACOLTHACOD

ISL

PANPAN

PRT

PRTETHTHA

VEN

TURPANMARUGANGADNK

THAINDVEN

PHL

ESPNORINDJPNIRLPHLMEXPHL

LKA

ETH

CRIFIN

TTO

PAN

PAN

CRI

ISL

JPNEGYCRINORTHABOL

FIN

BEL

ETH

PANLUXBRAPHL

JPN

JPNSLVFIN

PAN

NGA

CODETHITATURMUSJPN

GBRVENIRLPRTPRT

FIN

THAISLINDARGCRIPHLPHLMEXLUXLKALUX

URY

ISL

LUX

TTOSLVIRLIND

THA

NORESP

ETH

NORJPNPHL

JPN

FINZAF

TTO

PER

ARGISLISLLUX

PAN

ISLTHA

ZAFTHAINDIND

IRL

BRAUGATURURY

PER

MUS

ETH

THAJPN

THAMEX

EGY

COD

PERBRA

BOL

ARGLUXUGAMARNLDTTO

FRA

COD

BRAARGTURTURKENTTOIRL

PHL

ISL

COD

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COLMARESPJPNCODTURITAETHVENEGY

INDMEX

ISL

ITANZL

CRI

BRA

CODTUR

TTOPHL

ISLTHA

TUR

EGY

NGA

IRL

EGY

TURMARBRA

ESP

IND

IRL

THA

TUR

HNDARG

PER

TTO

THAURYLUX

AUSIRLMUS

MUS

MARETH

PANPERJPNUGA

BRAHNDPHL

THA

IRLURYPHLTTO

NGA

CRIEGYESP

EGYCRIPRTEGYKEN

ISLTUR

VENTURCODBRA

IRLLUXISLNOR

TTOETHURYLUXMAR

ETHCOD

MARPERTURHND

TTO

NORLUX

CODLUXEGYBRACODITAESP

MAR

NGA

URYARGARGPER

ISLTHA

CODARG

UGA

LKALUXMAR

TURUGABRA

PAN

SLVMUSARG

KEN

ETH

PAN

MAR

CODEGYTTO

EGY

NGA

EGYETH

KEN

EGY

ETH

SLVARGISL

TTO

EGYCRI

NOR

MUS

LUXBRATURTURCOD

NORCODNGA

NGA

EGY

TTO

NGA

MAR

VEN

MUS

SLV

UGA

ARG

NGA

NGA

NGATHAMUS

JPN NGASLV

-2-1

01

Ln(T

otal

Em

issi

ons)

-1 -.5 0 .5 1Ln(Output per Capita)

coef = .20557486, (robust) se = .05021612, t = 4.09

Residuals on ResidualsTotal Emissions and GDP Per Capita

IRLIRL

IRL

IRL

TTO

IRL

IRLIRL

IRL

SLV

PRT

IRL

PRTIRLPRTIRL

AUT

PRTNORFIN

PRTAUTCHEBEL

AUTAUTCHEAUTURYPRTAUT

AUT

PRT

URY

CHE

CHE

AUT

GBR

FINIRL

TTOCHEGBR

AUTGBRGBRGBRBEL

IRL

AUT

AUTAUT

AUTAUTURY

BEL

AUT

LUX

BEL

NOR

GBRGBR

DNK

SWE

LUXGBRGBRGBRPRTDNKGBRGBRAUTLUX

BEL

IRLDNKGBRIRLIRLURY

TTO

FINGBRGBRDNK

SWE

FINCHEAUTLUXGBR

BEL

BELLUX

DNK

GBRLUXAUTBELLUXAUTBELPRT

ITAGBRGBRLUXBEL

FIN

SWELUXDNKBELBELBEL

AUT

BEL

GBRPRT

SLVPRTBELSWEPRT

DNK

BELFINIRLLUXSWEGBR

FINSWEAUTBELGBRAUTPRT

PRT

SWEITALUX

NZL

AUTBELAUTSWE

ITA

SWEBEL

URYBEL

TTO

URYBELITA

SWEGBR

SWE

GBRSWEBELDNK

FIN

AUT

ITA

DNKGBRITA

DNKSWEBELPRT

JPNPRT

SWEFINLUXBELITAGBRGBRITA

SWE

ITAURYITASWE

AUT

SWE

FIN

IRLBELBELPRTNZL

ITA

SWEDNKAUT

BELSWE

ITADNKFINITA

BEL

ITAITA

LUX

BELAUTITASWEITABELDNKLUXITAAUTDNKCHENORBELIRLITAPRT

DNKGBR

PRTPRTDNKAUTAUTDNKITABELURY

ITA

GBR

IRLDNK

SWE

FINNORFINLUXPRTGBR

DNKFIN

ITA

URY

DNKDNKNZLIRLPRTITA

SWEBEL

NORGBR

ITA

IRLSWE

AUTAUT

ITA

GBRITAITASWEIRLNOR

PRT

LUX

LUXLUXFINAUT

LUXDNKITA

ESP

GBRBELSWE

DNK

DNKNORPRTSWEPRT

DNKSWEDNK

GBRJPNLUX

TTOSWEDNKITANORNORDNKCHE

NORDNKIRL

BEL

FIN

GBR

IRLGBR

LUX

LUXPRTGBRFRASWE

ITA

BELGBRFRAFIN

DNK

DNKAUTESPJPNNORITA

LUXPRT

DNK

URYJPNNORNORJPNFINLUXFRA

ITAGBR

ITANORNZLBELFINDNKBEL

BEL

ESPFINITANORESPESPGBRDNKESPESPJPNITAPRTAUTDNK

DNKPRTURYESP

ESPESP

FIN

CHE

SWEBELESP

GBRDNKESPITAPRTSWEITA

FRA

SWE

BELGBR

FRA

JPN

URYBELESPJPNBEL

FIN

FRA

ITAGBRFINSWEITACHEITA

NORTTO

NORFINGBRDNKITAESP

FRA

ESPITAIRLLUX

URY

ESPJPNNOR

SLVJPN

NOR

JPN

FRAAUTFRAFINAUT

NOR

GBR

FINITAFRAFRAFRADNKPRT

URYFIN

NOR

BEL

DNK

JPNISL

LUXBEL

ITASWEJPN

BELFINDNKSWE

URYESP

AUTFRANORNLD

SWE

FINNOR

NOR

SWE

DNK

BELJPNSWEAUTESPPRT

ESPFINLUXNORJPN

ESP

TTONORESPNORJPNTTOJPNIRLJPNITAAUTFRAFIN

JPN

NLD

ESPNOR

JPNFIN

CHEFRAITAJPNSWE

FINESP

FRA

CHEFRA

ESP

FIN

URY

FRAPRT

AUT

ESPIRLLUX

FINESP

FRAPRTJPNNLDBELNLD

FRAITANORCHEFRAFIN

JPNSWEITASLV

ESP

JPNAUTFRALUXDNKFRA

TTO

GBR

FINTTO

JPNSWE

TTO

JPNFRADNKFRAJPNFRA

PRT

FIN

FINURYPRT

JPN

SWEFRANLDDNK

NORDNK

FINNORFRATTO

FRA

DNK

FRA

FIN

BELJPNESPNLDPRTNOR

NOR

NORESPIRL

DNK

CHE

DNK

JPN

FIN

ISL

JPN

URY

FRAFIN

FIN

SWE

NLDFIN

CHEIRLLUX

NLDNORCHEPRTAUTNORFRANORNORFIN

DNK

FRASLVNORSLV

CHE

JPNURYPRT

JPN

PRT

ESP

NOR

FRA

URY

DNKITAAUTFINJPNFINUSAESP

NLDURY

AUT

TTO

SWEFRANZL

FIN

SWEIRLPRT

URY

ITAFRA

NOR

NLDNLDPRT

PRTSLVURYURYCHE

FINJPNLKA

URY

URYUSASWEFRA

FRANLDNORURYFRA

AUT

FRAURYCHEURYNLD

FIN

TTOCHENLDFRA

PRT

URYSWE

JPNJPN

FIN

TTOAUT

TTO

BELAUT

TTO

FRALUX

DNK

SWE

PRTJPNSWE

URY

LUXGBRUSASWEUSACHEGBR

URY

FINFRAURYNLD

PRTGBRUSAFINAUTLUXCHEGBRCHENLDGBRTTO

CHENLD

NLDNORTTOFRADNKBELNLDJPNUSAURYGBRTTOBELCHEESP

TTO

SWENLDNZL

NOR

ESPFIN

URY

NLDIRLITASWEJPNAUT

URY

NLDNLDFIN

GBRITACHEBEL

SWENLDURYCHE

NORTTO

BEL

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URY

NZLGBR

DNK

NLDNLD

NOR

JPNPRTGBR

LKA

USAURY

FRADNK

NLD

BEL

NZL

CHENZL

AUTNLD

TTO

ITASWEURYDNK

NOR

SLV

AUT

NLDTTONZL

ISLESPNLDNLD

DNK

NLDJPNNLDSWE

URY

CHECHETTOLKA

FIN

PRT

TTOGBRJPN

FIN

NLD

CHE

NLDDNKNLDFRACHENLDTTO

ESP

PRTNLDAUTURY

CHEURY

NLDPRTISL

PRT

DNK

NZL

NLDAUTCHE

THAPRT

FIN

DNKNLDITA

FRAFINUSABELUSANZL

URY

GBRESPGBRNLDNLDISL

JPN

MUS

TTO

URY

NLDAUT

URYCAN

LUXNLDESPCHE

GBR

FRAFRA

LKA

TTONLDITAESP

BEL

CHE

FRABEL

MUS

IRL

AUT

NLDBELISLURY

SLV

LKA

ESPISLURYCHETTO

AUTBEL

CHE

AUTUSAAUT

ARGNLDJPN

LKA

USAARG

CHE

NZLNORUSAFRAUSANLDNZLJPNFRA

MUS

ITALUXUSA

ESP

USAITAURYJPNESPNZLNLDNOR

NORNLDSLVMUS

URY

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FRA

ESP

CHE

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THA

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ARGURY

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CHEFRAJPN

CHEUSAARGFRAESPCHE

TTO

USA

URY

CAN

THA

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URYPRT

ITAITACHE

IRLTTOCHE

FRACANISL

ISLIRLUSA

ISL

NZL

NORNORIRLGBRLUX

MUS

ISLISLNLDAUSCANJPN

MUS

ITACHEISLARGUSAISLUSANLDISLLUXUSACHEURYUSAUSA

TTO

TTO

AUS

TTO

ARGUSA

SLV

CHEUSATHAURY

NOR

CANJPN

ETH

AUS

LUX

THAISL

NLD

CHE

JPN

LUX

ISL

CHE

MUS

NZLMUSCANCANUSAUSAARGCANSWECHEARG

THA

USASLVSLV

LKA

SLV

MUS

ISL

ESP

URY

ISL

CANTHANZLISLSWECAN

LUX

ETH

USAUSAISLCOD

CHE

THAARGUSA

MUS

USA

ZAF

CHEIRL

USA

MUSPRT

ZAF

TTO

ISL

NZL

THAISLJPNLUXMUSMAR

CANUSATTOUSAMUSTHAAUSMUSCAN

SWEAUS

ARGCHECAN

CANCANBRA

LUXCANISLARG

PRTCANMUSISL

CAN

SLV

USA

USA

NGA

NZLJPN

ISLCHE

NOR

MUSARG

MAR

LKAARGMUS

ISL

ETH

LUXAUSJPNPRT

MUS

NORCANUSAAUSJPNUSAUSACANPRTCANINDARG

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coef = 1.1604967, (robust) se = .21737448, t = 5.34

Residuals on ResidualsTotal Emissions and Population

Figure A4: Partial residual plot. Note that the x-axis is different in the two panels of the figure. Thisobscures the difference in slopes, which are listed below each scatter plot. The coefficient on populationis significantly larger. The difference in scales is necessary for visual inspection of the role of outliers.

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Emission Ratio GDP per capita Ratio

Population Ratio % Working Age Ratio

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Total Emissions Ratio GDP per Capita Emissions Ratio

% Working Age Emissions Population Emission Ratio

Figure A5: Results from the economic-demographic model. All variables are the the ratio of the outcomeof the low fertility scenario over the medium fertility scenario. Panel A (left) plots the main outcomevariables. Panel B (right) decomposes the difference in emissions between sources.

23

8.4 Results from Levels Regression

Table A4: Determinants of Carbon Emissions: Levels Regression

(1) (2) (3) (4) (5)Ln pop. (a) 1.877*** 1.654*** 1.781*** 1.685*** 1.585***

(0.179) (0.209) (0.212) (0.224) (0.248)

Ln gdppc (b) 0.697*** 0.650*** 0.589*** 0.576*** 0.515***(0.098) (0.097) (0.111) (0.114) (0.121)

Ln gdppc squared (c) -0.076** -0.060* -0.056* -0.068*(0.033) (0.032) (0.032) (0.035)

% Age 15-64 0.024** 0.023** 0.024**(0.009) (0.009) (0.009)

% Urban 0.009* 0.010**(0.005) (0.005)

Trade (% of GDP) 0.0006(0.0006)

Country FE Yes Yes Yes Yes Yes

Year FE Yes Yes Yes Yes YesObservations 7291 7291 6581 6581 5840Countries 156 156 153 153 147R-Squared 0.98 0.98 0.98 0.98 0.98Within R-Squared 0.328 0.339 0.336 0.342 0.361P-value: a = b 0.000 0.000 0.000 0.000 0.000P-value: a = 1 0.000 0.002 0.000 0.003 0.019

Notes: ∗p < 0.1, ∗ ∗ p < 0.05, ∗ ∗ ∗p < 0.01. Robust standard errors clustered at country level in parentheses. Equation

estimated in first differences. In all specifications, the dependent variable is the natural log of total CO2 emissions. The sample

covers 1950-2010. Within R-squared is the percentage of variation in the dependent variable explained by the independent

variables after removing variation due to time and year fixed effects.

24

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TTO

BWAROU

GHA

JORSGP

TZASLVLBNMWI

STP

MEX

RWA

JOR

MARMEXNERNORJPNTKM

ROUUGA

BLZ

PRYPRYCAF

TUNLAO

ARGBLZPHL

VENVNM

FJIJPN

GIN

IRLSDN

PANCMR

LUX

TCD

SLV

JAM

FJI

SURPAN

BTN

MUS

TTORUS

LUX

COGUGA

SLVPAN

BIH

RWA

IRNSLE

DOM

NPL

TGO

DJI

MUSROUROU

JPNGNB

GBRVEN

SYR

HKG

VENZMB

NOR

TTO

SLV

COM

BLZ

SUR

NGA

SLE

VNM

COM

GAB

BGR

MDV

NPLTZA

ARG

BIH

BTN

STP

ZMBLKA

MLIPAN

COD

SYR

LAO

LAO

NGA

MDG

SYR

LAO

SLV

INDVNM

CMR

GABBIH

BRACOMCOGCOD

PAN

SENCHN

GAB

VEN

SWZ

TZA

MUS

LKA

GAB

LKA

SLE

UGA

IDN

LBN

MDA

HKG

SYR

LAO

MNG

AGOBGRJORGRDDOMHKG

SLV

IRN

SLV

IRQMAR

COD

EGYBOL

VENLAO

TTO

URYLKA

VEN

COG

VNMRWA

SYRNOR

GABVEN

GNQFJI

GBR

TZATZA

KHM

MAR

GIN

COGCPV

TGO

JOR

LAO

OMN

COGHKGTHAMEXMAR

ARGJAM

BIHCODTTOJPNVEN

SWZ

SLVSLV

SLV

IRL

SYR

JPNZWE

SLVARG

TZA

NERSDNSURFJITUNDOM

MDA

IRN

NPL

SLV

SLE

HKG

CPV

LBN

MDV

SLV

BTN

HKGPAN

LKA

TTO

GHA

SLVSLVSLV

TCDMLIBRA

GRD

SLV

HKG

COG

BWA

COG

ARG

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GBR

CPV

SLV

CODTWNJAM

COGTTOSDNIND

MAR

NER

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PANZWESLVLBR

LUX

SDNTUN

VEN

IRQ

SWZ

COG

TZA

LAO

SLV

HKGJPNSLV

TTO

JAM

NORSLVMARYEM

TCDSENJPNCOD

JPNMDGCOD

LBR

BIH

NER

CAF

VEN

IRLSLVSLV

BTN

JPN

BLR

COG

GAB

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URYGIN

MAR

TGO

VEN

CMR

GBR

KOR

DJI

CAF

GBR

BWA

ZMB

MUS

SYR

GAB

IRQCPVLKA

SYR

CPVDOM

COMNOR

MDGCPV

SLV

MUSMDG

SLVARG

MDV

CHNBRA

CHN

GBR

LBR

TTOBRA

DJI

GAB

SYR

IDN

BWADJIDJIMUS

SYR

VENJAM

MDV

LBN

HKGVEN

DJICHN

GBR

JAM

TCD

JAMCHNMARSLVPHL

CAF

CPV

CMR

IRL

IRNZWE

SGPSUR

LBR

CHNIRL

GAB

SLV

NGACPVGHASENTHA

URY

PHLCHN

LBRSLV

CPV

JPN

BOLJAM

SWZ

PAN

TTO

GHA

HKG

COD

JAM

ARGNOR

BOL

TZA

NOR

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BTN

DJI

CMR

GHA

GEO

BWA

MUS

KNA

KHM

IND

GAB

PANNORLBRNOR

HKGGHA

VEN

VNM

KGZTUN

AZETUN

VEN

URY

KAZ

IRQ

VEN

SWZ

JAM

JPN

GIN

TJK

STPHKGNGA

IND

EGY

NGA

JPN

VEN

BRAJAMBOL

CAFMAR

VEN

AZE

SYR

JAMMAR

MNG

JAM

NOR

COG

IRQ

GIN

KHM

COG

VNM

BWA

IRLIDN

VEN

ARG

GHA

GAB

COG

NORPAN

IDNJAM

SGP

GAB

VEN

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PANRUS

LBR

BLR

GAB

CPV

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LBRJAM

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BTN

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MDV

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CPV

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TTO

IDN

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KHM

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HKG

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THA

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GIN

JPN

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JPN

COD

KOR

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THA

SYR

ZMB

AZE

HKG

LBNJAM

TWN

IRQIRN

THATHA

URY

NER

MARJPNTUNEGY

IRQ

AZE

SWZ

IRL

BWA

MDV

MNG

BWA

GIN

YEM

SYR

THA

THA

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MNG

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IRL

TJKBTN

JPNBRA

ZMBKHM

IRN

GIN

TTONERTTOTTO

GIN

ARG

JPN

LBR

NGA

SGP

IRL

NER

IRL

CHN

TTO

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IRLSTPIRN

TTO

YEM

BWA

GIN

TTO

BWA

EGY

BOL

TWN

URY

NER

KHM

NGA

SGP

EGY

KORURYSWZ

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URYLBR

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TTO

TTO

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NER

COD

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NGA

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URY

TTO

TTO

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THA

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MDVMDV

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NGA

TWN

LBN

NER

LBRNGA

ZMB

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BWA

CAF

TWN

TTO

BOL

YEM

NGA

EGYEGY

BWAGNQTWNURY

SYRSWZNER

NGA

NGA

EGY

LBR

SYR

EGY

LBR

EGY

LBR

NGANGA

URY

EGY

NGA

EGY

URYCAFTWN

ARG

ZMB

IRN

KOR

ARG

NGA

KORCHN

EGY

KGZTWNBWATWN

NGA

THALBR

EGY

NGA

LBRTHA

SYR

LBR

ARG

UKR

NGA

NGA

TWNKAZ

NGA

LBRLBR

NER

BHS

TWNTWNTWN

NGA

IRN

NGA

NGA

COD

TWN

SWZ

EGY

NGA

LBRTWNBWA

MDV

CHNTWN

BHS

KOR

LBR

NGACHNTWNTWN

EGY

TWN

LBRMDV

EGY

MDV

TWN

COD

TWN

LBRTHA

TWN

CHN

NGA

COD

ZMB

EGYIRN

ZMB

TWNKOR

IRN

BHS

THACHNKORKGZ

SYR

COD

BHS

COD

KORKORKORKORKORKORKOR

COD

KOR

COD

GNQ

KORKORKORKORAZE

KORKORKOR

CODCODCOD

COD

GNQ

GNQGNQ

GNQGNQGNQGNQ

GNQ

GNQGNQ

-4-2

02

4Ln

(Tot

al E

mis

sion

s)

-2 -1 0 1 2Ln(Output per Capita)

coef = .69732697, (robust) se = .09748803, t = 7.15

Residuals on ResidualsTotal Emissions and GDP Per Capita

JOR

JOR

JORJORJOR

JOR

DJIDJI

JORLBRLBR

DJI

BWA

LBRJORJOR

BEL

DJI

GBR

GNQDNKGBRBGRBEL

BWA

GNQ

LBRCRI

DNK

VEN

URYJOR

BEL

URYTWN

BWA

GBRBGRDNK

DJIURY

BEL

URYGNQ

OMNAUT

SWE

CRI

SWEGBR

GNQ

URY

DNK

FINITA

BEL

AUT

GNQ

TWN

BWA

KEN

FINURY

GBR

ITADNK

VEN

BRB

SWE

JOR

BGR

SLVSLV

HUNAUTBGR

CRI

BEL

URY

GBRSWE

DNK

PHL

SWE

KEN

TWNAUT

DMA

FIN

BEL

ITA

BWA

BGRHUNGNQ

SWE

KEN

URY

ITAFIN

FRAGBR

BRB

ROU

JORPRT

DNKBGR

FIN

DMA

ITA

NOR

AUT

DMA

JAM

FRA

VEN

BRA

TTO

PHL

BEL

DJINOR

KEN

SWZ

GNQGBR

THA

ITA

OMN

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KEN

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MDV

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JOR

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TTO

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NOR

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LBR

PHL

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BRBKEN

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ITA

MDV

NOR

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DMASWZ

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KEN

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SWZ

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PAN

MDV

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GBRFRASWE

FIN

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FIN

SWEURY

SYR

IRLBGR

SYR

BGRBGR

ITA

URY

NOR

TTO

SYR

BGRBELAUT

BRB

DNK

DMA

HUN

NOR

UGA

SWE

LUX

BGR

AUT

PRT

JOR

GBRBEL

KEN

KEN

GEO

FIN

TTO

URY

SYRDNKKAZ

HUN

FIN

BEL

BRB

UKR

FIN

NOR

DMA

SYR

JORURYJOR

IRLTCD

JORSWE

GMB

AUT

UGADMA

GMB

FINFIN

GBRBEL

GMB

DNKJOR

FIN

JOR

KEN

DMA

JOR

GBR

JOR

LUX

GMB

NORFINBRB

IRLAUT

TCD

GBR

SWE

URY

URY

UGA

LUX

DNK

LUX

NOR

GBR

GNQ

JOR

BELURYJORURYAUTURYSWEAUT

NOR

AUTIRL

UGAGMB

DNKDNK

BRB

URY

NOR

BEL

SWEURYDNK

NOR

GMBSWE

GBR

NOR

JORAUT

NOR

URYUGA

IRLSWE

NOR

GMBDNK

BEL

IRLDNK

GBR

SWEAUTAUT

BELSWEBEL

BRB

UGA

BELGBR

JOR

BELGBRBELGBR

JORUGA

JOR

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UGA

GBRGBR

JORJOR

GNQ

JOR

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GNQGNQGNQGNQGNQGNQGNQ

-4-2

02

4Ln

(Tot

al E

mis

sion

s)

-1 -.5 0 .5Ln(Total Population)

coef = 1.8772361, (robust) se = .17916787, t = 10.48

Residuals on ResidualsTotal Emissions and Population

Figure A6: Partial residual plot. Note that the x-axis is different in the two panels of the figure. Thisobscures the difference in slopes, which are listed below each scatter plot. The coefficient on populationis significantly larger. The difference in scales is necessary for visual inspection of the role of outliers.

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Emission Ratio GDP per capita Ratio

Population Ratio % Working Age Ratio

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Total Emissions Ratio GDP per Capita Emissions Ratio

% Working Age Emissions Population Emission Ratio

Figure A7: Results from the economic-demographic model. All variables are the the ratio of the outcomeof the low fertility scenario over the medium fertility scenario. Panel A (left) plots the main outcomevariables. Panel B (right) decomposes the difference in emissions between sources.

25

8.5 Results with National Accounts Measure of GDP

Table A5: Determinants of Carbon Emissions: National Accounts

(1) (2) (3) (4)Ln pop. (a) 1.437*** 1.517*** 1.467*** 1.566***

(0.174) (0.178) (0.174) (0.211)

Ln gdppc (nat’l acct.) (b) 0.500*** 0.512*** 0.509*** 0.609***(0.077) (0.084) (0.084) (0.095)

% Age 15-64 0.010 0.010 0.008(0.007) (0.006) (0.006)

% Urban 0.006* 0.009*(0.004) (0.005)

Trade (% of GDP) 0.0002(0.0002)

Year FE Yes Yes Yes YesObservations 7133 6426 6426 5679Countries 156 153 153 147R-Squared 0.06 0.07 0.07 0.07Within R-Squared 0.035 0.038 0.038 0.045P-value: a = b 0.000 0.000 0.000 0.000P-value: a = 1 0.013 0.004 0.008 0.008

Notes: ∗p < 0.1, ∗ ∗ p < 0.05, ∗ ∗ ∗p < 0.01. Robust standard errors clustered at country level in parentheses. Equation

estimated in first differences. In all specifications, the dependent variable is the natural log of total CO2 emissions. The sample

covers 1950-2010. Within R-squared is the percentage of variation in the dependent variable explained by the independent

variables after removing variation due to time and year fixed effects.

26

IRQLBN

LBR

RWALBNIRN LBNIRQLBRLBRLBR

LBNMDALBN

GNBGEO

ALB

GABSLEGNBAGO

TCDAZEUKR

TJK

LBRIRQKHM

JORDMANERSLE

KGZCHN

AZEIRQGAB

TJKBHSMLINERSYRDJINGABOLGNBTKMGNB

OMN

CPV

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BOLTGO

TJK

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BHSGABLVAUGALKA

ZWEETH

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IRNIDN

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BFA

LTUDJITKMCODKHM

KGZCPVDOMIRNTJKZMB

CMR

MOZCHLCPVGHACHLAZEJORPERCODVCTGABPERNGAPAN

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BWA

LBNKORTTO

PANGBRGINJAMSWETTODOMIRLGINKENMDGMUSUZBNLDSLVSYRHUNGMB

SWZ

JORJOR

MDABELBELINDSWEPHLHNDGTMFJICMR

MOZVENLKADOMCOLAUTNORSLVTWNHNDMKDDOM

JAM

ROUMLICMRESPLBRSVNZAFLBRYEMCANMNGTZAMDVCHENPLMDGURYLAONZLECUESTSDNCHEIRNTTOSVKNZLROUBTNGTMUGALBNBRAGTMNZLBGDHRVURYLTUEGYZAFPHLCHEGIN

JOR

BHSFINMEXAUTSTPTHAIDNSENGTMURYUSACHEGINZAF

NGA

MOZJAMGINLUXAUTTZAZMBPRTPANPHLTWNFJIBGDIRNSTPGHACPVITABFABTNJAM

MYSUSA

ETH

CHEBRABRBPANHNDBWAHNDNORKEN

CMRJPNDNKITAMNGBELGBR

KGZ

BHSTZA

COD

FRASURDNKGHABLZNER

ARM

LUXNLD

STP

BRAECUBRALBRMEXMEXDMASLEGBRIRLAUTPRYYEMTGOPANBELFRAGRCCHLNLDNLDLBNECUPERTHABGDRWAMRTBDIJPNNERGRCLCAISLSVNGBRGHAMARESPCANSWEGINESPDNKPHLSDNJORNAMKENGTMNGAECUSURVENIRLSWECHEECU

GRD

USALKAMEXBLZPAKBGDCANYEMNPLGMBNORBRBZMBHRVCPVCMRCAFEGYITADNKAUTEGYCHEGINALB

DOMCANHNDBRBIRLETHTTO

BEN

ESPMDGESPBWAPHLMYSCOMBDIARGCHNGBR

IRNOMNPAKCZEUSATUN

COG

HRVCRIBELGTMBENBFASVKPRY

YEM

FJIPRTTTOVCTGHA

CRIPHLHNDKENJAMFRAMLIFRADNKDEUECUESPGHABRAPAKLBROMN

NPL

TWNEGYFINESPGRDCHLBEL

UGA

BDIPRYDOMPERBOLZMBLUXPAKGMBAUTMUSSLVTZANLDHKGBLZKNAMDVKENNORDNKIRQTJKAUTALBCHLNLD

BHSCRIBELITACRINGACHEEGYCRISWEPHLTUN

LBR

EGYCANTZABGDGTMUGAITAMOZURYTGOMUSPOLMYSZAFMEXGRCLUXIRLSLENLDCZEPHL

ALB

MRTSLENLDURYSENBGRTURBRBGTMNLDMNGNORKHMBFAJPNSENFINSWE

MARVENAUTGTMPOLPRTGHAUSADMAFJISLEUSAISL

BTN

ATGBRABRANOR

GAB

BRBMARTUNLBR

SLVDNKCOLAUSGINJPNURYECUBIH

PERBRAMOZISLUSAMEXECUFRACHLBRA

BDI

CAFPRT

NGA

IDNBEL

SLEVNMTUNUSAPRYCANGRCBRBPRYTUNPRTLCAIRNPOLAUSNORFRAUGAGBRCMRBELFRAEGYLUXMARAUSFRANZLMWISWESDNSLENZLNER

ETH

AUTSVNGRCZMBBGDTHABELBENGBRGHADNKARGISLIRLSURFRACAFSENECUTUNVENTWNMRTKENAUS

MKDTHACZEKENCAFMRTGHAPOLGMBTGOPANISLPHLCANMOZCRIIDNFRACOL

BGD

KNA

SWZ

BLZNLDGNQBGRCRILKABLZNAMBGDCOL

NER

JAM

PRY

GHAIDNSWEFRA

MDG

ZAFEGYKENBELAUSPRTINDGBR

ECU

SLVTZA

GNQCOLLKACODHUNHUNATGMDAGRCIRLPOLGABZAFITATJKETH

SGPALBEGYBENUGAGBRTZAPHL

OMN

BGDATGCOGGTMGHA

GTMPRTITA

ETH

BRACRINGAHKGPANITAECUAUTAUTGHAPHLTURFRAITASTPEGYIRLGBRUSASENBTNLCASENTGOPRTRWACOGCOLBDICODPERNGADNKAGO

CRIPHLPOLLTUSRBESPBLZLCABFAFINSVKTWNNORLCASURVEN

GHAKENESPUGABTN

ETH

CPVCOMFRATZATZAAUTGNBMUSCMRYEMFJIPAKGBRGHATURAZESVNBOLIRNITA

BLZ

JPNCRIGMBITA

BTNTZACHLATGSLVPHLBFABIHIRLNAMSVKITAUZBJAMTWNJORMYSGNBCANETHSWEVENAUSDOMKENATGEGYVENLCAKHMGBRBRBCRINGACANLBRPHLCODAUS

SGP

BOLIDNMARZMBCOLCANGRCAUSGBRGHAZAFIRN

YEM

NPLCRISRBCOLECUPRYBGDHNDVENPERVENTZAJOR

SWZ

LUXUSAFJICMRTURBTN

JPNECUNLDFRAKORUZBTKM

GAB

SLEPAKFINSVNCODBENBRARWAZWENORGTMGRCMLISLV

KEN

TWNLAOLAOLUXGNBECUVCTVNMNORDEUFINGMBNGACOLAUSIDNLKABIHISLNZLISLNERSWEBRBFRAAGOSLEMEXHUNPANBELJORGINIRQ

LTU

JAM

BGRITAMOZJORCRIGHAUZBFRABELDNKEGY

FJI

PERCODPANKORSLEFRAGNBINDAUSISLGNBTUR

BRB

LUXCANVCTMEXBFAKHM

NERGNQUZBDOMBFAOMN

ECU

TWNHKGALBZAFGRCSVNUGAETHMKDESPMNG

LBRCPVPHLAUTROUUSALKABHSETHTZA

MUSCODSWEPRYGINGMBCZECANGRDFJIBOLDOM

SGP

UGASLETGONLDKNATWNMARSDNUSAGHANLDGNBCHLCZESWEPOLPOLLUXBOLGRDRUSBGDGINAUSIDNLBNBRAPAKNORLKASVNCRIBRAMDG

MOZ

AUTZAFITADMAGNQ

GINESPGTMUZB

COG

PAKGRCBRACHEKAZCOMARGTWNGRD

LBR

COLMWIKORDMANORLAOBELPHLSYRLVAZMB

HNDPRTMEXCOLMRTSWEJPNSTP

ATG

MKDYEMMYSCOLMDGPOLNORDOMEGYLUXITARWAGINBHS

EGYHRVTHAAZEFRACRIMRTFRACZEMWIFRASWZGRD

TGO

DJIGHABELARGSDNSGPTUNPOL

MYSINDJPNZAFSGPCAFATGUGAFRATCDCHEIRNBIHJORAUSAUTDNKPAN

BGDBGDGINNPLNGABEL

VCTCPVCANSUR

TCD

CHLHUNFINAUTIRLUSAMLI

IRQ

LBNAUTMUSMRTARMSWENZLHUNPANUKRMEXBRASWEPER

AGOTTOVENCMRLKAUSAUGAGRCCHLPRYTTOLAO

NPLTHAIRLTGOSWZAUTINDCANHUNDOMPRY

BTN

MYSBGDIRNPRYPERCRIAUTBIH

DMA

ARGISLLCAGEOTHAKORCOD

GTM

ESPNPLBRBDNKALBDNKLAOCODPERMEXPRYCOLPAKBOLKENTUNFINSWZPRTLBNNLDPOLLKAPERSDNSENSLVECUOMNBGDCODPHLBELFRABGDLAOMEXNPLAGONZLPRTIRNIDNAUTPAKPANBLRBHS

TGOKORFRACPVKNAPRYCHLARGMNGUSAFJIHRVURYDOMNLDCANTHAMARBENUZBINDMEXURYFRAJORTWNCRINLDNLDSWE

LSO

BGROMNVCTMYSFRACANFINCPVGRCSYRPERCHLUSAFINZAFJOR

PRY

AUSBELGTMEGYUSAHUNMYSGINCOG

MDVGMBFJICPV

ETH

COGCRI

SEN

LKAGBRMARNZLFRASWENLDBGDLUXNORCHNCPV

IND

CPVMLIKGZMYSNORBTNJPNIRLTKMKORVCT

TURNORURYCHNBELNPLGEOTUNBRABWAHNDBFAESTDNKMOZPHLISLTUNMEXALBMKDDOMPANBDITZAKEN

PANKAZHUN

SLE

COD

SURIDNVNMCHLPANNORBELECUZWE

CMR

ROUCAF

LSO

PRYKENTTOGNBIDNCHEAGO

GEO

CRITZAPHLESPECULVASWETTOPHLCZEBDIUSAPERURYBRAPERBLZITAMOZMKDPAKLBR

KNA

GHASWE

CPV

NZLHKGBLRBWAUSAMARMNGAUSBLZ

PERSGPBGDLUXCOMIRNGABSENIRLTUNDOMISLNPLNLDSLVGEOIRL

ETH

SVNTJKSLVPRT

TWN

TGO

TUNCOLGNBAUSFRAAUSJORCOLPRTSLE

ECU

PERMOZHNDLKACOL

KHM

SYR

LAOSDNJPNBTNPRTGNQGTMCANJAMECUITAIRLALBCODINDAUT

MNG

BOLZAFNZLUSACHNURYIRLRWATHA

FRASTPAUTZMBGBRMDGPHLSWEISLSDNBHSJPNIRL

TCD

MNGNORPOLLAO

LKA

KORAUTALBIRNPERGHA

MOZESPGRCZWEUGAPOLBHSUGA

VNM

NLDHUNBELPERESPMOZETHMUSCRISVNTKM

BTN

HNDIND

CHN

JPNITABFASVKGNBBENPHLJPNFRAPAKCOLCOLPOLBGRBOLITAINDGRCMUSKHMVCTDEUMLITJKCOLIDNLKARWA

FRAINDNZLDJIGBRTURTURIDN

BRB

FRAMARGABNPL

BELESPGBRVCTITAMOZGIN

IRLTUNPRTKGZCOLJORBFABEL

MRT

NLDPANZAFMNGHKGPERLAOHNDCANBELPANPOLTJKGHABIHOMNPHLSWECANFINSURCODSDNISLGTMBRBDNKMDG

SURTWNGINBFAJORBRBSEN

EGY

SVKESPAUTISLMNGBGDTHAURYTUNBGRUGAAUTCHERWATWNJORFJIINDHKGSVKTGOUZBBOLIRLSWELKANAMITABGDCANSVKVNMGNBFIN

LCAVNMMYSLKAFRATTOITADOM

MARZWEIDNISLLKAIDNGBRBELCAFAUSGMB

NGA

PAKBTNTUNPANHNDSURPRYDNKUSACHELBNFINTUNESPCODPRTITANZLKNABGRMEXFJIZAFLCA

EGY

SWZ

DMAESTCPVBFANPLGRCHUNUZBUGANZLRUSDOMLUXESPBGRMLICAFLKAPAK

CPV

MWI

BENPHLGMBAUSUSA

TTOMWIKNATWNBRAPANTZATHADMAINDKENBEN

BTN

MLI

CHLZAFITADNKUGAMLIPRYBENKNASGPETH

LAO

SENBGRNORIDNESP

NPL

AUSMYSMOZINDBGDBFATCDTHAPRT

NORTZAPOLISLCOLZWEKHMZAFNLDCODLUXFRABGDUGATUR

GNQ

HUNNLDMRTBELTURCANHKGSGPLTUPAKGTMTZAFINBGRAUTTJKKGZ

CPVSLVDNKCOLPANBGRPRTLKAAUTSVKMYSPRTSWEGNBRUSTWNCHEINDFRAIRLCZELBNGTMJPNVNMAUSROUJPNVNMAUSSGPGTMCRIMOZJPNDJIGTMLKAYEMIRLTHANZLCPVUSAGRDPRTAUTJPNARGCOMTUNTURCPVJPNHUNZWEBELCOLDNKGNQCOLMUSLAO

NERMDVPERLKASURROUAUTNORHUNMNGNLDIRLDOMTWNTURYEMDOMFINBENATGITATWNLAO

TTO

JAMUSAIRLSVKARGNERVCTMEXGNBNZLSWEGBRCRIGMBGBRLBRARGPRTMYS

BTN

CHLPRTKNAROUMEXKNAKORFINGRDIRN

SLE

SWEFRABIHPERCHLDNKCRI

TTO

NPLTHAIRLCHERUSBLREGYURYNERRUSIDNBFANPLVNMMUSTTOBGDDOMBGRPHL

MWIOMNBRAAUSCANMWIPRYCOL

SGP

THAPRYSWESURKGZHRVSURINDPRTSUR

BGR

DNKIDNKENDOMBGRMUSVENMARBFAESPLCAUGABGRTURUSAMYSBOLNGALAOCOGBOLECUINDVNMALBPOLNGAPRTVENTURSGP

ISLMRT

LKAMLI

ESTLAONLDBTNPRTHRVHUNLKAESPFJIEGYTUNHNDBWAIDNUGAMYS

LAO

MEXESPMEXKHMPRTKORKENFINESTARGAUTEGY

VCT

NORPHL

SGP

GTM

THA

LUXTUNUSANPLAUT

TTO

AUTVNMLTUTTOTWNSYR

MYSDOMAUTKORGNBNLDIRNVNMCOMBTNHKGPOLNERTZAHKGNGAUKRZWEHNDLUXIRQMRT

TTO

SWE

MUS

GRC

BDI

PANGNQBLRATGTGOBGDTHAROUCANBIH

POLHRVROUTWNDOMISLCHELBNRUSGRC

DOM

ARGNORMNGCAN

DOM

CHNCOMCHLKGZMARBRACHEPOLCZELKAMEXSLVBWAMEXPRYSLVBRBTUNEGYECUCPVJPNSVNITAPAKPANSGPNORMEXTURVENROUATGJPNATGISL

GRD

PHLTUNCMRCOGEGYBFAOMNDOMSTPSLEIDNDMACRI

VEN

VCT

SGPCAFVNMBGRPRYAUTISLMOZHUNKHMARGNPLBRB

HNDVEN

MWITHALCAIRQ

PRTISLCRI

LBRTUNTZASDNJPNSTPECUSVNPER

UGA

TTOMNGSLVLCAAUSBLZBGRGRCFRAROUBFABOLCHNKAZCHEBELDMAMUSOMN

CPVUSAURYDNKNORSDNEGYSYRBELAUTLAO

ALB

GNB

PHLBTNHUNBRA

CHLBGR

IRN

TWNINDVNMBWACHNBOL

EGYGABCHNNGAINDNORCOLBLRCHLLTUMWI

COD

VNM

SYR

ARGLUXSLELAO

LKA

TUR

SGP

TURHKGMEXTGOTGOURYPOLSVKSWZURYTTODMAMUS

GMB

PHLLKAKAZPERNORTZAMEXTHALKAGEODNKLUXARM

MUSGRDGTM

TTOITASLVBGRCODPAKCRIPAKISLROUAUSLKAUGAINDBELFRAMEXRUSBGRPANLVABOLIDNVNM

DOMSGPAUSAGO

LBNGABHKGESPMYSKOR

ECU

FIN

CANBHSBRAJPNMLIITAVCTPANDNKGABARGTHA

CHEFINITAPOLCOGKGZBGR

BWA

GRCGHAUGASLVMDVEGYSVKIDNARG

NGA

COGUKRTCDLVAMNGCAFHRVAUTNGACHNARGVNMCRIJPN

MUS

IRLDMAGTMTTO

MDVUSAMEXEGYNGAGEOINDSLVIDN

COM

NGAGBRCHEESPTURITAJPNARGDJIBGRSLVUGAMRTARGROUOMN

RWA

IRL

FINESTKEN

FJI

GRCYEM

LSO

PAKTJKTCDNORDOMCHLMARESPNOR

MDV

BOLTURVENROUUSAKENVENURYBGRLCATWNGHABGDBRAPHLLAOAUSNZLEGYPANMOZVENCHNSVKPANMEXITAUKRITABTNAUSMNGHKGCPVPOLUKRBOLNLDDMAINDISLVNMDOMFINSDNTCDTTOSYRCAFBDI

LAO

MUSLKA

BRB

LCA

SWEIRNGRDHUNZAFJORPOLALBMOZDNK

ARM

IND

BEN

KENMYSCPVMLIMNECOGBENROUVENAGOLUXMYSGRCTUNINDSYRGHAPAKMNGBTNLVAMYSTWNPRTTUNTURARMBRATHAHKGNGAUSACPVNLDBHSLCAPERCOMBGR

AGO

NGARWAROUNERGRDSURMLICHNBIH

MOZ

GNQ

INDLUXTZAPRTMDABENESPKHMVENITALAORUSVEN

TKMINDMUSAUSGINLKA

ROUVNMESPCMRCODNLDTCDSDN

SEN

UZBIDNURYTGOISLLKAECUFINNERTTOOMNNERHUNNORZMBSGPROU

BENINDIRNLBNPRYDNKCRIITADOMMDVMNGJPNCOLTWNDMAFINNZLLAOITALTUISLJPN

GRD

ROU

ETH

VNMTHAMNGATGGEOGRDNZLLUXSYRINDPANPRTCHLGRDPHLECULUXDOMVCTTWNJPNTURTURDMADOMMYSGNBBGDPERFINHKGMNGBGR

BFA

UGA

CMR

GNQ

GHA

ZWEIRNTWNFJILAOATGIDNGRCUGA

MEXBOLBWAETHPHLMUSKOR

ESPMYSJPNBTNZWESDNPRYNORCOLPANBWATHAINDBLRPOLPAN

CANATGCOMGBRTHAGTMSGPBWAMYSSLEGIN

CANGBR

COM

CHLALBPOLCANLKABRAGRDTWNBWA

SDN

NLDTUNBTNCHNCRICZEESPCANKNAUGA

GAB

CRIMEX

JAMPAKINDBFAKAZARGPAK

MDV

ESTMARBDIFIN

GAB

MNGVENFINCPVRWABLZMUSEGY

MYSFJICRIMOZPRTBLZIDN

CPV

JPNLKABHSARGLKABRAGRCKNACOGPRTVENMYSDJIJORTUNBGRKGZNZLBGRRUSCHL

SDN

AZEISLFINIRNBGRKORPERTWN

FIN

URYCPVMUS

ATG

USAESPKGZKORGHAPHLMWIMUSTHAMARGBREGYTWNESTAUT

SLE

LKATHAROUROULVAATGPRTBRAHKGZWEMDAKHMALBTJKIRLSURKHMDMAKHMJPNMRTIRNUZB

LKAGMBFINRWATJKTWNMUSMUSKHMLAOJAMCHLLCACHLGINTURDOMIRNMDAMYS

GHA

VCTPANGTMMDVKORMAR

FJIAZE

BHS

EGYTURFINGHALCAVNMLUXINDMNGHKGOMNGRD

TTOGMBNLDETHNGASYRHRVLUXPRTSGP

BWA

CPVLTU

BLZ

PRTLKARWANPLMDVPRTKNA

MUS

OMNCHN

CRI

GNBBLRIRQ

DOM

CPV

GRCNORTUN

BEN

GMBJPNLTUTJKMYSKGZBIHVCT

LAO

KOR

BTN

ESTCHNVENPOLDMACHNMOZBDIJORBFAPERECULTU

BHS

INDTWNNEREGYKHMPOLKAZLCACHLBLZMNGGRDMEXBRABRAVNM

DJIDMA

MDAPOLKHMLKAKAZMUSCHN

DOM

MLIMWILBNKORISLBLRGRCCHNPRY

GEOGRCETHTWNLBRHNDVNMUGASGP

MDG

ATG

KNALBNNERBWA

TGOCOMLUXMDV

COGSDN

COLBWA

SEN

MLIROUBRASWZTWN

SGP

TURHNDJPNBRBFINRUSGRCTUNHKGCPVARGARGSGP

MDVBGRTCDTGO

VCTPERBLZPAKBFA

GABBOLTHAMDVZWEUZBBRBHNDMRT

UGACPVTURTURSWZMOZ

NPL

DJISTP

ISL

KORLKATUNKORNAMITADNKPAKVCTIDNLVAMWI

IRQTKMIDNJORSLVMLIESTSVNDOMSLVDMASGPMOZSTPMYSURYKNABOLURYTTOHKGGRCTWNUGALUX

BWA

IDNPERARGVENSDNBHS

HKGBLZ

PANMARSWZLVAFJIUGAHNDBLRPOLBRB

GAB

PRTNAMBRB

SYRCHN

JAM

VCT

IDNGABMLIDNKMNGSYRBRAALBLTU

LCA

DOMARGMDA

NAM

MDGJPNINDIRLINDGAB

TZALBRHUNVNMMUSTHAHKG

RWA

ESTISLCHL

MRTVCTTTOBTNSENMRTLVAKORAUTMEXTTONPL

JAMKORPRYTHABRATHARWAVCTCPVTKMMDA

GAB

GRD

URY

LVATWNARMSVKMARKORCRIHRVMNGROUTTORWA

MUS

BWAETHBFAARGBLRKHMISLCMRVCTLBNGRCIRLKHMLCAZMB

UGA

GAB

ATGZMBSLVMDVLAOCHNURYGRDTWNSWZARMPAN

MRT

MNEPERLUXJAMTUR

MYS

ROUSGPTUNNZLBENINDVCTSURGRDRWAPERCHNGMBDMAECUCHL

MDVIRLPANETHNGAPANBWAEGYLBRUGACMRISL

SYR

TGO

NPL

CHNMAR

SLEMYSHKGCHNDMAZWEPER

ATG

IRNLTUISLVCTARGLVA

PANMYSHKG

ETH

CPVPANPANROUBDISGPMEXMEXVNMMARNLD

TGOTKMNAMMWIBWAETHSTPBRAGEOBTNBGDSTPCHL

JAMISLTHASVKIRLTWNVEN

PANBWASYRSURCHNMDVMDVTWNMYSMDVMARMOZCOMEGYMWIGAB

KNAINDCHNDJIBWAKORGRDMYSATGHNDIRNCHNKNAVNMPRYTURCOGSYRTHACRICHLCMRSDNEGYESPFJILVASWZBTN

SGP

DOMNGATUNGRCVNMTTO

BEN

TJKLAOROUBRABRAALB

ARM

BRB

DMA

TCD

MDVCODKORKORUGA

KAZDOMMDVBGDIRNLVADMABLRBWANPLKOR

ATG

IDNGRCTHAMLIURYSDN

ESP

KORIDN

VNM

JPNLBNHKGCRIAZESGPBRA

NGA

CHNCOMTWNBRB

CPV

MYSCOGIDNMDATWNGRDAZEMOZIRLPRY

TKMMNGDOMSGPIDNETHMWICHN

TCD

ZWECHNVNMSWZLKA

GAB

TCD

HKGGHABLRLKAMOZKENKNAIRLSLVIRNESPURYPRYCRI

IDNBWA

ETH

IRLJPNKORCHNINDROUHKGHKGBTNRWASGPCHLMEX

GNQ

FJIALBJPNCOGTTO

LBNCHNAUSIRLIDNTWNAZEEGYMYSMLITWN

ATG

FJI

IDNCHNMLITUR

GNQ

SGP

TWN

CHLCHNARMROUGNQTGOVNMALBBFA

KAZTWNJORMRTBTNAZEZMBMUSGRCRUS

MDG

KNAKORARMTHACHLTWNBLZJPNJAMHKGNZLBDIMARSGPAZEPRT

IRN

SGPGNB

GNB

UKR

ETH

JPNTURMRTBTNATGGABSGPKAZESTMYSBLROMNBDIGABCOGGRDUKRSURSLEIRNTHAVNM

GNQ

BFATWNMOZGEOOMNAZE

SGPTWNGNQ

JORMAR

SGP

ECUHKGTJKSGPETHKORIRNMOZNERUKRMUSTTO

LAOBLRROUKORCPVLUXKORTURURYVCTATGGRDTHAJORGEOMARTKMTJKBWAKOROMNGNBIRL

ATG

LUXCOMMUSLAOARMLTUITASYRCHNKHMCRIBGRKNA

GNQ

CPV

TTOESTMDVTWNBLZGRDTTOKORTWNHKGATGMYS

SGP

CHLCHNMDVDOMTHABDI

KHMCPVBGRHKGMWI

IDNBTNFJIPRYCHNAUTDMASDNRWABWACHNDOMTWNSYRLUXTWN

ATG

EGY

SGP

KORGRCIRNPANMDVAGOIRNCHNVENNERZWE

SGPJAMBLZSGPISLTURTTOARGMWIUGARWAJPNECUCMRJAMCMR

ETH

ROUMYS

COD

ARMCODTWN

MWICHNROUINDETHOMNCOMUZBEGYTHACHNOMNJORGRDBWATHA

TCD

NGATHABWATCDKORFJIBEN

GEO

MLIJAMMOZBRATTOOMN

GIN

SYRROUIRNJPN

THA

ZMBVENBWAGEOJORMARCOGTCDTWNBRAJPNHKG

SGP

KORGNQAGOESPARM

TGOKORBDI

SGP

ALB

GNQIRNKORVNMSLE

BHS

MLIBLZLCAGRCTHACHNAZEROU

BTN

MDV

GNQCPVBTNMAR

SGPJORGNQNZL

SUR

URY

TCD

ARG

LBN

PRTNGACHL

GAB

IRN

GAB

MDV

HKGESPKHMSDNKOR

BHS

CHNCHNPRYHKGSYROMN

NGA

TKMOMNRWA

AGO

TTO

IRNHKG

CHN

KENMARLAOAGOISLDMA

SDN

KOREGYDOMMWIBTN

JORALBIRNYEM

KAZSURARM

ALB

BRBIRQMRTTTOETHMRTSTPPERESP

BIH

VEN

ZMBGNBOMNROUCHNFJISYR

COG

MWIALBJORIRN

PANCRICHNTGOCHNDOMTUNSLEMRT

ARMLAOIRQ

GNQ

DMA

SDN

SWZIRQHNDMLI

MDVMDVMWIEGY

JORTKMCOG

NGA

AGOMDVIRQSEN

RWA

LCATCDCHNEGY

YEM

GMBAGOLCA

IRQ

IRNPANLBN

MDV

IRQ

TCDLBRLBR

GNQ

MARAGOGNQ

BWA

ZWEIRQJORCPV

BIHTUR

GHA

SYRKHMGAB

CMRTURNGABFAMYS

NGABDI

MUS

TCD

COG

STPSWZ

GNQ

SYR

SYR

AZEZWEIRQSLE

SWZ

ECUAZELBRVCTOMN

COG

MDVBHSBIHLBNLBN

MWI

IRQ

TUN

OMN

GNQ

LBNTCDZWE

BTN

ETHAZE

GNQ

IRQBWAGABSYR

BIH

JPNTHAJORRWAGABLBNLBN

IRQ

IRQIRQMRT

BIH

GNQ

LBN

GNQ

LBR

-4-2

02

4Ln

(Tot

al E

mis

sion

s)

-1 -.5 0 .5 1Ln(Output per Capita)

coef = .49964822, (robust) se = .07686872, t = 6.5

Residuals on ResidualsTotal Emissions and GDP Per Capita

RWA

BIH

RWA

RWABIH

GNQ

GNQ

GNQGNQGNB

GNQ

GNQRWABIHKHM

KHM

GHA

GNQLBRLBR

GNQ

ARM

KHM

KHMARMBTN

LBR

GEO

ATGATG

ATGEST

EST

ATG

ATGBTNARM

GEO

BTNGNB

CHN

GRD

ATGCPV

LBR

GRD

LVAEST

GNBBRBATGGRD

LBR

GEO

IRLMDALVACPVMDAMDAGRD

ARM

CPVGRDSURKAZBGRLBR

LVAIRLKAZMDAEST

GEO

MDA

MDAATGKAZKHMIRLDMA

TTO

KAZMDABGR

CHNKNA

IRL

DMADMASURGEOKNA

ALB

DMAMDA

GRDDMAKAZMDAGEOARMBGR

KNA

ALB

BGRGEOKNALVAALBGEOKAZGRDDMABGRGEOBGRKNA

DMAATGGEOESTKNABGRMDAIRL

IRLPRTBGRALBGRD

SURBRB

UKRKNAHUN

GRD

RWAHUNUKR

IRL

HUNKAZIRL

MDA

UKR

GEOHRVLBNGEOBGRHRVHUNLVA

ATG

GRD

ALBLBRESTUKR

LBN

SLE

SURIRLROUKNAUKRPRTMDAFINBTNDMAALBSLE

BTN

HUNHUNCHEMDAHUNGRDMDAGRDBGRMDAGRDPRTPRTESTARMGNQLTUBGRCHELVA

SLEGEOPRTDMASUR

ALB

CPV

KHM

IRLAUTBRBUKRCHELTULTUHUNROULTULTUUKRUKRAUTHRVBELBRB

KAZ

LVAUKRHUNDNKUKRLTU

KHM

BELHUNDNKIRLHRVBGRAUTAUTMOZLBNHUNBELBGRUKRLTUBELLVAMDAPRTLTUGBRRWAAUTDNKDNKAUTBGRMOZLTU

GEO

TTODMAGBRROUBGRSLECHEDNKDMASWELVAAUTURYUKR

LBN

BGRPRTUKRIRLAUTLUXSWEAUTCHELUXLBNGBRLVAARMPRTROUBGRMDAFINPRTROUURYLBN

UKRBELBGRPRTAUTSWEBGRGBRLVAUKRLBNDMALUXESTBGRROUUKRIRLGBRCPVGBRBGRBGRBELPRTSWEPRTAUTAUTDNKROUAUTBGRBGRBELBGRBGRLUXROUDMADNKLVAGBRURYDNKGBRAUTHUNHUNITAITAAUTLTUITA

SLE

ITABLRGBRLVAGBRDMA

DMA

BELIRLAUTSURLBNITAIRLPRT

GBRLUXLVASURESTITALTUROUBGR

ATG

GBRBELUKRHRVCHELBNAUTCHELUXDMAUKRIRLAUTGEODNKPRTBLRGEOLTUAUTDMALUXLVAITAAUTZWEITABLRLTULTUSURSWERUSGEOLUXARMBELKNASWEBELBLRLVAROUAUTURYNZLBLRSURITA

BFA

ZWE

ROUBLRBGRALBITANZLGBRATGPRTGBRLVA

TTO

GRCBLRGBR

FJIAUTBLRBLRLVADNKNORGBRGBRBLRLTULTUBELSRBBLRBGRBELFINGBRAUTGINBELGEODMAGBRSURITANORBRBBELSRBBLRBLRRUSBRBPRTKHM

NORFINRUSRUSROUIRLFINBELESTDNKRUSGBRITALTULUXBRBBGRDMA

DMAGNBGNQIRLFINFINSURLUXBLRDMAHUN

BIH

HUNGBRGBRSWEIRLURYGNQGBRCHENORDNKESPBLRIRLHRVBRBBRBROUBRB

GRCESPHUNSWEBLRBELDNKGBRRUSSWERUSZWERUSHUNBELESPDMADMAPOLFINGBRSWECZEESPFINRUSSWEHUN

SUR

SWEITAAUTBELDMAFINGRCROUBELBGRROUCZEBLRSWESWERUSSWENZLGRCZWEESPGRDGBRGRCSWELTUHUNAUTBELROUESPNORNORRUSBELAUT

FJI

DNKFINGBRSWEHRVLUXGNQHUNPOLITAMOZGRCBGRROUGRCGBR

OMN

PRTDMAHUNBELLBNGBRAUTBELHUNRUSSURFINROUROUCZEROUAUTROUFINFINBGRGNQROUBRBGRCOMNAUTIRLKAZATGNORIRLIRLGBRROUHUNROUFINNZL

BRB

GINNORARMIRLBRBAUTLBRDMADNKITAGBRHUNLUXNLDMDAFIN

BRBHUNESTDNKPRTGRDGINESPGBRNLDSLE

FRAHRVGRCHUNGRCHUNDMAITABELGBRAUTNLDSWELUXBRBSWEBGR

BRB

DNKIRLURYFRAESPDNKRUS

GNB

HUNDMAURYNORNORHUNDNKGRCGBRDMAESTHUNROUSWELUXSWEBLRCHEESTFRAPRTLUXFINHUNFINZWEITACZEBELHUNVCTNLDITAGBRGRCESPGRCSWEITABELPRTCZEROUAUTDNKRUSBRBPOLJPNITAHUNITABELBELGRCBGRHRVURY

BFABIHHRVBRBIRLNORCHEGINLUXVCTBELFINBRBBRBGBRFRAHRVHUNBFAFRALUXVCTGRDBRBFRAPOLBIHHUNHUNDNKFINGRCFRAFIN

JPNBRBBELJPNHKGNLDBELHRVNORSWECZEFINESPHUNBELDNKSWESWEBRBBELGBRITAGRCFINFINITAROUFINBELBRBHRVDMAGINHUNESTAUTRUS

ALB

VCT

DNKJPNROUFRAFJIMOZCZEGRCHRVPOLROUITAVCTLUXHRV

LUX

BELPOLFRAURYHKGAUTLUXDNKAUTROUPRTBELESPGINAUTDEUITABRBPOLPOLROUROUPOLNZLJAMBELPOLHUNESTFINGBRITANORDNKITAURYDNKHUNPRTLUXSWECHEFINBRBDEURUSDNKAUTNLDFINFIN

ATG

VCTVCTDEUBGRBIHROUPOLDNKBELPOLIRLITAITAFRASWEDMASURBGRPRTFINNORURYFRACZESWELUXIRLJPNSWEBELESTDEUPRTTTOSWELUXCHESWEDEUZWEGRCJPNBGRCZETTOPOLITABDIITAITABGRIRLDNKCHEBGRRUSURYLUXJPNSLEURYSWEITAURYJPNROUPRTSWEDNKAUTITAJPNESTPRTBIHCZEPRTPRTESPGBRESPVCTDMANLDNLDDEUFRAFRADEUAUTITAJPNCHEITAFRAFINCZENORBRBPOLVCTPRT

BRB

DMA

ITADNKNORJPNALBITABFASVKDEULUXNORDNKITAPOLSWE

URYPOLAUTNZLVCTITAITAAUTCHEISLRUS

JAM

ITADEUPRTDEUBRBSVKPRTNORGRCTTOGBRNORBFAITALUXTTOFRAJPNGINPRTFIN

FINNORJPNFRAITAJPNESTFRAGRCPOLATGJPNVCTBELNORFRADMAARMBIHDNK

BGD

NORITALBRNLDNZL

NOR

URY

DEUVCTNORROUDMABIH

ARM

POLBELGRCGRCDEUROUITASWEPOL

GNB

BELSVKNLDSWEFINNORAUTLBNSVKNORVCTSVKFRADEUDNKDNK

VCT

FRAJPNSWENORDNKFINJPNDNKLUXCHEJPNFRAITANORCZETZAGINBIHJPNBRBSWEDEUVCTNORNZLJPNGNBSRBTTOAUTVCTNZLSVKURY

ESP

URY

NORSWEURYJAMFRAURYBDINZLSVKCHEPOLPRTSVNDNKPOLPOLKNANORESPSVKVCTITAHKGGBRSWEURYVCTJPNSRBFRADNKTTONORVCTFRAJPNESPJPNURYURYLCASVNPOLGRCJPNNLD

ATG

JPNROUFRABELDNKESPNORGBRPOLGRDVCTJPNPOLVCTNORGRDBFAITAHKGVCTSVNJPNURYESPFINVCTFRAURYSVNGRCNORBELESPJAMPOLSVKBELHKGCHEGRD

ISL

JPNURYIRLURYJPNNZLVCTTTOCHEBELGBRPOLLCAGRDNLDESPKAZNLDJPNBRB

GNB

SVNNORGBRSVKESPGRCJPNFINNZLFINSVNSWE

MNE

FRADMAPOLFRAESPITATTOVCTSVKZWESVKIRLSWENORARMBRBFJIESPESPGRCDNKPOLFINARMPOLDNKFRAPOLBRBBRB

MOZ

POLDEUGBRESP

FJIBRBDMAAUTSWECHENZLFRAGRCFRAESPUSASWE

BDIOMNHRVLUX

SWEGBRSVNBRBVCTUSAFRAGBRLUXBELPRTDMABRBSWEBRBFJI

SVNBRBGRCBELGRDBRBBRBUSAJPNJAM

MNE

FINFJI

SVNNLDNORPRTCHEKGZ

URYVCTCANMKDJPN

BFA

AUTBRBNLDPRTSVNPOLBFAJAMJPNGRDARMFRAFINVCTBRBMNEFRAAUTBRBSVNMUSFIN

URYUSABRB

BRB

CHEESPBRBARMNLDGBRMKDBELESPSVKSVKJPNVCTLUXESPBIHGRDUSAKORJAMFRAGRDCZECHE

BRB

SVKOMNMKD

URYESPGBRGRCMUSMKDBRBALBFRASVKSWEFINVCTDNKVCTMUSFRAMWIGRCSVNARMMNEUSAESPMKDPOLFRASVNMKDESPPRTARMUSANLDCHEUSAMUSJPNMUSUSAARMKGZISLJPNTTODNKCHELUXUSA

CPV

DNKVCTURYURYMKDLCAROUUSAJPNPRTCHEMUSISLNORDNK

JAMESPFRAGRCNLDTTODNK

KGZJPNURYCANFINPOLFRAURYCPV

NLDMKDPRTSVK

TTOUSA

DNK

KHM

JPNLUXDNKVCT

BTNUSATTOSVNURYGRCSVNGRCGRDNLDJPNSWEDNKFINNZLJPNGRCSVNFRAGRCJPNFRAUSAMKDPRTPRTNORIRL

FJINLDBDI

DNKGRCNZLKGZMKDNORGBRROUAUTDNKAUTBELTTO

GRDFRAPRTGRDNLDDNKFINSWECHEBFAGINTWNNLDPOL

ATGPRTSVKMKDPRTLCAPOLGRCISLVCTCPVSLVGRDAUTESPROUFRANLDCANUSASVNLAOGNBPOLPRT

BRBJPNCHESWEFINMKDDNKUSABGDNLDMKDGRDFIN

USANLDGRCLUXITAVCTPOLISLSVNESP

CHN

JAMNLDDEULKATWNROUKORVCT

POLHKGMKDNORESPESPJAMAUTMKDISLSLVFJISLVLBNUSAPRT

URY

JPNFINDNKMKD

ESPGRCCHEURYIRLGBRPRTGABCPV

ROUMKDPRTLKA

JAM

SLVLBNGRDISLCHE

MKDROUTTOESPFINCANURY

KGZTWNAUTGRDNLDSLVFINGRCTTOJPNPRTFRACZECHEUSAALB

TTO

TTOPRTISLFINUSAESPROUDNKJAMGRCPRTPRTTTOTTOCHEISLLUXSWE

MRT

URYSLVFINTWNTWNJAMPRTALBGRCTTOTTONLD

ETH

NLDGRCGRCTTOSLVTWNBEL

JAM

FRAROUURYMUSDEUROUTTOJAMGRCGRCMWIJAMTWNAUTLAOALBISLAUTCANGBRMUSZWEURYALBSLV

GAB

KGZGINESPTTOALBVCTFJILAOLUXDMA

BFACHEFINNLDKORGRDUSADNKGRCNLD

ALBTTOUSAMWIESPNLDGRCFINSURSLVESPDNKJPNFJI

JAMESPFINJAMATGURY

ESPFRAFINNZL

LBN

NORNLDDNKISL

LBNAUSKORIRLKORUSAALBISLISLGRCFINKORISLDNKAUTZWE

FINURYKORAUSVCTBFALKAJPNNLD

TTO

TTOJPNHKGHKGNORNLDNLDKORESPBDIGBRBEL

CHNROUSLVTWNESPFRASLVLKAKORNLDKORGBRUSANORLCANORNORAUSSWEUSAURYNOR

SLE

NORNLDNORVCTCANKAZKORURYESPCHEBELHKGLUXTTOGRCJAMITAGBRFINNLDISLNORGBRKORNORNLDATGCHENLDUSACANITAHKGUSAISLCANESPJAMIRLCHECANTTOMUSISLNZLBELISLBELNORKORSWESWENLDGNQAUSMNGURYKORCZEPRTCZECHE

SLVBELKORFRA

MRT

BELUSAITANLDURYTHATWNLUXMUSIRLAUTNLDGRCGBRFRANLDAUTISLARGGRCNLDURYGNQURYSLVNLDCZEKORKORNLDSWENLDGBRBELLUXNLDALBSWZCANKNAJPNCHEFRAJPNURYISLKORCANBELJPNTTOBDIFRAFRACANETHCANBDISGPNLD

GAB

SURTWNTTOHKGAUSJAMLCAGBRTWNMRT

SLVHKGFRANLDCHNTWNCHELCASGPITABDI

SLVAUSSLVNLDHRVNLD

KHM

FJI

GNQ

TWNNZLFJIJPNNLDCZECHLCHNURYROUALBAUTSWZ

BTN

CHEALBCHNZWEGNQ

GNQ

AUTHKGITADEUURYTWNDMASLVKORSLVCHEGRCCHEKORCHEBLZMUSURYNORNZLAUTBLZHRVNLDCPVLUXCHEGBRATGCHNISLTTO

NLDCHNKORURYSLVCHNAUSNPLITAITADEUCHN

CPV

THAFRANLDCANCANSWEUSAUSAARGFRAAUTITAMRTIRLARGTWNCHEARGJPNTTOCHE

GAB

MUSKORTHAFJICHNITASLVVCT

MNGMUSLCAPRTJAMARGMNGURYSLV

OMN

MUS

JAM

KGZCHLISLJAM

TTO

MNGHKGCHE

LKA

GAB

CHECHESLVJAM

ARGTTONZLFRAMRTTHAARGKORNZLTWNNPLLBRJAMKORURYLKACHN

IRLLKASGPLUXFRACHEIRLTWNLCAJAMGRCMUSFRATWNLKAKAZSWZJAMCHELKA

URYMNGKORISLISLJAMCHNMNGCHNCHNPRTIRLCANCHEBGDLKATWNCANJPNARGGRCJAMSLE

THA

LCA

ARGSWEGRDCHNGABAZECHNJPNTHAJPNTWNUSAFJICANAZESWEPRTJAMJAMBLZHKGCANCAN

RWA

CHEISLJAMARGSWETWNAUSAZELKATHAHKGLKATHALKATWNNZLNORMUSCHNSGPUSAMOZPRTBIHJAMKGZCANMLIARGARGJAMSLEHKG

MUSFJISLVURYJAMKOR

GAB

MRTLKA

LKALKA

SLE

AUSLUXKORUSATTO

ATGURYMNGZAFCANARGBLZBDILUXCANCANSURURYTWNPRTNPLJAMCHNROUHKG

MRTCHLGRCSLEFJIJAMNLDCHNIDN

LBNARGARGSWESLEIRLJAMESPSLETWNCANAUSARGLAOAUSLUXBDITTOARGARGFJIPRT

GAB

TWNCHLCHLCHL

CMR

ISL

GAB

MLIARGJAMGRDLKAKORNZLAUSTUNKORJAMUSALBNCHLCMRVNMSWZHKGCMRCANISLMNGGINGNBMUS

MOZ

CHNLBR

CHNCHL

MUS

JAMTHASLESLVTHAISL

IRQTTO

TTOJPNMNGLUX

STP

SLV

ETHJAMSLE

CANJAMIRLUSAMUSKAZARGSTPUSA

LBN

KGZ

LKAARGMUSCHLUSA

LKA

ISLISLMUSAZE

MUS

HKGTCDARGUSAZAFCHNLKA

MUS

USAGRCTHANPL

ARGTWNAUSMUSCHLTWNCMRARGLCAJAMSGPUZBMUSISLKORZWEUSAARGLUX

CAF

ARGCANNPLIRLMRTARGMUSCANCANATGATGBRACHNJAMETHCANTTOARGBDIARGUSAJAMNZLARGARGMUSARGTHAUZBLCATUNIRLCHEKORAUS

AZETHAARGARGGINMUSARGHKGLCAKORUSA

SLE

CHL

MNG

LAO

GRCIRLAUSAZEHKGCPVNORJAMIRLGNQCHN

MUS

JAMCANISLHKGBRAKORCHEISLSURISL

FJI

SGPMNGCPVTJKJPNAUSCANESPARGLBNTJKCHLHKGARGCPVUSAUSAGINSLVCHLUSATUNARGARGCHNISLUZB

FJI

IRLBLZLCATWNCHNCHLGRCSUR

NPL

USATUNISLBDI

FJIMARARGARGTHABRAGNBCHL

TJKUZBIRLSURGRDARGUSATUNGINZAFTCDKORLCACMRMLITUNCHE

ETH

KAZAUSMUS

CAFIDN

AUSBLZLCAARGBRAISL

LCA

ZWEUSAARGCHL

SLE

BLZVNMGINGNBMUSCHLETHNZLLKACHNNZLCHNSURETHLCA

TUNUSACHLTUNTCDAZECHLHKGAUSETHBHSUSACHNTJK

ETH

CANLCAISLKOR

GRD

ARGMUSMUSCANNORNZLINDSWZLCAHKGCHLAUSARGMARLKALCAVNMTUNMLICANCANUSAGNBUSALKACANLKAVNMMARLKAKORCANJPNISLSURCAN

SGP

BRA

TJK

FJI

INDLUX

LSO

CHNCMRCPVTTOLBN

MRT

SLEAUSUSAAUSMNGAUSARGTJKMARUSATKMLCAMARUZBCHN

OMN

LCATHAMUSNZLAUSCAN

TJK

ISL

ETH

TTOTUNARGATGAZEAUSCANGRDCHNFJILCANZLNPLOMNUSACHL

ETH

CANZAFSGPCANSURCHNTUNESPAUSAUS

GIN

GHAMUSLKALCAVNMAUSMUSUSAARGMARSURNZLIDNNPLSGPARG

TCD

AZETKMMUS

SLEINDSLVTKMIND

TTO

AUSARGMOZCHLTUNUZBCANETHNZLIND

SGPLSO

ISLMAR

LCA

BGDGINCPVBHSMLICANTWN

LSO

GINPERTHALCAAUSINDCHNUSAGINNORLCASLVUSAIDNIDNVNMGINCMRMUSCAF

GIN

SURLCAIDNNZLKAZSWZ

BHSTJKVNMTWNGHAIDNKGZMWIMLIIDNGNBCAN

VNM

CPVPERZAFBHSLCACHLLCASURNZLCHNARGBRATKMSTPISLLBNCHL

ETH

MLINZLUSALKAVNMMLINZLMDG

ISLBHS

CHLKGZNZLTJKINDTUNCAFAUSARGMARLUXIDNBDIPERPERINDLKABGD

MUS

USATJKCHLBRAARGCAFTKMCAFCHNIDNBHS

ETH

CHLVNMMLIGINVNMMARETHVNMTHAAUSMARBOLKHMMLI

JAMCAFVNMTTOLKAAUSNORKORVNMMNGIRNKAZCHLCANCHLTUNTHANORCHLMLIUZBKHMBHSMEXAUSTWNISLVNMMRTCHLTUN

SLE

MARCANTHANZLAUSTCDBGDPANVNMINDCHESLVLCACHLIDNVNMBRAKNAMARESPMDGCODGNBESPCHL

CHLKGZCHLALBMLIAUSPERCPVMLI

ETH

TJKCHNCHNISLMLITUNGTMCHLMUSAUS

KNAAZEBRANZLKHM

LKA

BHSVNMSURBGDJAMETHPERSLVCODTURUZBLBNSURTKMTKMLKALCAARGALBATGCPVMEXCODSURCAFTURATGTHAKNAHKGIRLBFATHAISLMARIRNLKABHSIDNLKATUNKHMSURZAFIRNMARCHN

TJKFJIGHA

VNMMLIFJIISLTHAMLI

NPL

ARGETHCMRIDNIDNCHLKAZCHL

STP

LKALCATKMSURBLZ

FJICAF

INDETHAUSLKA

VNMFJI

THAPERUZBSLEMEXTUNNZLBWAIRNTHAMEXSURLKASGPGHAETHTCDIDNTWNKNA

JAM

MEXSGPLCAKNAMEXIRNBWAKHMBHSIRNMLIKNASURCHNSURTHAAUSKORBHS

ETHIRNTJKKHMBFAINDMEXMEXCAFBDITURARGMEXKAZBDINZLIDNBRAMUSJAMLKACANLUX

BGD

TURARGSURCODIDNIDNBRAMLITKM

NPL

FRAMDG

KNA

TJK

NERUZB

IDNLKABOLMEXBHSLKAISLMNGCOD

CODGAB

LUXLCAKNAKNACODLCAGTMMDV

MUS

INDKNASTP

IRLIDNMARPANTURTWNMDVALBSGP

BRAMDG

BWA

MLI

ARGMARSLEBOLAUSZAF

ETHCODZWETHATUNTWNSTPBHSEGY

TJK

LUX

MEXLUXNERLKAAZECHLMEXTURGTMTKMKNANZLIDNNZLESPAUSMEXFJITHAIRLHKGBHSKNACMRIDNNZL

MOZ

TCDLCABRAPERKNAUZB

EGY

MEXKNA

NER

EGYTKM

LBNMEXAUSBENCHLAZESGPTURAUSISLBOLSURBWA

TCD

VNMLUX

ALB

CHLKGZLUXMOZ

BHS

IDNAUSBDIATGTUNMLIMOZTCDMLI

SLECODZAFIDN

NER

GIN

ETH

ATGBWAGINCHLBOLTURLBNBOLCHLCHLSTPIDNTUNNZLNZLFJIFJIKNAIDN

ETH

VNM

INDCPVAGO

KNA

MLIBLZ

BHS

MLIFJINZLZAF

BHS

STPBOLJAMKGZUZBNZLAUSSWZIDNIDNMLIMNGTKMCHN

GNB

FJIBHSIRLMDG

BTNETH

IRNLAOLUXNER

BDI

IDNSLVNERIRNHKGTURBRATURAUS

BHS

KHMBRAGTMMDGHKGPERTWNTURTKMBWAIDNNERBRA

LAO

ZAFGNBZAFKGZ

EGYBRA

MOZ

ECUTKMTURCAN

ETH

MLI

MOZTUNTJKTCDHKGKOR

TUN

BOLTURTHABRAIDNBOLGIN

BHS

KNATWNCHEPERLCATURBRACOGSURIRN

SGP

COGZAFISLIDNTHAINDTUNBRABWALBNBOLAZEATGSGPTCDTUN

THACHLKHMNER

LBNSLVMDVNZLTCDJORCHNNER

PERBHSMLIZAFBRATURBWAESPIRNBHSBOLTUR

MDG

PANGNBBHSSURVNMAUSCODKORPANPER

AGO

SWZGTMDOMISLKNA

SLE

BWALUXKORTGOKORBHS

ALB

TURBHSMOZDOMMUSISLCMR

COD

SLE

FJISURINDCOD

JAM

OMN

MDGBHSEGYTUR

CHN

DOMSLEDOM

BEN

MEXIRNBGDCOD

BDICHNMDV

MLI

BOL

INDPERVNMECUPERCAF

TTO

MEXFJICOLMARIDNIRLBOLCHLBRAMLITUNCOLNZLMAR

IRN

TJKISLINDTCDCHLTURMEXNZLTUNCHLDJIBRA

BIHCOLDJIFJIBOLBLZGNBTUNBOLNZLIDNTURMDVZWEDOMTURBHSSURTWNTCDECU

IRQ

SGPMUSPAN

BFABENBHSPANMEXCOLIRNPERFJIDOM

MLIDOM

PANSLVBGDCOLNZLCAF

TGO

TGODOMKGZ

PERALBMNGINDNPLTUR

CAF

SGP

FJIESPSLECOLAUSHKGMEXUZBBRATURCPVTHATJKEGYAZEEGYLBNMARCANECUCOLTWNBRATCDZAFBOLBOLBDICOLTURMEXECU

TGO

TTOALB

MDGCOLMNG

ECUBHSFJISTPBHSTUNKHMMARIRQPER

BEN

ISLLCACOLPERFJIIRQSTPCOLSGPTURBWACOLCHNCOLBRAARGBDIBFADOMDOM

BHS

DOMTURNGATURMOZ

FJI

IRNCAFBRAMEXINDTURTURMARSWZVNMSGPINDGNBGHAJORSLV

TCD

TWN

AUSTURNZLLKABFAKORCOLINDKORCHLTUNDOMROU

LKAPAN

BEN

BOLTUNIDNAZEIDNEGYNZLBRAMOZ

ISLGINSTPCOM

STP

CRIEGYTUREGY

SLE

COLEGYINDZAF

CPV

DOMIRLSWZBOLBRACOL

MEXGINCRISLVSLECOLVNMCOL

BHSEGYBOLTURMOZINDDOMRWACHLMEXECUDOMINDAUSVNMJORMARIDNTURPANBFAEGYESPIDNCRIMEX

NGACPVLAO

NGA

GTMSGPINDZAFCHLEGYSTPAZEALB

MOZINDIDN

CAF

VNM

MOZCOLDOMBENEGYDOMTGOCOM

GAB

DJIDOMBOLEGY

TURLAOEGY

MOZ

CHLSLEDOMVNMGNBNERLAOPERLAOTGODOMECUISLISLDOMCOGZAFLAOSGPNPLALBECUALB

VNMMEXTURLKAKHMAUSATGMDV

BENTHAVENFJI

BHS

TURMDVEGYLAOSTPISLTUNNPL

TCD

BOLTURINDALBIND

NPL

EGYEGYBGD

CAFDOMSTPIRQ

MEXLKABRAINDDOMCOLPERGNBINDBOLTGOBOL

STP

IRNTURSENUZBJAMMDGAUSINDMARKORGNBBOLBENMUSCOLECUSWZLKATCDNZLCHL

SLE

MEXAZELAOEGYEGYMARTTOIRQGINDOMINDBHSDOMINDNZLTURCAFLKALBNINDVNMMARSTPCHLPERSENGABGINCANMOZEGYTURPEREGY

COGLAOEGYTURCOLPERMNGTURHKGINDVNMIDNLAOEGY

VNMTGO

VENINDSLE

STPMDVPRYMYSCOLEGYCOLSENCOLCAFTURCOLBENINDIRL

BHS

TUNSLEAUSSENMLIAUSCOLMAR

SDN

CAFSTPTWNINDNPLTUR

LKA

COL

ALBBDIALBGINBOLCRIESPIRLLBNBOLGINTCDTURDOMZAFZAFCHLKGZKORVNMTURSGPINDINDCOLTGOAZEBOLCOLCOLKGZHKGSTP

TCD

COMTURSTPMAR

IRQMNGESPCPVZAFBFADOMBOL

PAN

ZAFINDMDVPANGTMINDGTM

CHN

COGZAFEGYBENBOL

BOLECUINDNGAINDLKAPANIRNBHSAUSBFAAGOPER

JAM

ALBINDCPV

LAO

PANBFATUNINDTUN

COMBENBOLNPLBENMYSCRIMDVTURMLIINDCPVINDECUBFAVNMPANAUSEGY

MOZ

NZLMOZPRYGTMINDCRIGTMGTM

VNM

LAO

COLLBRETHPERCOGBWAMEXNZLEGYGIN

NGAPER

TUN

EGYCAFSTPMYS

GAB

SLV

ISL

TUN

BEN

PRYMYSVENPANBLZGIN

ALB

IRQVENMNG

VENCOLCAFEGYATG

NPL

SGPUZBINDMYSEGYEGYMNGCOMCOLGHAINDKHMPANCRIIRQ

MDG

CANGTMPANZWENPLIDNIDNCAFKORBOLMEXMWIPHLCOGBHS

SDN

PRYCOLCRI

SGP

TUNTZAINDCHLGTMIRNZAFDOMPRYHKGEGYDOM

ZWE

BOLZAF

MDVNPLVNMTUNEGYSTPJORBGDGTM

NPL

PRYAGOTGOPHLNGAECU

NPL

EGYMARNPL

CAFNERIRN

COMNPL

MYSBFABOLBOLIND

BFA

LBNZAFCHL

BHS

ALBTHABOLMYSLAO

DOMRWA

DOMMYSPANNPLSTPFJI

NPLCRINPLVENVENMARSTPPRYZAFCOL

MYSSDN

MARNGAVNMTGOECU

LKA

PRYMDGECUAGO

NGA

BTNCHLLBNBOLEGYCPVZAFSEN

PANGNBCAFCHNCOM

ECU

MYSPANRWA

MDV

CRI

BEN

BDIEGYCAFEGYMAR

BFA

MDG

BRABEN

TGONAMSGPZAFECUIRQEGYETHEGYPRYBRAPHLPRYPEREGYPRY

BRABRABRANGASTPGHA

MWIBRAMWI

ECU

CAF

GIN

BTNMAR

NPLMOZ

IRNCOLEGYEGYMUSCOLMARBDICAFAUSBOLPAN

SENLKAIDNGTMCANEGYCHLSTPVENZAFPHLCOMIND

FJI

PRYPAKNGA

BGD

MUS

MYS

LKA

BFA

SGPTGOGTMSLVPER

BTN

IRLBOLZAFDOMSWZGNBDJIBOLDJITCDMYSKORPAKINDBRA

TTO

TGO

MYSCOLSTP

BOL

LBRZAF

AGO

GAB

COG

TKMGINMEXZWEPANGTM

OMNSYRNAMBOL

NGA

PAKZAFPERPANLAOCOLTUNLUXTUNNGAGINCRI

MDG

SLEKORMYS

CAF

CRIEGYIDN

PHLEGYZAFBRASGPCPV

EGYSTPSTPMARLAOPRY

DOMBRAMYSINDCAFTUNTWNECUTUN

IDN

BOL

SGPBGDPAKTURINDCAFSTPAUSNZLDJILKALKATHAKHMPANEGYBRAZAFPAK

SGP

MARPERATGGTMMDVMYSPRYEGYMWIGRDSTPZAFTWNSTPNPLIRNTUNZAFSTPCHNGIN

GABBGD

GAB

CODPANMAR

MAR

BDIEGYZAFPRYFJI

GTM

EGYCPVPANTCDRWAJORECUMARMNGPRYMYS

VENMARZAFPAKVENPRY

UZBIDNPRYPRY

SWZ

NAMMARIRLBGDPANAUSPAN

PANBOLMAR

ECUGNB

GAB

HKGBTNTCDEGYHKGMAREGYTURBGDTUNBTNBTNPAKSLVNGANAMEGYINDBOLSENMYSRWANPLIDNKOR

PRYECUALBSTPMYS

BDI

BTN

PANCHNPERCOMVENDOMBHSGNBVENPANIDN

SEN

EGYPANMAREGYPRYZAFCAFMARMARMYS

UGA

PERTGOIRLVENZAFSTPBENCOM

GNQMNGPRY

BHS

CMR

SGP

MOZ

LKA

GAB

PER

GAB

HKGGTMPHLMAREGYMARPERTCDVENPERPAKBENZAFBENSENPANBGDVNMBOL

SWZ

ZAFDOMNAM

ECUPERUGA

PRYPRY

PAN

TGOGNBMARPANGINNPLBOLNAMDJIBGDPERDJISLVPRYGTMNPLIDNNPLPHL

BENMAR

SWZ

NZLNPL

EGYNAMNGA

TGOPANTHAVENBOLAGOGNBMNGPANPERPANPHLVENIND

LAO

ECUMYSMOZBWAECUMWIHKGGNB

ECUGHA

NAM

PERMUSBDIMARCOMSYRPHLSLVGTMCAFLBNPRYLBNMDGMNGZAFTGOPERMDV

BDI

COGDOM

MYSCAFECU

PAN

MDG

IRLALB

PRY

NER

INDSYR

ECUVENIDN

LAO

CMRCANUGADJIZAFMYSCPVMOZGTMZMBGNBZAFKENBGDPANVENPRY

PAKBGD

GNBNAMBENZAFCAFCRI

GNB

SWZTUNLBRECUDJICOM

GAB

COMGNBMYS

SGPZAF

FJI

BGDHKGUGA

ECU

BFAECUPRYZAFVENECUMDGGNBCPVCRIZMBSLVDOMCRIZAFPHLZWEGTMPRY

PANCOM

LAOZAFUZBDJIZAFHND

GAB

PERPANBOLZAFMNGDJICODPRYTURMARCOMPAN

BOL

COM

PRY

MDG

JORGNB

SDN

PRYBFAGNBECUCAF

MDGNGA

UGACHN

NPLBGDTUNBGDLAO

TGO

UGA

BGD

NER

VEN

CAFCHEECUBDIGINUGAKORPAN

COD

CAFLUXBDIMARNGAGABPERAGOBOLRWATHACAFMARZAFMNGRWACOD

KENPRYPAN

BOLGNBMARMYSCANTKMAGO

MRTHNDCOM

NPL

VNM

ZMB

MYSPANECUBOLMNGJORZAFHKGCRIDJIKHMAGOMYSHNDMEXGHAHNDUGAHND

GHACRI

MAR

GHAIRNZAFMYSSLVCOGCOLBEN

MRT

BGDCOMMUSPRYBFAZAFECULAONGATGOZMBPERMARBGD

PERBEN

SGPCRIPRYGNBMYSCODPRYJORGTMMRTLKA

MRT

PHLMYS

PRYBOLPANLAOCODECURWAALB

MDVSWZGRDHNDBOL

AGO

HNDBLZHND

NGA

ZAFIRN

BIH

COGZAFPRYLAOPAN

SWZ

GTMGHAPHLMYSPHLHNDCOLTTOCRIZWECOLMUSVEN

MNG

CPVBLZHND

BEN

IRNECU

NGAHNDLBR

NGA

NERBLZVENZMB

GHABRANGAGHACMRCAFVENPERMOZPAKPRYTHA

MRT

COL

SEN

MWI

BEN

CAFMARKENPHLCODUGACOMMDGHNDHND

NPL

GHAMLIBGD

NPLMUS

IRNMDGKHM

COMGNBNGACRIBLZBGD

MDG

CAFTUNPRYBGDNER

HKG

BENPER

NGACRIHNDNERPHLSDNMYSBLZ

BWALBNNGAGHAECU

PERGTMNGA

COD

SEN

MRT

CODZMBPERBGD

UGAGHAGTM

SWZ

ETHCRI

UGASDNVENLBRETHTURTGODOMDOMSGP

MOZ

NAM

MYSCRICODNPLDJIPER

ETH

VENSLVVENPANDJI

LAO

TURCRIGHAHNDGNB

NGA

SLVBGDPHLSDNBGDCHEMNGVENUZBSLEBOL

NGA

NGAPHLPHLCRI

GAB

PRYCRIPHLKOR

COD

SDNCPVKENBENLAOBGDCRIKENSYRPHLUGAGHA

MDGIRQ

PERPHLLAOUGACHNIRQPHLLBNCRIUGA

MUS

BFACHNPRYPHLSENTTOGHAHNDPERPHLGINMRTZMBCRI

IRQ

GABTGOVENMOZHNDKENPHLVEN

PERTUNTUNCRINGAMWIPHLNGAGINBRA

GHA

BGD

MDG

PER

BDICOGIRNSLVKEN

GABMARATGBENMWIMNGPAN

BEN

HNDDOMNERPERSLECODPRYGTMUGAIRNLKAIRNSWZOMN

COM

MRT

PANMRTMNGNERCHN

STP

NERNERPERMOZCAF

CAF

IRN

COGBLZGMB

CODPAN

SEN

HND

GTMMYS

BFA

CODECUJORECUGAB

UGA

LBRLAOSLVPANCRI

COG

GNB

CRIAGOTURCODGHABRAPERNGAGHA

SGP

BTNMEXTHAPHLPANTGOPHLTGOIRNSLVLUXJORTURTGOBTNCOGMRT

IRN

ATGMEXIRNECUUGABRACODPRY

SDN

COMSLVOMNPERBRAPRYMRTMDGTWN

GHA

THALUXNGA

ETH

PERMRTMWIPERBRAPANSYRCAFSYRHKGMUSBRAPHLPRYPRY

TTO

MDVPHLBWAPERBLZMEXECUBDI

CMR

UGACODCPVCANBOLMDGSLVUGA

NGA

PRY

RWA

MRTBGDNGAPHLTCDBLZGMB

CMR

BLZMEXTURPHL

SWZ

PHLUGA

BFA

MYSKENGTMGAB

TTO

CMRCRIGAB

TKM

BRAMDGLKAIRNMYSPHLMWIPHL

LBRCMRPHLPHLPAKBENCPV

NPLBTNBRACMRSWZBRADOMGABCOG

GAB

ECUCMR

SDNUGACMRCODGNBMRTMRT

MDV

SEN

THA

TGOJORTHA

GHANGABRAECULBRUGACMR

DOM

HNDTHALBRTGO

KOR

COLHND

GABNGAPHLBRAECUCAFPANPHL

GAB

MDVPANECUSENKOR

DOMBLZ

NGA

TGOLBRCMRRWACMRTURCMRGHAPRYLBRECUBLZ

LKABRA

CPVCMRBLZVENPRYPRYSYRGTMCOLCRIBTNCMRPHLPHLBRANGA

MWI

PRYKHMPRYPHLUGAMNG

KEN

ZWECOGIRN

NGAGHABRATURAUSPRYMEX

MDV

PHLMNGGINBRACMRTGO

COGCMRPANMEXPRYSWZUGAPHLCOGTHABRANGAGTMCOD

GNB

PAKIRN

COD

CMRLAO

HNDCOGSYRGTMGABCHNBOLPAN

CMRTHA

PAKSDNTHAPHLIRNTGOSYRMNGGINSGPPHLKENPHLMNGPHLECUBOL

CMR

UGA

LBRPRY

COGCOMMNGGTMCPV

BWA

CMR

CMR

SENCPVCRIZMBECUZMBNERMNGZAFMEX

TTO

GMB

CMR

BLZ

MDV

LUXGHAPHLHNDMRTBFAECUMYS

CMR

THASWZTGOHKGMYSCODAGO

HNDSEN

MEXJORSLEMYSCODLBR

ECU

PAKJORGHA

NGA

LBRECUHNDCODBRAMRTNERBRASLVIRNAGOCAFSDNNPL

GHAKENPHL

UGA

PHLTGOCMRKORMNGCMR

COMMDGNPLNGAECULKALBRMEXMWI

COG

ETHUGACODIRNBLZMEXNER

CMR

GHARWA

TCD

IRNECUTTOCMRCOLETHHNDCMR

SYRMDVDOM

SLE

CPV

SLE

ETHLBRTHALKAZMBPRYHNDMRTBGDHNDCPVGABTHAGTM

COG

COMNERHNDGRDECUBTNZMB

MDV

GHANGAUGASGPMYSETHSYRTHAMEXCOMPHLZMBPHLPHLMEXCODCOLMDVGABHND

CMR

TTO

SWZATGTHANERHNDGHAMEXMEXNPLNGA

DOMIRNLBRGMB

GABZMB

COG

RWAHND

SEN

NAMPHLCOGIRNDOMTHABRAMNG

COG

BGDECUMRTHNDSENTZANPLCRIMEX

BLZPHLCOL

THAMRTSDN

GMBGTM

NGA

UGAPAKMYS

SWZ

BENCMRCMRZWE

SYRZWECOLZAFBFA

UGA

ECUHNDSDNMYSHNDNGASLV

NPL

MEXPHLPHLCODMEXDJIUGAPRY

PANMEXSLVMRTETH

COG

COGTWNUGAHNDCOGRWAGHAATGCOGHNDNPLNERNPLCRIMYSNERCAFCOD

SDNCOGMAR

CMR

ZMB

GABKENDOMHNDETH

CRI

COD

SYRCOGGMBCRI

CRI

SWZNPLTZATHACOLFJIMEXTHAGMBHNDMWIMYS

SLV

MOZLBRMEXCOMSENKENGNQCRIMYSPAKHNDUGA

NGA

TZASENCPV

SEN

PHL

LBR

BLZ

TGOGABRWAUGAGTM

MUS

CRIGTMSTPTZATCDTZAHNDNPLETHGHANPL

NGA

BDIPAKGTMZMBTZAZMBCOLGHA

LAOLAOMDG

CPV

BLZBLZMOZSENGABMDG

COLLBRTHACOMCRIBTNZMBMRTMEXSYRSYRZMBSDNGHAGHADJIZMBTHAPAKBDISLVNERZMBZMBSENLAOSDNHNDGTMHND

GAB

IRNCHNSLVTZAMEXMEX

LAO

KENGTMGHAMDVBDIGTMJORMYSMWIZMBIRNGHACOL

DOM

TURTZAGHAGTMCOLMOZPHLSDNMYSVENMOZ

HKGMDVSLE

BWA

ZMB

CMRSWZCOMBDI

COGAGOIRQLAO

SEN

KORSDNHNDKENRWA

RWALBRKHMGMBBLZSTPCAFGTMKENJORSLV

GTM

GTM

KEN

NGA

SYRSDNCOGETHCRIZWETZA

FJI

KENNGA

NGA

SDNSDNKENGTMMYSATGTGOGMBMARDOMSENSDNCMRPAKSYRGMBGHAMYSMWITZAGHAGHAKENTZAGTM

TZASENGHAMEXGHAHNDSYRGHARWAMRTRWACOMSENETHSDNBWAKENKENMEXGMBPAKNERPAKMEXZWEOMN

MWISWZTWNTWNMUSETHTWNMRTATG

BLZ

GTMZMBHKGNGASDNCPVBLZTZAETHGMB

BLZ

TZA

NPLBLZPAKZWEMDGTZASDN

PAKPAKTWNSYR

COG

CODECUZMBRWATGOMRTGTM

SDN

GHACOL

CPV

SDNGTM

CPVMOZDOMATGTGONGA

BIH

GTMCAFGTM

COG

ATGGTMAGOZWEMOZ

CAN

SWZMYS

DOMSENCOMGTMBLZMOZAGOSENZMBSYRSGP

DOMCOGSWZNGATGOZMBPAKMWIBDIHNDGTMCMRSENDOM

MLIGTMSDNHNDCOLCPV

TWNKENSDNTURSGPIRN

NERCANCMRGTMBDIDOMNGACOLMOZGTMTGOVENMWITHAMYSZMBSENSYR

JOR

CHNTHADOMCOLSWZSDNMDVDOMSYR

RWA

ETHETH

GABMEXHND

CMR

SDNZMBDOMGHAGMBMYSCRICOMZWECOL

MDGJORCODCOGZWESYRMRT

TZA

TCD

SGP

TZA

BDIBWASYRTZAMLICRICOG

SEN

ZWETZAMLIETH

GMBPAKETHCRIBDI

AGO

DJINGATZAKENKEN

GHA

NAMBLZAGOLBN

KOR

ZMB

MRT

COG

SDNMWIZMBMWIZMBGMBBWA

ZMBNGASENTHAMEXPAKGMBLBRSYRKENHNDIRQGNQMLITZAZMBZMB

SYR

SENIRNCOM

SDN

AGOCOGIRNTGOBWA

BLZUGAKENKENGMB

BDI

SYRZMBHNDZMBSYRRWANGATHA

DOM

GNQIRQLAOSGPIRQMOZBTNMWI

GMB

IRQTZA

MDV

SYRMWIIRQTZAETH

NGA

MUS

HNDKENCOD

COG

ZMBCOMMLIVENETH

SDN

KENCOM

SWZ

SENCOMETHCRI

CPV

HND

JORTCDBWATGOBTN

MRTCOMBEN

SDN

SDNCOM

BTN

TZAIRN

FJIKENCOMVEN

KEN

COGTWN

COG

SWZMOZBWABFABEN

CPVSENETH

BWASTPBWA

TGO

OMN

SENMOZKENMDVBFASYRSENGMB

TCDZMBBFAKENNERCOGTTOVENMDVMWIJORLAO

TCDSGP

SYRGAB

SDNCOGMWITKMCMRMDVGMBCOGAGOTZASDN

GHA

BDI

BDICAFZWENGAGABGHAZMBPAKZMBSLV

MDVCPVBWAVENSENHNDSENZWEMWIGNBVENCPVMOZBENBTNGMBCOM

TCD

GMBPAKKENPAKBFAGMBCOMHNDZMB

SYR

COMCOM

BTNCOMTCDSYR

FJI

TZA

COG

RWA

HNDSENGMBDOMMDVPAKETHHKG

TGO

MLI

AGOPAKZWE

MRT

AGOTGOIRQ

GAB

PAK

KHM

BFAZWEMWISENIRQGMBVENRWASYRJORTZAMDVSENBFAHKG

GAB

TCD

DJINAMZMB

TCDIRQSYRSYRBENPAKPAKBWABFASENBLZMRTMOZIRQTTOMRTZWETWNMDVSEN

SGP

ZMBMWI

LBR

GHABFACOD

FJI

PAK

SLE

NER

TZASYRCRIMOZZWE

SYRSENPAKMWI

RWAIRNGNQMRTSYRPAKGMBSYRMUS

OMN

MLIKEN

GAB

AGO

MOZSENMRTZWEVENMLI

GHA

CODCODVENMWITCDGMBCODBTNGMBGMBGMBBWANAMHKGNAMETHGMBRWAETHOMNIRQKEN

IRQ

SYRHNDCODMRTLBNMWINAMMWIMRT

SLECOGNAMUGACOGHNDSYRYEMNAM

AGOMRTCRIAGOHNDMDVRWAGMBSYR

ETHTGO

GAB

TWNIRQVENMWIZMBTCDKENTWN

MDG

RWA

GMBOMNJORVENBLZ

GNQ

CODUGAMRTBTNIRQGMBBENIRNGMBCOMIRQDJIBWAMRT

IRQ

BEN

KENSYRBTN

VENBFAZWE

BTN

GABMDG

YEM

MRTLBR

CRIGNQHNDNAMAGOMDGSLV

MDVAGO

TZA

TWNIRNBFASLV

BDI

TGOBENBENKHMKENBWATZA

MUS

AGO

BDI

TGOZMB

VEN

GNQBFA

BWABWA

TCDTZA

CRI

MDGCOD

BDI

CRICRIUGAUGA

VENSYRRWAZWEBFASWZ

GNBBLZTZABFAMRTUGAVENCRITWNYEMSYRVENTZABTNKENGMB

COMMDGTCDIRQTCDGMBKENUGAKHMBEN

VENGNQAGOMDGJORVENSGP

IRQ

HNDMDGMDVKEN

SYR

BFAKENBENMOZ

SYRVENBFAMDG

ETH

MDGMDG

SGP

BTNKHMKENMWICODLBNMUSTCDCRISGPBFABTNBENIRNETHMDGKHMMDG

BTN

GMBIRNTCDAGOUGACODBWAKEN

BDITWNYEMGINUGAKHM

KEN

KENCRICRIKENKENTZAGNBYEMIRNGINOMNZWESWZ

BEN

ZWE

RWAMDGYEM

KENGMBBFABENUGAMDV

JOR

YEMMDGKENGABTZA

SYR

CODIRQ

VENGNQ

KENTWNSDNGMBJORRWARWAGNQ

MWIBTN

ETH

YEMJORTWNBFACRI

JORCODGMBBTN

MDGMLIMDGBDIKEN

IRQBTN

AGO

GNQTZAKHM

UGAYEMYEM

GAB

OMNMLIMLIZWEUGAMLIBENMLIIRQMLI

BWA

MLIYEMKENOMNMDG

KENAGO

DJI

SYR

NAM

TZATCDJORGMBOMNBENBTNJORGMBRWAKHMDJIZWEYEMCODUGABDIYEMTGOTWNBTNMWIUGAMLIMLIKENYEM

MDGCRITCDOMNMDVOMNLBRSLV

BTN

KENIRNNERVENIRNZWEBENKHMMLIKENUGAAGOBENTGO

JOR

COM

BWAMWIETHUGAZWEOMN

BENUGAZWEKENMWIJOR

GNB

TGOMOZIRQZWEGNBGNQAGO

VEN

TZABEN

BWA

UGAUGADJIAGOGNQ

UGAUGANERTCDNERUGAIRQ

SLEGNQ

TCD

UGANER

GNQ

BENUGAJORCODUGAUGANERJOR

GNQ

NER

SGPJOR

COMDJIBWAVEN

GNQ

JORNERJORBWAGNQ

GNQ

ETH

GNQ

BIH

GNQ

JORVENBIHNERIRQBWAKHMVENBEN

GNBKHMGMBJORLBNAGO

COM

CODNERVENNEROMN

COM

NERJORNERNERNER

GNQVEN

AGO

AGO

SWZJORJORNERMWIIRQIRQ

NER

HKG

SGP

COD

JORGMBJORAGOOMNRWAVENSWZTCDNERVENMOZ

NERMOZJORLBN

IRQ

TCD

YEMCODOMNJORGMB

TCD

JORRWATCDSWZSWZ

GNQ

KHMJOROMNOMN

SGP

KHMSGPGMB

SLE

GNQ

SLEOMNDJIGMBGIN

GNQ

RWA

LBR

LBRKHMJOROMNGINRWAYEMGMBJORGMBJORRWAJORMWI

OMN

OMNYEM

DJIMWISLE

YEMGNQOMNJORJOR

OMN

LBRLBRSLE

YEM

OMNSLEOMN

DJIGIN

OMN

OMNLBRLBROMNOMNLBR

DJIMWIMWIGINJORDJIJORDJIGNQGINDJIDJIGIN

DJITGORWALBRGNQGNQ

DJIDJI

DJI

DJIGNQLBR

LBR

RWADJIDJIRWADJIJORRWAJOR

-4-2

02

4Ln

(Tot

al E

mis

sion

s)

-.1 -.05 0 .05 .1Ln(Total Population)

coef = 1.4372225, (robust) se = .17364663, t = 8.28

Residuals on ResidualsTotal Emissions and Population

Figure A8: Partial residual plot. Note that the x-axis is different in the two panels of the figure. Thisobscures the difference in slopes, which are listed below each scatter plot. The coefficient on populationis significantly larger. The difference in scales is necessary for visual inspection of the role of outliers.

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Emission Ratio GDP per capita Ratio

Population Ratio % Working Age Ratio

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Total Emissions Ratio GDP per Capita Emissions Ratio

% Working Age Emissions Population Emission Ratio

Figure A9: Results from the economic-demographic model. All variables are the outcome of the lowfertility scenario over the medium fertility scenario. Panel A (left) plots the main outcome variables.Panel B (right) decomposes the difference in emissions between sources.

27

8.6 Results with Consumption Side Measure of GDP

Table A6: Determinants of Carbon Emissions: Consumption-side

(1) (2) (3) (4)Ln pop. (a) 1.370*** 1.459*** 1.405*** 1.449***

(0.166) (0.170) (0.168) (0.199)

Ln gdppc (cons. side) (b) 0.302*** 0.302*** 0.300*** 0.324***(0.056) (0.060) (0.060) (0.073)

% Age 15-64 0.014* 0.013* 0.013*(0.007) (0.007) (0.007)

% Urban 0.007* 0.011**(0.004) (0.005)

Trade (% of GDP) 0.0003(0.0002)

Year FE Yes Yes Yes YesObservations 7133 6426 6426 5679Countries 156 153 153 147R-Squared 0.06 0.06 0.06 0.06Within R-Squared 0.026 0.028 0.028 0.031P-value: a = b 0.000 0.000 0.000 0.000P-value: a = 1 0.027 0.008 0.018 0.025

Notes: ∗p < 0.1, ∗ ∗ p < 0.05, ∗ ∗ ∗p < 0.01. Robust standard errors clustered at country level in parentheses. Equation

estimated in first differences. In all specifications, the dependent variable is the natural log of total CO2 emissions. The sample

covers 1950-2010. Within R-squared is the percentage of variation in the dependent variable explained by the independent

variables after removing variation due to time and year fixed effects.

28

IRQSWZ LBNRWA

LBR

NGAGNQLBN

ALB

GEOCHN

IRQCOGLBNLBR

AZE

LCATZA

NGA

LBRLBRCODSLE

TKM

GNB

LBNLBN

AGO

AZENERKAZ

MNGTJKSUROMNRUS

COG

TJK

AGO

ZMBTZA

ALB

ZMB

GNQ

GNQ

TCDZWEBRBSYR

FJICPV

IRQ

KGZ

BHS

GNQCOG

KGZ

LBRTCDDJIBWAZMB

IRN

STP

ZMBKHM

JOR

GAB

COD

UGA

JOR

BLRLCAMLICOG

CPV

GABOMNIRNDJICHLKAZBLZZMB

ARM

MUSBGDSLE

ZMBMUS

ETH

GNQ

GNQ

ZMBCODUKRPERSYRCODSLEUGAMNGIRQ

LKA

TGOAZE

NGAVCTJOR

BLZ

NGA

RUSCPVGNB

UKR

TGORUSLBRVENGNQTZAGNQBOL

MDV

LUXCAFTTOGNBMDVGHA

RWA

DOMNGAOMNNERSLECOM

DMASYRGNQ

BGRCOD

TCDNER

LTUMOZ

UKRGHASWZKHMNER

KGZLUXMLIRWATCDUZBMUSZWE

DJIMDA

IRNKAZ

IRQMDVSYR

IRNKGZMDA

GAB

NGADJIZWE

MARGINBOLGHAMUSGNQATGCHLMDAAZEGIN

MDG

SDNBGR

COD

COGCOGGIN

KHM

MOZJAM

LKAETHZWESYRCODOMNSLVTTO

CAF

TURLBNMRTZMB

CHN

SDNPANBDIIRQESTJAMAUSSWZ

COG

JAM

GAB

CMR

BLZ

MDVTGO

LKAALB

POLIRQUKRSYRSURSDNZWEISLVCT

HNDCODNZL

TGOISLTJKSURUKRVENSLETGOLBRMYS

TCD

TCDAGO

COGZMBMEXBDIARM

ZMBZAFBLRARGGIN

SURBRBIRNGNQKORSTPCODNGA

GNB

THAROU

COD

MWIMOZ

TTO

URY

SYR

SDN

ATG

TTO

CAFMLIGABZWEKENCAFSLVPER

GMBSYRMLIMNGCODVCTGHAMARJOR

MRTSYRGNBPOLTTOCODGIN

LBR

MWISYRBDITGO

MOZ

NER

IRLDJILTU

BOLSWZMARURYAGODJICODGNBMNG

NAM

RUS

NGA

BDI

GRCINDSENKEN

COG

UKRURY

BWAETH

GAB

CAF

VENBRBTHAMAR

SWZ

GNQKGZLBRZMBIRQTJKSURTHALKABOLJAMJORMDAMWIMWIDOMMWIEGYARGLVAPAN

IDN

IRLBDIMARLCAVCTGABHNDURYOMN

ISLPRY

CMR

UGA

SYRETHJOR

SDNISLCODGINVENSYRETHTKMHUNBENCHNMWIMWIBENNGASURCODLBRGABTZAVENNZLKENCOD

AGOCOD

BDIGINBTNIRNCODMUSURYATGGNQ

BLZSLENGAMYS

BENCOGARGRUSNGACOMSWZIDNTKMTHA

URYZWEMWIIRNSYR

NGA

NPLETH

CAF

TTO

TURKAZFINNERNERNZLCAFZWEARGMYSCODPHL

KHM

SLVZWE

BFAROUTCDZWESGPDNKSWZ

KHM

LBRKENMRT

KNA

TWNIRNTTOGNQ

MLIARGGHA

BDIBFA

AGOKGZ

KGZBDIBRBLKATUNMWI

NERPHL

IDNBWA

ZWETCDLVATCDDMAGNBTTOGMBMEXIDNMUSSWEGRD

URYTCDVEN

UGACOLNAMSLE

FJI

HRVKHMTZADJIGHACOD

TCD

ARGGBRCHN

ZMB

SYRBFADJIBHSPRYZMBCOMBGRBENSYRESTHND

GABDOM

LKADJI

MDG

GINCRISLE

MRT

KHM

RWALBRLKATTO

BHS

GINTKMZWEUGAUGALCAMWIFJI

CHNSENSWZPHLVENSGPMUS

BHSIDNKEN

ARM

NGAGMBKGZTWNPERTJKGNB

BGR

TGOBGRCODGHARWAMEXBHS

CRI

TTOBRAPHL

TJK

KGZ

LUXTTO

ROUKAZIDNYEMGINUGATTO

MAR

KENNORIRL

BHSMUS

UGA

GEO

TGOJAMGHA

BHS

TURRWAZMBHNDGRCDJICODBRABLZ

TCDGAB

BHS

CHLIRQ

TZA

ZMBMDGDNKBRBROURWAURYGHALCAPRYBFAVENTURMRTGINKHM

NPL

NGAKNA

GAB

ATG

CAF

SUR

STPBDIMUSAGOCODBRBJAMSLVFJILVAISLMDGCMRCOMRUSSENMUS

GNBCOD

ECU

MRT

ARGGNBURY

GAB

CAFZMBCMRNGA

BOLETHTGOGABMRT

KHM

FJI

BHSUGAMRTINDTHAMARSGPCHLBDITCDDOMFJIZWEBLRSWZCRICAFCRIDOMGNBSTP

DJITZASTPBDI

HKG

GHACMRAGO

TUNURYGRCAUSBWALUXMEXARGBDIURYKENCHE

TTO

BGDLBNKENGNBDOMTGOMOZPHLCHLJOR

FJI

ZMBZMB

CAF

DOMJAM

TCD

GMBFINMLIALBTZAJPNNGAHKGLUXAZETTOCHLMNGDJIESPZAFLTUGHA

ISLMRTPRYIRLMLI

NPLNGACHLLAONPL

LKAESP

ECUAGOCAN

BHS

GNBMYSMDVPOLLKACMRLCACOMCOLMDGNPLHRVFRASWECOMPAK

GNQ

STPTUNMYSSDNTURTCDVENSLVBELSWZVENGMB

GNQMDGCPV

JAM

NGATKMSENGINTUNALBSENNGA

LAO

NER

CPVUGATGO

SDN

PRTLBNSWZDNKCZENERNERNPLHNDMOZCAFMARKENBENSYRGINJORLAOGBRFJI

CRIMWI

DOM

ETHCHLDOMBHSDJIGNQGAB

SLECMRNLDMRTBLZUGAMNGMDGSYRAGOETHDJIVNMSLVMDGSENNZL

SEN

BOLGHAVNMNZLCRIBFAJORPRTISLSYRKENKENRWA

NPL

TURCOMCOMITASEN

ATG

MEXITACAFGMBJAMARGGNBVCTBDIGTMECUBGDBENGINDNK

SLE

GABPERBIH

ESP

NGABHSTTOMAR

IRQ

PHLMUS

SYR

GHAPHLGNBCAFLBR

MDG

MDGNZLMWILUXSENUSAUSAJPNNPLGMBSENPANGMBNZLBRACOD

COG

JAMKORURYCOL

TTOMLIMOZ

RWA

LKANZLUSAMRTRUSHNDINDGNQTURSUR

OMN

SENIRNESPPRYSTPAUTBDIMLIJORGMBMEXBDIBTNDOMUSAMDGBHSHNDSRB

CMR

DJIGTMNZLITAJAMISLPANDMALVABRAGHAMDGURYGBRLAOTTO

BELLBRCHNSLVGAB

CODINDTURCMRTHATGOARG

NAMCHLIRNCAFGNBMYSCRILKA

SYRIDNPHLGNQLBRSURBENZMBGNBMAR

CMR

EGYSURINDTURBDIGINNERIDNCRIBEN

FIN

SURCZEHUNECU

LCA

SLVKNA

LKA

ZAFGMBCHLBRBKENRUSLKAPRTNERMUSJORKAZTGOPHLMLI

IRN

NPL

GTMMAR

NPL

EGY

PAN

JPNZAFFIN

DOM

ROU

CAFTWNISLVENUZBTURSVKATGKEN

COMKNAPRYNGAMRTIND

GNB

NER

NERSDNGABMUSGRDETHGRDNPLBGDGINPHLMUSURY

SEN

HNDCANCANAGOSYRMOZITACAF

SENTUNMOZMDGSLEUGAETHCANKORNZLSLVIND

VENMDGURYCAFSTPNERYEMMARCOLPOLIRQGINLBRTCDZAFMNGJAMUGAHNDBENPRYSWZ

PRY

JORSWZ

ETH

FINNERSWZOMNBRACHNARGBRA

ZWE

STPTUR

UGA

COG

SEN

DEUEGYARGDOMHUN

ETH

GRCTUN

COG

MOZISLCOMGTMSYRCOMVENKENISLNORGMBIRQSURDJISLELCACAFPERLKASVNCHNGTMJPNCRISGPBTNCODCHL

MRT

MLIBFAMLIMYSGHASENSLVMLIURYBOLBDITGOIDNGINCRIGTMDOM

COGAUSSDNBDIDNKNPLARGKNA

SDNISLKORBDIRWABFASEN

HKGLUXGNBUSACMR

BFA

KORCOMNZLDMAISLTURAGO

BGDISLZWEECU

GHA

SWZINDNPLGRD

BEL

CMR

BHS

BTN

FJI

MRT

BGDSENBTNPHLLKA

BRBBENUGASTPINDGNBKGZDMAMWIJAMARGNZLIND

GHAGMBSWEBLZCOLUGATUNGEOBGRGHADMAGHAFRAHNDBHSCHE

MDG

STPNORBFACRILKAFRAJORBELCRIUZBSLVFINUGAMWIHND

GHA

CHESTPCOLNLDCANRWAUKRZAFBRBROUPAN

BENLKAHNDCMRNERMLIMDGIRLJAMMUSLKAVENGNBURYSLE

NGA

TGO

IRNPRTMRTBDI

PHLMDGRWACMR

SDNSLVFINVEN

SGP

SLVCAFMDVMRTISLGRCBOLTCDKEN

GNB

SWZURYIRNKENIRQKENBLZBLZBLZRWAHNDDMA

COM

SLVNER

MDG

MDGCZEKORMLIECUBRACMRGBRDOMFIN

UGA

VENAUS

COG

LBRRWAESPFJICHLJAMFJIGMBVCTCOG

TGOMYS

VCT

CZEVCT

ETH

ZAFAUSNLDCOLBFA

AGO

UZBFJI

CAFEGY

MLISVN

CMR

BGDLUXCAF

UGA

BOLUSAJAMCOMDJIGNB

BLZNPLVCTBELCAFJORBGDBRBDJIBRBMARSLVRWAAUSPRY

ARM

MNGAUSBEN

MUSDEULUX

MLI

EGYPANSGPFRAPHLHNDHNDISLUSAJOR

LKACANDJITUNCRI

MNG

ESPBGDCODBDITGOYEMHNDBRABOLTCDECUCHEGINDNKTJKBGRKEN

KEN

SLVCPVAZEMYS

PANDNKCPVNGAMDVIRQECUPAKKENTUNBDITZAPAKAUSGINTUNJPNCHLMRTBDIMKDTHAAGODOMSURHNDISLPOLGMBFRA

TCD

SENJPNPOLSLEZAFNPL

KAZTCD

JAM

SLENORBRAJAMSVNNPLTGOBELPERBOLLAO

FJI

AUTALBMDGCOLTCDKENBFALUXAGOKENTURPRYSENGMBLBRVCT

MLIGMB

BDI

LBRCANBFACHEHRVAUSTUNHND

ESTEGYSLVURY

SYRIRLRWA

GABCAN

TTO

TTO

MDGTHAPAKMNGZAFFJI

CMR

JPNJORGBRIDNGTMISLPERLUXTUNKNAGRDKENAGOTURCOMISL

MUS

PANISLTWNGMBCOLLBRPRTNPLSTPLAONERESTJAMBDICPVCAFVCTMDG

FJI

SENMUS

LBRUKRSWEHNDUSAPRYMEXMDGCHLTTOMUSLCAIRL

CAF

BEN

ETHPAKDNK

JAMGMBBHSTGOHUN

DMAGHAZAFITAPER

TGO

URY

THACHLZAFETHCANMARROUAUSGTM

BEN

TTOGTMCOL

GAB

GHA

SEN

CAFGBRCODJORSLV

MDV

CODBOLHKGBELFJIHUNPANMWIDNKSURBTNCPVCOLPERGTMUSAFRAAUSSWEHUNFINGBRUSABHSBOLBRB

CPV

KHMCMRZMBCOMLCAMARCAFTWNKORMDGCPVPERCOD

AUSMARSLE

VENZMBPRYVCT

MUSAUSGTMMARGMBMKDSLE

PRTGINCHEMARDJIBRAFRAFINHNDJORGTMGBRTTOFRACHE

IRQ

ETH

IRNGINCHLNGASLVCOGCAF

GBRNZLNZLPRYKNAGMB

SLENLDMRTNGASUR

BFACRIBELGRD

KNANLDCODKGZBIH

MDA

IRL

UGA

BRB

SLV

AUTZWEBFAFJI

MRTCHLHNDNORNGALUXAUSUGATTOEGYMWINGAJAMNLDBGDGIN

URY

DEULBRSTPVEN

STP

ZWEDOMPRYTZAPAKCZEROUEGYSWEESPCOM

BEN

ESTMOZ

COM

TZALBNSDNISL

PRYZAFIRQESPMKD

VEN

BENVCTCOM

BTN

BLZEGYBELMARTUN

TCD

NPLVCT

ZAFSLVATGMDGKENESPMARCANBELNERBGDBFA

ECU

SENCOMPHLCPVCOLURYURYUGADNKNZLGMBAUTESPVENOMN

BOL

GTMCHEDJIGTMALBJORGMBEGYNERHUNEGYVNMTWNETHBFA

KENSLVMEXECUMWIMEXNZLMEXGTMCAFTTOIRLVENFJICOMIRLNAMARGMDA

COLBELJAM

GAB

IRNFRACHLCOMJPNBLRSLVNPLGNBPHLHNDCOLTHACHEVENCOMPANGBRMLINERGNBCOLGRCNERECU

MLICANJORBFA

CMR

NAMVENIDNDEUCHLGBRALBMWIMLITURDJINLDUSAKORBDIBDITHAJPN

BEN

TZABLRSWEETH

URYKENGINMLIKORAUSBOLGRDPRTDNKTURLUXTUNCHNPER

LKAPRTMUSJPNCANBIHLVABRASDNCAN

BFA

CODUGABOLMWIJAMZMBLCAISLAZETURURYCANNAMTGO

LUXSWEGABNERCAFSWEDEUBENPAKNORYEMSENDOMCOGCMRTCDMEXGRDPRTKENBRAUSATCDITACHNMDGINDAUTUZBPRYINDPRTBELNLDNZLITAGEO

GEOCHLLBNBRBKAZKORTUNBLZITAHRVGINNZLURYPOLKHMSWE

BOLBWA

ETH

BLZSLEMKDPERMKDMWIZMBISLZAFMARNZLSTP

TZA

USA

VNM

BOLCANLAOMYS

PRTGTMCOLTURLKA

MUS

EGYBFACHEOMNLBRURY

LKA

SWZ

VCTMYSCAN

MNE

JAM

MKDDEU

MOZVENSLV

FINMUSMLIGRCCRIFIN

TTO

ARGUGAFRA

COM

MWIBRASWESTPVENSWEGINPRT

BDI

MEXNAM

KNAPERETHCRIITAIRNCAFCMRNPLFRAJPNUSAITA

MDGFINSTPDEUMARJPNCRICMRMDGMEXGRCURY

PRY

BFA

SLE

BHSBRAMARBOLCRIIDNETHPHLVENINDBFAZAFARGUSACHEBENBELGRCTZA

KNA

DNKBOLCOMINDSWEZAFNZLSVKMUSINDSWEJPNMEXATGMOZCMRNPLPRYGHACAF

LUXBGDGTMSLEAZEPAKGRDUGA

LUXMOZNLDGEOBRBDEU

MDG

URYIDNSYRGMBINDFINURY

LBR

THALCA

ARMFINHND

FJI

GRCMRTSTPCMRBHSBRAMWI

NZLZWEINDAUTNAMPAKPRYCOLVENBTNDMAISLDNKCHEGTMJORNPLLUXTURHKGGTMCAFBELCHLCANATGMYSGRCVENNERMARBDIBELCOLCHLAUTTWNHNDZAFALBLCA

MOZOMNETHMLIBFAITAGBRMOZHKGKEN

FINGTMFJIBENHUNZMBSGPECUSWELBRGMBISLINDESPFINAUSURYAUSJAMHUNUGACOD

UGAKHMCOMNLDSENGHAGBRJOR

COG

ALB

MOZNER

NGA

FIN

DOM

AUTHUNCHEBRAHUNGMBBTNVENSENSLVLTUHNDHNDIDNCZEAUTMNGARGCRIGBRPHLBRBNOR

MEXMOZ

MDGCRIUGAMDAZAFUSAVCTLKANLDCRIPANAUSHNDJPNBGDZAFTCDESPNORSVKCOLMAR

GNQ

CHNJPNSLVTCDMAR

TZA

GHAARGMEXSWZBGDLAOAGOKHMVCTCHNDJIZAFLAODMAVENHNDEGYJORISLGHANZLBRAESPBHSCOGGTMKNAGMBPRTMARAGOCHLNORSENSENBGRPRYDMA

BOLNLDSTPJORCOLSEN

ECUSLVGINTTOPHL

ETHZAFCMRDNKEGYESPSENPAN

ESPSTP

COGATGETHTUR

MUS

COMUKRGRCNPL

FJIECUECUFINTHA

GTMNORIDNBELETHPHLESP

JOR

SLE

BEN

VEN

GHAMEXSVKVCTTKMNGAECUHUN

LAO

ITATWNMRTHRV

SDN

VENMEXSWENAMRWATZAGBRBRBTGONLDBWATURGMBLUXRWAHNDHKG

IRL

BRAPHLTJKECUIRNCRIGINJAMBELURYZAFFINCHEDEUCAFPRYDMAUZB

NPL

CODAUSGNBCANKGZ

JAM

LBR

LKAARGPERPERFINECUBOL

PANSVNEGY

NPL

ZWECOLUSAGNQROUTHAMEXSTPDNKTURGRCBTNAUSIDNURYSWEDJIVNMARGMUSTZALBNNGASWECHETUNPER

BDI

SWEGBREGYEGYTUR

LKATTO

NERTUNZAFPERPANJAMAGOAUTBRAIRNITALVAMDGNLDCRISYRBLRKENBRBGTM

VCT

COMAUTGTMMNGTURINDUSAARMAUTCRITGOAGONORBRBNOR

PRY

NORMDGSWEIRLISL

JAM

POLDMA

NZLGRD

BTN

CAFETHTHAFRAROUBLRNZLAUTZAFCOLKENARGECUATGMUSMOZGTMMARPRTBGDJPNOMNDEUNPLTZA

ZWEKORCHNSDNJPNSLEZAF

KGZ

KORNLDECUSVNNORKENCANJAMBRAJAMLAOSENFRANERUSAAUTNZLINDHUNCRIETH

MRT

KHM

ECU

BTNCHEKHMLUXDOMCHLGTMCHLETHBEN

NPL

NLDFJIFRAHKGCPVITABELUSAKENBFAMDGKENPAKINDPERVNMUSAKENLUXLKABGDMNGETH

BRALCALAODOMPERISLMEXPAN

BENMOZUGAPHLSVNBLZSENIRLVNM

LTUHNDGTMMYSDNKBHSBFADOMLAOHNDCOLBGDCOMALBATGGNBUGAMARKEN

IRLMDGSVNGRCZAFIRQURYVENLUX

SLE

GBRCHEGTMGTMAUTRWACOLIRLPHL

CPV

IRQITAALBSENSRBGTMISLUGADNKGMBSLVFINBENMARCRITJKARGGINAUSLUXNERALB

MARCANSVKBELNZLBELITAJPNTCDJPNPRTKENIRLNLDFRAGTMBGRJAMBRAPRY

DJI

INDKEN

SDN

SUR

ALB

GINGINTKMSLVGTMHKGGMBSENIRQUSACZECOLNORGMBBHSNGAPERNZLMLICODALBBGDTKMJAM

EGY

CPVSTPNLDEGYPRYECULCALCACHEDJISLVKHMGRCTJKMWIPANPAKCMRDMAMUS

AGO

MUSCMRSVK

COG

CAN

LBR

AUTIRNKGZDNK

PHLDJI

VCT

PHL

BGDCRICOLSLVECUYEM

FINMDGZAFGBRNAM

IRQ

GBRHKGGBRPANFRA

MRT

TUNBGDGBRDNKCHECHENERVEN

SLE

ATGFRA

CMR

DMACHLMRTGHAUGACOMNZLCAFDNKNLDITAEGYLBNLUXFRAIRQNORFINGMBEGYGRDESPTUNUSACZE

MUSLUXDNKGRCCZETHAPAKLAOMEXNGA

CAFCHEPOLALBITAMWIRWARWAMNGALBUSAGHA

NGA

MEX

JAM

UGAEGYBHSBDI

ATG

BDI

RWA

FINSWE

NPLFINMLIMUSPAKPAKDNKMEXBDIZAF

MDV

DJIZAFKNAGINNPL

PERDMAECU

THALKALTU

MYSBLRARGLKAUSA

SLEVNMZAFPOL

CHN

TCD

BENCHEPRTCOGPANCHEGBRPRTZAFVCTUSAMRT

FINGNBJORGTM

BLZ

GTMATGGBRFINPHLKENGMBPAK

EGY

COD

BWA

CRIKENMYSPOLECUGTM

FINPRYHNDISLCMRGNQDNKYEMSLVGRCMYSNZL

ZMBSLVJORHNDPRTNLDSVKAUT

LAOECUPERESPSTPARGUZBGTMEGY

EGY

ECUMDV

CHEROUGRDFJIBRACANCOLUGACZEBRBGRDMEXTTOIRLKENNORAGOLKAPRTGBR

ATGALBIRLITALVAUSADNKAUTBGRMDATCDPANSWEPAKCANARMMNGTHAPRYBFASWEUSANORPHLAUTFJITZAGTMCOLIRLTWN

NPL

TGOPANBLZHRV

FJI

DNKBRABHSMEXCRITURPRTCHEBRAZAFCHE

ECUNLDJORETHUGADNKNLDHUNITAIRNECU

CANDEU

ETH

JORGBRSWEZWE

FJIBENPAKSURPAKGTMBLRBELJORBELOMNLUXSENUGAMWIFRAUSABRB

LBN

SDN

GABMOZNZLSLVTKMFRACHETUN

EGYCPVGBRFINCHEPOLFJIDOMGINPRYAUSAUTBHSLBRZAFBELPANAUSUSAJPN

SUR

NLDLKACOGLUXTTOPERSLV

AUTPAN

ZMBNLD

LAO

BRBCOLGBRMLIIRNSLVDMABRA

YEM

SWEIDNLVATCDMEXHKGMKDCRISWESENGBRCANSWE

NORCHECOLBGRIRLVCTAUTDOMMDGHNDROUALBCOLPHLSLVMUS

MNE

THAMARBGRTZABOLBELAUSAUSESPDNKPOLPHLHNDCHNETHKORGBRUGAZAFFINSDNLBNINDKHMGRC

BDI

NZL

MUS

EGYVENGRCGTMNORBFAAUS

GNBBELGINIRLCOMCOGSWEROUCHNAUSPERPRT

SDN

EGYBWAGRDRUSCOLIRLBENSWZPERLVACRITUNTGOFRAIND

ETH

PANARGBOLGNQBGDEGYTHABELCOLBGDTURBENNZLUGAIRLKORECU

BIHBGD

NPL

NERCANJAMCHEBFAFINFRANORDNKTHASLESURTGOFINTJKCHEROUPHLCHEDNKGNBKGZCRICANIND

STPAUT

SLE

GRCSDNDNK

KHM

ZAFMYSGBRGTMECUECUAUSPHLLKAHNDCPVLKAPRYGNQ

HNDGABHKGMLINERALBMRTGBRDNKSENSWELVAINDZAFHUNTUR

MDG

DOMGBRNZLGTMBIHPRTMEX

ECUMNGMDGSWEGBRCANFJIITAUSAJPNESTAUTPERLUXAUTSWENLDBGDNLD

PAN

BDI

HRVCHLMOZAUSSVNNORMDG

ETH

TKMJOR

MAR

ISLMYSESPECU

CODCHEDOMNORINDATGTUNNORSURNOR

ECUIRNCMRMWIBLZPAKCHLSVNMEXKENLBRDEUNORTHACOLITADMA

BGDARGCHEGBRPRTNLDTTOPHLLCABOLATGBELLKAUSAHKGOMNARM

LKAPRTSWEEGYOMNFINGBRSLETHAGINAUTARGIDNDEUPRYSVKEGY

SYRCANLUXSURUSAIRLSWEZAF

BEN

PERTUNFJINERAUSNAMPOLHNDMDABGDGHANLDEGYBENARGMWIBGDLKAVNMBFABENNPL

PRTCHLNORTUNMARRWANZLPERNERKOR

ATG

CHEFRACHETGOIRNBRBECUMUSAUSMEXBOLSWEMRTSURGRCATGBELPAKTWNCHEBRB

HNDDMAMDGSUR

SLEMOZNORIDNMEXURYAUSGBRDEUJAMKHMFRAPRTMYSMUS

ETHPRYGHANERCHLTUNCOG

NGALTUBOLBRACRIITACRINEREGY

MLISVNAUSAUSIRNSLV

URYFINBGD

GBR

SDN

BELNPLBRBCOGNLD

BTN

TWN

STP

POLFJIGRC

GAB

UGAITANORGBRSWEFRAECU

KHMLKABEL

MUS

HNDPRYTZAGTMTGONORGBRTGOGHAALBMLINORSYRALBISLCHEIDNAUTGMBPERRWAEGYDNKCHE

TTO

NLD

TCD

CMRCMRRWAMOZ

PANSLETURNLDHUNROUZAFMARBFAGTMDEURWASWECMRBELPAKGRDFRAECU

ZAFVENLUXMNGLUXLBR

CRIESPVENUZBCOLURYTGOSENPHLMLINZLTUNHUN

BOLCMRPERCRIDMAMNGCOLBGDBOLPRTGBRTURCAFBTNMLINZLNOR

MRT

PHLFRAVNMTHASLV

SWE

BTN

SVNINDARGPOLMUSFJIBOLCZEJPNCANCHECHLPERUSACANGMBCMRPAKLBRTCD

VNM

PAKITAIDNLCACODPOLHNDSWZCZEPANMKDMARPRTCOLECUZAFKENHNDGMBPRYDNKAUSPRYNLDUGAGMBBWAPRYCANJAMBRAZAFLAOGTMHUNGRDJAMCHENLDARGAUTTCDALBCANSYRAUTCANTZA

IRLBRAINDGRCCMRBIHSLVPANHUNGRDCHLBELHKGSWECPVMDVLAOMKDBENGRC

PRY

CPVVCTBELCMRAUSPHLTTOBRBHRVGTMBOLGHAITABRBAUTCAN

PRYDJIIDNCOLTHAISLVNMURYSVKDNKURYBENMEXCANBGRGRC

KEN

PANCODIRQDNKHKGUGAHNDDJIDNKSWEITATURAZEROUPHLURYAUSUSA

EGYBOLCRI

POLCPVPOLCAFBGDBLRCOLKORTWNIRLMKDCAFDOM

CPV

GRCESPMYSNORGIN

BRBTWNMOZSLEARGUSASVKZAFUSABWALUXNORTUNHRVFRAHKGMEX

JAM

ROUFJIPOLBEN

BRASVNITAUSADNKZAFVENALB

LAO

DOMARGNLDCHLUGAGRCGBRMEXCOLCANESPGTMDOMNORBELMEXCANGRC

BDI

SLVMARITAAUTBIHMYSESP

FRABOLSWECPVCOLSVNKGZSWENZLARGCMRTWNCMRETHGBR

TZA

MWISWEGRDUSAGTMPOLGBR

ZWETHA

USABOLDOMSLESVKSWEMOZCOMDNKCHE

MLISURHKGLCAITAZAFZAFPRTCHLIND

STPBRBZMBGINLUX

IRQNAM

NZLZAF

JAM

PANCHEBENUSAIDNMRTMYSSLEBDI

FRAKORBENCHEEGYESPLVAMOZ

VNM

ETHNZLNLDBOLAUT

MRT

ZAFRWABRA

NGA

GHATURMDAMARDEUAUTNZLCOG

AGOMYS

NER

BOLNAMIRQMEXAUSGTMAUTINDCHEMDGETHIRNMNGSWEVEN

ALB

MDGPRYZAFLBRGBRGMBGBRARGUGALKA

SGP

URYBOL

KENCRI

ECU

MOZAUSFRARWAGTMBFAPAKBLRZWEESPCOLFJIGINUZB

UGA

ROUIRNPERGHAESPDNK

CHNNLDBRABFAPHLSUR

CPV

BHSMKDNZLITASVNLBNMYSIRLESP

ETH

BFABOLBHS

AUSFRAZAFOMNGINUSAPRTBTNFJICANDMAEGYSGPHNDMUSGTMURYBRBALBFRAPAKGRCNLDSVNMOZITAVNM

SEN

THAJPNDOMFRABGDCOMTGODMAHRVTGODNKUGAJPNHKGLKAMEXSWE

CRIGMBHND

GINGINBELROUAUTJAMBRBPRTSLVBELCOLSWENLDBELISLDNKKORKEN

UKRECUHNDPHLISLDNKDMASRBTURINDITAKORGHAISLTWNESPMRTNLDALBNERPRYPRTNLDCAFSWEKHM

LCA

PAKNZLPEREGY

IRN

GMBHUNCANBRAECUMEXVENGMBARMIRLDOMPERAUSDMANZLNORBRACZEMYSCRIZAFIRN

PANLTUPHLSLVURYAUTAUTIRLTTOBRB

UZBVNMLKAFRAINDRWA

BELNPLFRAPRTDOMCOLAUTFRAINDTURUSATGOESPVENPAKMUSBRBINDCAF

COD

NORTTONLDDNKITAPANGINCHEFRANGADNKNERHNDMOZEGYCANZAF

GRD

HUNGINNORLUXTURVCTGTMCPVHND

LSO

GBRCHNSLVCOMFRAFRABRAVCTCANNLDIRLCOLESPINDTZAATGNPLBLZCHENGA

ETHJPNJAMVENFRAUGACHNZAFCMR

PRYBENBEN

LKAMDAVCTFRACOLHUNKORHKGGBRNORFINSTPMUSMDANZLGRCUSABLR

ETH

MARCZELUXNORTHA

BRBFJI

CANPRYHNDMARTWNBELEST

TZACHETWNSLE

OMNBOLMKDBLZBOL

JAM

LTUUGAPHLSYRGEOLKAPANMDVLCAGHAPHLFRASYRCRIFRABRAJORHRVBGRMDABOLTWNCHEBFABEN

ZWEMARLTUFRAHUNFRARUSKORKOR

COM

MEXROU

BOLTGOBRB

CRI

VNM

HKGBFAZAFBELIDNHUNSYRHUNMEXSYRVNMPERFRANLDALBURYDNKIRLHUNMKDTWNIDNBRANLDBELSYRMEXCANCHEATGSVKLAO

TUR

MOZ

ESTIRLPERIRLDOMBELCOGPAKIRLJPNHND

BTN

PERGHARWAFRAROUZWEFRAPRTPRTCOL

PRYVENBEL

URYUSAFRA

IRLITADOM

TZA

MWISWE

BTNARGAUSUGACANAUSCRIVENBGDDJICOGPRTCANROUCHNKGZMEXLAOLKASDNPAKKENSENPANAUTSLVESTFRAARGROUMARTZADNKTWNINDUSAROUNZLPRTGBRDNKESPMDGFJI

GNQ

USAKORMDGFJIPHLARGJORAUTUSAETHTWNNGATHAVNMDNKSGPMOZNORZWESWEHKGCPVVNMBENBTNMRTRWACHN

SGP

LKATHA

FINLUX

VENUSARWASGPNORDMA

COGITAJPNAUTCPVFRAKENSGPPAKPANZAFCHLPANROUBENDMACOLCOMLKAZMBCANMKD

AGO

MDV

SGP

BLRPHLAUSFRAARMNZLIRLAUTLBRDNKPOLVNMAGOPERTGOTHACHLMARHUNLKAPANPRYTWN

KENUZBTWN

KEN

SWE

LBR

MEXJPNCHN

LSO

EGYGBRNORINDKHMBIHHKG

TTOCOGLBNKENITAHKGINDGNBKHMTHAPRYSENKNAITAVEN

TCDTWNMOZDJIKENTZAGMBTGOHNDCANGINSTP

NER

BGRSURMRTCANBOLAUTLAOCMRCHLPHLBRBNORFRAISLESPPAKSWECRIGNBJORSVKTHAVNMZAFFINUGACHEMRTVNMMLIBELBGRGRCBRABELPAKIDN

LCAESPBOLGTMAUSBRAISLBOLCRITURKORJAMESPLUXROUBRBZMBLCATWNNPLCHEPERITAKENARGOMNBELKHMOMNFINKHMPANROUNPLAUSCAFMWIPRYARGVNMHKGTWNSURCPV

HKGBRADMANERMYSCANBRABELLBR

GBRAUTPRTBENDOMFJIBTN

HUNKORSDNMARESPKENPERPRTLBNIRLNORCHNUSAMOZITAGRDMWIPHL

RWA

LUXSVNLKAHUNBLZINDNORMEXCHELBR

LKAFIN

PERBWABENMUSIDNGBRMDAIDNDOMGRDNAMDNKARM

GEOBOLBLZESPDNKECUHUNPRYBGRKNAVNMBIHMEXBEL

GNQ

CODPERNLDSLVIRLUSAGBRCANLAOHKGSLVITAISLLUXFRAMKDCHLBHSESPLAONAMSURPRY

BLZ

CZEMKDESPTGO

BLRLUX

BFAHND

OMNTURMEXBRACODGRD

ATG

GTMSLVMDACHEMEXSLVLUXESPPHLBGDNOR

CHEETHMOZARGIRLCZECHLUKRBOLLUXNOR

SLV

SWEKNAHNDBGRITAARGKORTURSLVPAKBENTUNBRBPAKITAAUSPER

MUSAUSIND

THA

GRCGINBELIRNPANZMBCAF

SDN

KNAIRNSDNCZEMUSIRLMEXIRLMEXFINBELJAM

ITALKAHNDSURSGPJPNBOLUSAARGMEXNZLCOLBGRBFAMEXGBRMEXUKR

SWZ

GRCHRVATGNORJPNITAAUT

LSO

JPNGEO

SWEPERMYSNGAFRAFJIPRY

SWESLVISL

BTNNLDNPLSGPROUPERPRYECUTWNEGY

LKACAFJPNGTM

BTN

HRV

ETH

BIHTWNCHLNLDPANGRCNZLRWABGRPERLUXAUS

SEN

MUSBRBCHLBELBELJPNAUSCOLITACOMPRYTWNCRIINDGNBUZBAGOMEXATGIRLGMBCOLCHNEGYTHAMKD

BELBGRGTM

MOZ

KOR

ATG

POLSDNUSALUXCANGRCPERAUTNORBHSKNA

SLE

URYSWZUSALAO

GEOVCTSVKZAF

VCT

ALBSVKHKGGNQ

NPL

AUTPERMNE

DOM

MOZ

MDG

STPPRYTCDINDJPNUSAROU

MUS

LUXTUNBELCHLNZLGHACANBELJORCHNKNAZWEGRDBELMNGISLAUTCANPOL

SDN

BTNMRTUGAPHLDOMZWEFJIUSADEUGBRARG

SLE

THASWEMYSTCDNLDCRILCABENZWEIDNTWNEGYBGRBGRPAKNPLCHEFIN

ETH

NORTZANLDSGPZWEPANJPNESPDOMBWAGTMKNATUNLKAMEX

ECU

AUTAZEGBRSGP

GRCJORNZLMYSHKGTHATURARGLAOPERTZA

ALB

PANKEN

AUTIRL

BHSUZBISLITAUGANORCHNHNDNLDRWA

IRNINDAUT

RWABRAPOLETHJORBLZPRTIRLATGDNKMARTHABIHNLDDNKCHEJPNLAOFINSWZSGP

LCA

NGAAUTBGRCOMPRYVCTGRCBLRBENBGDTZAURYDEUMDGBTNNORISLMLIJPNBLZHKGGRCGRC

PANAUS

BWA

DNKSEN

COM

NLDNOR

BGRAUSDOMATGUSAMYSMYS

TUR

BOL

BTNPAKMLIINDGRCMDVGRDTWNUZBLBRLTUKNABLZGINESPVNMFINBRAPHLGRCVCTMDVVENTHAINDTTOCOLVNMIRQBWADOMIRLUSATWN

SWZ

ISLESP

BFA

HNDPRTJAMDNK

TGO

RWATURINDKENMDGBOLINDJPNUGATTOLCA

BWA

AUSVNMCHNBOLESPBWAALBFJIROU

SEN

PHLPHLGBRMDVTJK

HNDMOZCOMBOLLBRLAOBENZWEMUSPAKDOMECUFRAITAGRDBGRVNMGRCLKAKORAUSPAKNPLLTUFIN

CPV

TZAFRATUNINDNZLLBNMWIAUSARGPOLBFAMNGBENSENGTMBRAECUUKRGRCPER

BLZLVASGPIDNIDNIRLITAIRLAUS

MOZARMIDNITATUNTUNITAKHMRUSDEUVNMMARPRTPERHKGECUNZLSLVUKRBLZNZLNLDIRNLBN

CHEMARTURCOLPHLATGTUNOMNBDI

BFABELSLVBGRKNAGHA

GBRHUNTGOGNQSTPSGPCHNAUSGTMTUNPHLLAO

COL

SLEBOLTWNSYRCHEGRCNZL

CPV

TTO

CHNGABDNKBELGRCCANUKRIND

BTN

GRDHKGATGIRLBTNPHL

CMR

FRAPRYLCAGHAFINMYSDOMSLETGOIDNVNMHRVETHPRTMYSKAZ

CRI

INDTUNINDPRT

KHM

OMN

GHA

TGOUSAITABENVEN

PRTCANOMNNGAISLAUSESPCOGMARLVACZENLDBGRVNM

TUN

COMBRACHN

COM

LBNNAMTCDBLZIRNMUS

CPVMDV

TURKNAMEXCHLNORBLZ

GRD

BTN

NPL

PRTCANPRTSVKIDNBLRURYIRNPANVNMPHLINDTUNGRCNORVENCHNBWAIRNLCASLVVNMCOGTWN

ATGGRDCANZMBNAMBRBVCTMWIMWIFINKNASTPZMBIDNRWAPOLBFAECUBOLGRDESTTWNAUTMWIBGRNLDURYKGZITAUGAATGGHA

GIN

GINAUTESPBGRGRCLBNCOMNAMCOMGRCGIN

CPV

PRTPOLBGR

GNQ

LBNBWALAOETHZAF

SUR

CANGINHRVMDAGNBFJIDMAALBPOLTTOKHMCOGSVK

URY

RWA

JAM

GEODJI

GEOCPV

ECUESTSURSGPMNGPRTTURAUTESP

ETH

MUSCOMVENPRTUZBCHESWEARGCHNVNMGMBGRDFIN

ATG

MEXKHMMRTTHAMRTBWABRATUN

MUS

ECUSLVNLDINDURY

GEO

LCAJAMLUXMLITZAHKGNERJORBFACHLJPNLVABGRGRCTZABGRLVACMRDNK

JOR

TURTTOTUNMYSMNGJPN

GMB

USAMYSGRCBIHTHAMDVCOMLTU

GAB

OMNGNBBFANERATGDOMLAO

ISLROUCOLIRLIDNCOLNLDPANCHNSWEROUNOR

MDG

MYSNAMINDESP

SWZ

ZWEBRADOMPANNZL

BRB

NGA

DOMGABLUXBRBJPNBGDJORMDV

COMIRLTURTZACHLCRITUNPANSURYEMBDIGNB

ATG

THAURYCPVGHACHNESPMDV

TCD

ARGHKGMNGTURSENJPNKENBELMWISGPTZANGASYR

TWNIDN

BTN

SLE

ITAESTNPLBGR

SWZ

GRCETHPHLISLMYSBRBCODGBROMNPRTPANESTSWZROUCHNBELIDNKORPRTDOMARGNZLCAFUZBDMATKMJAMMOZSWEMYSARMARGBTNBGRLBNMRTBHS

GABCOLGNBLVALTUIRNBLZTGO

SGP

MYSMKDECUGNB

SWZ

GBRYEMBDIBFAVENMYS

GEOKAZTWNTHAFINLBNEGYMEXSWEPOLGEOVENBFALKADOMKORAUTIRNEGYAUTITA

CODPANLBRCOD

MOZ

PRYJPNMDVDNKESPFINBGRNPLNER

GAB

KHMFINGNBFINIRLESPDOMMARPRYCRIZMBITAIRQPANHKGIRNNORKAZBRAISLZWEBOLPANVCTESPESPROUTWNSLVDMATWNMNG

TTOCHLJAMPERPRTMDGLAONGAECU

LKA

POLTJKSURFINLCABENCPVBHS

SGP

KHMHRVCHNESTNZLGMB

LBRTHASGPSWEINDAUSBHSJPNGRCKHMZMB

AZETWN

PRYKNAPOLCANMEXFJIIDNKHMSTPPANAUTURYCOLTZAHKGDMA

ZMB

PERCHLLCATTOMOZLCAROUHUNGRDPHLKORCHLMRTKHMBDIJORAGOECUIRLJPNTUNTWNTHACHNGBRFIN

GRDTHAPHL

GAB

COLKORUGAGMBTTOCHNNZLBRAITAGMBCHNVCTBOLNGAMNGTGOROUCPVBTNLBRRUSHRVSGPATGDJIGNBHKGIRLMDVLTUJPNMYSBWA

TKMNPL

ITAINDTHAMLI

MDG

RUSCHLGRDLAO

TWNHUNSTPGMBMWI

BWA

BTNKORIRL

THAINDHKG

GEO

JAMHKGNLDSRBSTPKORTURSLEGRDSVNMEXESTTHAFINPRTGHABLRTURGMBMUSPANTTOPHLMYSIRLDMAPHLAUTCHNDMADNKTUNECU

GNQ

BLZ

BEN

LTUBDIITALKAGNBGRCJPN

CHN

POLHUNIDNHKGIRLFJIDJI

THASTPMRTBRAPANNZLARMCRIHUNRUSCOLIRNTGOTWNVNMYEM

NER

ZWEMDVEGYCRISDNBFACHNTHAPOLSVNTURCHLMUSPRTCRIEGY

CHNBTN

ZWEROUKNASDNCPVCPVGRCMEXMRTLUXCPV

MDVLAOVENCHLAUTJPNARGAUSKHMTWNGHAKORPERKORTURJPNEGYGRCYEM

MRTARMNPL

SLE

TWNJPNTJKISLCODMNG

SEN

FRAJPNMOZESP

JORPRTGAB

MUSNORCPVNPLJPN

URY

GTMIDNPRTTHATURPRT

VNM

TWNKORSGPBFATHA

GAB

TWN

MUSIDN

MOZMUSISLBRATCD

MYSALBMYSPERGINSDNESP

GHA

BWA

MNGKNAPOLMOZMNG

FIN

GABLBR

ESTETHUGALTUNGAFINECUSGPKORESPYEMPOLKORJPNOMNMOZPRYTUNGHAIDNBRA

SGPJPNSDN

BFA

AGOROUKHMBOLTWN

BFAKORTURNERMYSSTPLBNBFASGPTCDCPV

BOLPERCODCRILBNALBBGRVNMIRNTWN

NGA

GABGNB

CHLROUBRA

SGP

HRV

FJI

IRNMLIIDN

LKA

MRT

RWADOMDJIPANALBARMKENLUXTWNMNGCODPOLTZANLDEST

SGPDJIGNQPERBLZROUBGDHKGSVK

LKAROUHKGCOM

CRIKORECU

GAB

KAZGEOFINMRTDMAMDACOMHUN

GHA

JPNSENIRNPOLUKRHKGSLEBRBGNBNPLETH

CHNMUSISLGHA

CPV

MOZDMASDNGHASDNBRBTJKDNKROUMDVPANJAMTJKJAMDOMJORCHNBGDMWIMDAMLITUNCHLBWAMYSSGP

MOZLAO

FJI

LCANZLKHMHUNFJI

GNQ

KOR

SGP

GNQCODARGMLIGABSLVKNAIRQHKGCODBRB

ETH

EGYSWZPAN

SGPGRDNLDNPLBOL

MAR

HKGVENSLELAO

GHAMWIROUIDN

TTO

KORLTURWATTOHKG

CMR

SGPVENDOMMARCHNMWIKORKAZITACRITURCPVIRLMARESP

TTO

JPNBDICHNHUNISL

SGP

CODROUZMBCHL

LAOCHLLUXCAFTGOVEN

SYRMYSGTMBGD

MLI

HNDJORLKAHUNTHAESPMLILUX

TTO

HKGJAMMNEJAMMWIVNMATGTKMSLE

POL

GAB

ROUIRNARGPERMRTDOMCODCODRWACHLBRAGRC

GRCMDVGRC

BWAESPNGA

CMRURYSURBTNURYMWIGHAVCTAGOZAF

TURUKRLUX

LCA

ZWEBLZJORPANTURTCD

MDVBTNGNB

TWNVNMGNBKORGNBTTOBLZLUXIRLTUNPOLTWNVENTUNUZBTWNDOMCHLTHAGNQNERCHNTTOAGOURYTHAESTRWAGHAETHAZENERZMBCPVBRBDMAMEXRWACRILUXEGYSGPSGPPHLMDVIRNZMBALBCHNSGP

CHNJORMDVRUSROUTURZWEHUNMLIBIH

CPV

JPNAZESURLUXBTNFJIBLZJPN

FJILVAUGA

ISLBWA

TGO

IRLJPNMDVKOR

BHSARM

KHMMYS

KHMBRALBNGAB

LBNSGPISLCOD

GAB

COGLCA

MAREGYMARDOMSGPKAZTWNSYRMDVRUSJORGHABWABTNFIN

GNB

ETHBGRRUSCHN

BRBLUXMWIVNMMLIMLIBFA

OMN

COG

PRYIDN

SWZUKRBWABGRBLZOMNINDLCATHALKAIDNTUR

YEM

ZWETWNJORDOMPHLCHNBWAMNGDOMSWZKORBHSECUDJIMOZZWEZAFGEOLVAMWIPERGABBRBKORTHASDNINDSGPCHN

CRIDMAROUGNBROUTKMETHTJKSYRLAOVENSGPROUTTOTWNDMAJORCPVGRDAGOZMBSUR

AGO

MARDOMTCD

SGP

PANISLSGPKORTTOIRNPANMLI

SGP

LBNMNG

SURGNQMNGLUXTKMBFAPRTIRNHKGJOR

GNQ

LBN

NGATGO

NGA

OMN

GNQ

JORPRYVCT

AGO

KNAHNDDMAOMN

TUNLCASURKAZMNGYEM

GAB

MRTKORIRNBRABRBMARNGA

CMRISLCODKORKAZTTOISLRWANPLCHL

BTN

SDNESPBLZTWNTZABOLHKG

KEN

GRCMARKENMRTGRDARMMAROMNYEMKORBHSJOROMNDJIEGYMLIARGKORZMBSLVBRAURY

BTN

TCDTTOLBNCMRMDVSDNCPVCMRGNB

IRQCMR

KENLUXTHABLRISLLUX

SLERWAJAM

SWZ

GRDUGALKASTPNORKAZMDVMUSSLELKA

CPV

COMMWITGOSDNCHNSWZETHHKGCHNBRATCDMWITKMIRLAGOBDINAMCOGSDNBWAIRN

TTOATG

TCDGABCOGEGYMNGCHNBWABWAMNGBWATTO

SLE

KAZURYZWESDNETHRUSEGYLUX

SLE

HKGEGYGRDJORCOGISL

JAM

ALB

CRISYR

MUS

MYSBTNFINZAFRWA

IRNIDNOMNIRQVCTSLVPRY

SGPTUNFJIZWEIRNARGCOG

BLZ

TWNCAFLBNKORPRTIDNMOZ

TGO

MAROMNKOR

TTO

SYRSTPTTOYEM

IRQ

BHS

CPVIDNALBSWZ

BHS

ETHUGACODHNDZWEGRDCODROUSGPLAOSYRMDV

LAOZMBCOGEGYVCTATGJOR

VCTARGUGATUR

MDV

CHN

EGY

GABMYS

GMBNERAGOOMNKORMNGBIHMYSEGYLBRBWATWNURY

AGO

SYRSURSENBRACOGLBN

GAB

SWZIRQ

ATG

CMRBDIZWE

MDVAGOMRT

BLZAZE

TCD

AGOBWAPERZMBSTP

BWA

ARGLCAIRN

BGRNGADMAKNACRITKMCPVGNQZMB

MUS

YEM

OMN

KHMIRQ

CAF

GABNGAMUSARGMYSGNBIRQLCA

SYR

SYR

MLICHNAGOVEN

TCDCAF

BHSMNG

SYR

IRNSURISLKORIRQSYRTURZWEEGYBWAGNQDOMIRNCHLJORTTO

GAB

GAB

VCTCOGLUXARGECUMDVGNQZWECOG

COG

SDN

SWZCOGNGAOMN

TJKMDV

AZELBNUZBMARSWZBDIAGOOMN

LBN

ZMBBDI

MUS

NGA

SYRYEMIRQ

VEN

BDI

CPVMLIIRNTKMCODLBNBWAAZECOGCOGCODRWATUNSWZNGASWZLBRLBRJPN

ZMBTGO

IRQBIHARGOMN

GNQBWAMNGMRTDJILCATHAALBSYRGABUGA

OMN

GAB

ZMB

VCTALBLBN

GNQNGAGAB

TZA

BIHTTOAZEIRQ

GNQ

SYR

TCD

AZE

TCD

NGANGABHSJORMRTYEMSYRIRQ

BIH

LBNZWEMNG

BIH

TCD

NGA

LBN

OMN

IRQCOG

GNQ

IRQIRN

MDV

GNQGNQ

GNQ

LBN

GNQ

GNQ

LBR

GNQ

SWZ

-4-2

02

4Ln

(Tot

al E

mis

sion

s)

-1 -.5 0 .5 1Ln(Output per Capita)

coef = .30173817, (robust) se = .05639012, t = 5.35

Residuals on ResidualsTotal Emissions and GDP Per Capita

RWA

BIH

RWA

RWABIH

GNQ

GNQ

GNQGNQGNB

GNQ

GNQRWABIHKHM

KHM

GHA

GNQ

GNQ

ARM

LBRARMLBR

KHM

KHMBTN

ATGATG

GEO

LBR

ATGARMATGEST

EST

BTN

ATG

BTNGRD

GEOCHN

CPV

LBR

ATG

BRBGRDGNB

ESTLVAGRD

GEO

ATGGNBLVAIRLMDAMDACPVMDA

ARM

GRDESTGRDKAZLVABGRMDACPV

GEO

KAZMDALBR

SUR

LBR

ATG

TTO

IRLMDAMDAKAZKHMDMADMAKNA

IRLGEODMA

IRLKAZCHNDMADMASUR

ALB

KNAMDA

ARMGEOBGRKNARWAALBMDAKAZKNALVAGEOGRD

GEOKAZBGR

GRDDMA

GEO

ALBATGDMAESTKNAALBBGRKNA

BGR

BGRGEOKNAPRTKAZGRDIRLSUR

MDABGRIRL

BRB

HUN

GRD

IRL

GEOHUNUKRHUNBGRUKR

ATG

MDA

IRLUKRLVA

GEOHRVGRDUKRBGRHUNHRVKNASURFINESTBTNMDAGRDLBRPRTHUNDMA

BTN

GRDALBHUNARMMDASURGRDROU

GEO

ALBUKRCHEUKRHUNIRLPRTBGRSLE

SLE

PRTDMACHEMDAPRT

CPV

BGRLVABRBMOZBRBLTUCHE

SLE

IRLLTUESTBELUKRLBN

LTU

MOZDNKHRVIRL

ALB

GNQKAZBGRBELDNKHUNLTUAUTBGR

KHM

HUN

LVAAUTBELMDAAUTLVAPRTHRVDNKBELAUTLTUAUTGEOAUT

KHM

LTUBGRBGRUKRLVAUKRDNK

DNKGBRRWAUKRSWEAUTCHEHUNLTULTUARMPRTTTOHUNGBRDMAUKRSWEROUUKRFINESTUKRLUXPRTDMALBNLUXLUXAUTBGRAUTGBRIRL

BIH

LVAROUPRTBELROULBNAUTCHEBGRLVAGBRROUURYBGRROUGBRAUTLBNBGRBGRBGRLTU

DMAURYSWEAUTURYIRLROUBELUKRPRTSWELVABGRCPVAUTDMABELPRTBGRBGRGBRBGR

DMABGRUKRAUTBLRLBNMDAAUTSLEPRTDNKITADNKDMAITALVAPRTAUTSURLUXUKRIRLBLRAUTESTLTUITAGBRGEOGBRDNKGBRLTUITA

ATG

LUXBLR

DMA

BGRGBRITABELBLRPRTGBRITAHRVUKRALBDMACHELBNLTULVAARMLUXMDALTUROUGBRHUNRUSHUNLUXITAITAIRLAUTAUTLUXBELSWELVAGEODNKKNAIRL

SWE

SURBLRLTUROULTUBLRROUAUTBELGRCBRBGEOLVAITAUKRAUTGBRRUS

TTO

BLRBLRBGRCHEBLRLTUPRTBELGBRDNKBRBBLRNZLZWEITALBNLVAURYGBRNORGEONORAUTBLRROUATGRUSRUSSURBLRLTUBLRBELBELFJIGBRDMADMABLRGBRGRDSUREST

SURBGRRUSURYSURBRBIRLZWEFINITAGBRNZLSRBAUTGBRBELNOR

ROU

BEL

DMA

BELGRC

FINSRBLVALUXIRLNORPRTIRLDMABGRBRBSWEROUFINGNQRUSROUBELBRBDNK

KAZBRBGINFINLTUHRVRUSITAFINBLRGBRGRCGBRHUNGRCESPBGRHUNHUNLUXSWEIRLGBRGBROMNSWEDNKDMAESPBELLBNGBRROUNORBLRESPAUTBELSWEDMADNKSWEGBRESPCHENZLBRBGNQITABELRUSRUSGBRHUNHUNAUTZWEZWEROUHRVFINSWECZESWEFINIRLGNQESP

LBNFINESPROUFINBGRHUNPRTSWEGBRBELFINHUNHUNBELNORARMAUTSWENORSWESWEDNKSURRUSCZEBELAUTRUSITACZEBELAUTGRCAUT

SLEGINGBRESTBGRLUXATGBLRAUTIRLFINGRCGRDDMABLRHUNGBR

SUR

HUNRUSBRBLBNNLDESPLUXNORGBRGRCIRLFINDMAROUGRCHUNFJIFRAIRLPRT

GNB

MOZDNKLUX

BFA

BGRNLDHUNGBRGINBRBGBRRUSIRLAUTROUGRCPOLESPNLDGRCLUXSWEFINHUNURYITA

MDA

CZE

FINBRBKHMFINHUNFRAROUGRCBELPOLLBRROUDNKDNKGRCDMAPRTHUNGRCGBRROUNORBELPRTGRCNORROUFINSWEROUROUESTIRLDNKITADMASWE

BRB

FRAGRDVCTCHEDMADNKBGRCZEFRA

ALB

FINHUNSWE

VCT

FRASWEBELDMAHUNITAGINHUNNZLGBRHUNBELFINESPHUNGBRFINLUXHKGITAFRANLDITACHENLD

SWZ

FINDNK

ROUNORHKGHRVBRBFINROUJPNHRVAUT

URYFJI

BELOMNBELSWEHRVDNKBIHBELITAGRCJPNHUNITARUSFRAFINNORGINBFADNKGBRVCTBFAGBRBEL

SWEPOLESTDMADNKHRVMOZVCTBELFINSWEHRVURYBRBHUNBELESPGRCITAAUTJPNCZEPOLHRVBRBFRAESPFRAROUHRVGNQCZEHUNAUTITA

BGD

BRBZWEITAITABELPOLBRBPOLNORROUBIHPOLRUSJPNHUNITABELDMAROUBRBPRTLUXJPNLUXBRBROUHUNPOLLUXAUTFINHRVPRTBELLUXDNKBGRBGRLUXFINCZEGINBELURYHUNNZLDNKVCTLUXSLEBRBITADNKDNKAUTESTBIHGRCCHEROULUXDMAPOLSWEFINHUNGBRJPNPOLVCTAUTBRBPOLBGRBRBFINDMAVCT

JAM

BELDNK

VCTSWEIRLRUSURYITAPRT

JAM

DEU

BRBNLDLBN

BELESTVCTDEUBGRALBITABGRIRLFINFRACHEJPNDEUITASWESWEESTDNKARMIRLAUTITANORNORPOLBRBESPSWEITAPRTPOL

VCT

URYITAGRCDEUCZESURDEUDEUPRTNLDFRASWECZEGBRLUXURYURYPOLROUCZEJPNPRTSWEURYJPNPRTFRANLDNORBIHITABRBROUITAITASWEAUTESTITAROUPRTITAPOLROUPRTNORURYITATTOCHESVKJPNFRA

VCTDEUDNKISLPOLPRTITABDIDNKSWEPRTBIHDEURUSTTOFINCHECHEITAITARUSAUTDNKJPNPRTFINDMAATGITAGRCNORESPTTOVCTFRA

ATG

FRABRBDEUNORFRAPOLNZLBIHGRCFRAAUTEST

ZWELUXJPNNORGBRSVKFRAJPNBFANLDITAJPNNORNORGRCJPNSWEITAPOLDEUITAJPNSVKPOLNORSVKFRAGRCITA

VCT

VCTGINTZADNKNORNZLSWEDEULUXFINDNKDNKAUTBEL

LBN

NORNOR

FINBELURYSWENORURYFINFRANLDBIH

URY

HKGLUXNORVCTVCTFRACHEITANORCZESRBJPNSWESVKDEUJAMJPNBFA

VCTDNKJPNSVKNORJPNVCTBELDEUTTOSVKAUTSVKFRAITAPRTNZLFRADNKDNKROUESPBRBNORNZLBDIGRDGINJPNJPNDNKGRCURYSVNESPFRASWETTOKAZSVNURYESPPOLVCTKNASVNPOLPOLURYSVKCHEDEUSVKARMJPN

BRB

NORNORNOR

SWEFRAVCTSVNJPNJAM

GBRNZLPOLNORURYPOLURYJPN

GNB

URYESPGBRLUXNLDBELDNKVCTSRBLCA

GNB

URYGRDSLE

ARM

ESPJPNESPVCTBELJPNPOLNZLBELFRAARMESPFINVCTJPNURYNLDIRLBRBFJI

ESPCHEGNBJPNDMANZLJPNESPHKGBFAFRADNKLCASVKHKGJPNCHEVCT

HRVGNBFINESPITAFJI

ISL

GRCSVN

ATG

GRDPOLNLDSVNBELFRATTOURYPOLNORSWEESPDNKVCTARMLUXGBRARMFRALUXVCTSWEGBRDMA

DMA

BRBFRAGRCIRLESPGBRJPNVCTARMPOLZWEFRACZEBRBLBRPOLNORBELBELSVNFINGRDKGZAUTJPNALBGRCBFA

FJI

SVNPOLFRAGBRESPARMFJIDMASWEUSAGRCMUSTTOFINURY

BRBCHESWEDEUFINBRBESPBRBBRBGRCGRCSVK

MNE

VCTSVNPOLMNE

FINNLDFRAGBRVCTCHEPRT

MUSBRBJAMGRDPOLGNBAUT

CPV

USASWE

BDI

SVKROUUSAJPNJPNOMNKGZMKD

TTOGBRSVNFINMKDNLDSWEBRB

SVKFRAAUT

MNE

USAFRABRBESPJAMESPGRDISL

BRB

MNE

LUXNZLSVKBIHLBNJPNSVKMUSNORCANSVNBRBKORBRBCHEPRTFRAVCTMKDURYPOL

VCTMUSGRDPOLDNKNLDURYBRBUSAJPNLUXUSABGDMKDBRBCHELBN

FINUSAUSABELBRBJPNPRTCHEISLESPSVNGBRNLD

MOZ

BRBESPURYDNK

URYGRDUSAPOLROUESPMKD

KGZ

JPNFRALCAFIN

TTOARM

BTN

SVKGRCESPSWEGRCPRTUSAUSANLDMUS

TTOBRBCAN

JAM

CHEURYSVKESPMUS

GRCUSAJPNNLDTTOSVNTTOESPPOLLUXROUFRAPRTJPNSVNFRATTOMKDSWEDNKDNKGRCNORTWNPOLGRDNORNLDCPVOMNSVNFRAFRAUSAJPNURY

DNKGRDFRALKAROUSVNPOLCHEBRBUSAISLPRTCHEFINTTOIRLMKDBFA

GABSWEBDIPOLJAMGBRDNKPRTNORGRCFJIGINMKDJPNPRTDNKNLDVCTDNK

URYMKD

VCT

POLDNK

FJI

DNKNZL

BFA

FRAGRD

ATGNORAUTGRCLCACHEGRCDNKFINCANNLDNZLISLTTO

FINHKGSVNUSATTOTWNPRTGRCPRTBELMKDNLDSLVNLDMKDDNKDNKESPJPNROUMWIUSASVNESPLKAAUTSWEROUPRTAUTUSA

URY

JPNPRTFRAISL

KHM

GRCTTOPRTVCTGRDSLVUSASURMKDNLDCHETWNURYLAOGRCFINNLDPRTMKDJAMROUNLDVCTCZELCAVCTURY

TTOCANSLVCHEITAGRDVCT

CHN

FINISLLUXSLV

JAM

TTOMKDIRLDEUJPNAUTROU

CPVPRTGRCGBRMKDTWNTWNCHEAUTALBSLVISLFINPRTUSALUXJAMTWNFIN

MKDCHEUSATWNLKAESPFRAROUMUSMKDGRDESPURYJAMESPLUXMKDNLDSWETTOGRCISLFRAGRCJAMFINALB

JAM

NLD

FJI

PRTKGZ

GAB

TTOSLVGRCGRDGRCMUSNLDDMA

CPVJPNJAMALBESP

KGZ

DNKATGGBRUSAALBCANSLVTTOKORISLAUTPRTPRTFINNLDURYGRCLCASLVGRCPRTFINDEUJAMALBESPNLDNZLROUISL

TTO

AUTUSABELGINHKGKORTTOESPURYGRCZWENORURYTTOFRASLVJAMBFAGRCKORFJI

KORFINLAOFINNLDFINLAOBFAHKGTTOCHEESPKORTTOJPNKORNORAUSGRCLUXESPNLDESPJPNSLVIRLESPGBRDNKALBESPUSANLDGNQTWNAUSKORNLDFINBELNLDMWIAUTATGKORVCTKORUSAFIN

KORSWENLDNORGRDISLKORKAZNORNORESPISLGBRDNKFRAISLNLDNLDFINURYTTOMUSITA

TTO

MWIGBRUSANOR

MRT

TWNDNKISLITACHNNLDISLAUSNORKORKORCANPRTLKAHKGISLCANDNKJAMCZEKORUSA

KGZ

USAJAMNORCHEKORSLVKORSWESWEIRLBELBELBDICANHKGZWEAUSTHAMRT

BELCHENLDCANGBR

BTN

URYIRLKORJAMCHEETHVCTNORGRCCHENORUSASWE

CHNSLVNLDURYURYALBCHNAUTGRCGNQTTOSGPURYISLCZEFJI

ISLURYBELBLZNLD

GAB

LUXNLDCHNNLDGBRNLDJPNTWNCANCHEALBNLDJPN

URYNLDFRAAUTCHNSLVISLGBRROUBDIKNATWNCANBELCAN

MRT

JPNTWNMNGHRVHKGARGCANNZLLCA

LCAGRCCHNFRACHNNLDURYHKGFRALUXNLDMUSSGPSWZTWNNORNLDCZEBELBELDMAJPNSURKOR

SLENLDITASLV

NLDTTOAUSCHEFRATWNURYFRALUXJAMKORKORNLDALBFRACHNGBRNZLNLDETH

SLVCPVNLDMUSTTOALB

SLV

ATGVCTMNGDEUSLVAUTNLDCZEMUSCHELBNCHEURYAUSIRLGNQLKAFJICHE

GAB

LCA

AZEARGAUTKOR

GAB

NZLGRCMNGITA

KGZHKGURYMUSCHEFJINLDTTOJPNUSAOMNITAUSA

GNQ

CHEAUTCANNPLTWNAUSCHNURYGBR

MUS

FRAJAMCHNSLVIRLCHNKORMRTITABDICANHKGSWEAUTTTOISLTHADEUJAMTWNTHABLZTHAKOR

KHM

ISLNORSLVITAARGFRAJPNITAISLLKASGPURYLKAURYHRVJAMCHNKORFRAMRTSLVITATWNCHE

FRAPRTTWNTHAJAMCHESWZMNGGNQ

SLEJAMJPNSLVURYCHECHNBLZNZLIRLTHA

LKA

CHNPRTFRAGRCTWNKAZLUXBDICHECHNCHEJAM

CHLCHNJAMMUSHKGTWNNPLAZECHESLE

GAB

JPNIRLCHNLKAARGZWENZLARGISL

CPV

CHEJAM

LKA

TTO

MNGCANJPNSLVLKASLEGRDCHLJAM

THACANMNGSGPGRCSLETWNLBRCHEGABLBNAZEAUSARGKORTTO

MRTJAMBIHHKGKOR

ETH

CHECANUSACHNTWNTHAPRTARGHKGCAN

GAB

LKABDICHNCANURYMUSSLEMOZATGLUXIDN

MUS

CANPRTFJISLVCANAUSUSABGDBLZKGZJAMTWNSWELKAURYMUSSWEIRLPRTARGMUS

KGZ

SWEMLILUXTWNJAMNZLCHLISLJAMLKALKAHKGCHLARGARGROUAUS

TTO

PRTLKALKAKORMLISWEURY

SLE

ARGNPL

GAB

CHLESPLBNCHLMRT

ZAFJAMMUSAUSCHLJAMCANZWEJAMJAMFJILCA

CANFJIARGKORNORGRDCMRAZELUXCHNUSAARGMRTGRCNLDISLCANNZLJAMCANLAO

MNG

CHNKORMUSTWNMUSAUSMNGARGCHLTHAJAMIRLTWNMNGSLEBDIUSAGNBGINISLLKATHAARGTUNTWNSURTTOLUX

SLE

MUS

USACHNCHLJAMARGJAMARGHKGVNMISLKAZIRLCANAZEUSAJAMLCAGRCMUSAUSJPNARG

JAM

ISL

MUS

SGPCHNSLVCHNHKGMUSMUS

MOZ

USA

LBNJAM

RWA

MRT

MUS

STP

UZBARGCMRKORLCA

LAO

LCACHNLUXCPVTUN

SLE

USAUSAARGHKGMUSUSAARGCANZAFSLVARGTUNARGHKGLKAKORARGJAM

JAMKORARGTHACHNCHLISLLCASGPAUSARGFJIISLLKAJAMARGARGLKAARGCANARGTJKCANBRACANTTOUZBCMRTJK

FJIHKGCHLARGLBNCHLJAMARGSLVARG

TJKARGCHETUNARGNPLARGNZLUSAUSAIRLHKGTWNISLBRAKORTUNCHNTHAARGISLTUNMNGARGBRATUNAZEAUSUSACPVCHEKORMUSNPLCAN

CMR

UZBIRLTCDCANISLUZBIRLAUSSUR

NPLLKACHLMUSARGTJKSURESP

GNBKORTHASTPISLATGLKA

FJI

GRCUSAARGTUNMUSGNQBDIVNMIRLARGMARZAFTHA

ETHVNMTUNUSALCA

SGP

USAISLCHLCHLTTOHKGHKGGRC

GIN

BRAFJICPVMLIUSALCABLZLKAISLIRLNZLMARTHAUSASURBLZISLAUSCMRARGARGCANMLIGINAUSSURGRDSURLKAMNGCHLBDI

LCA

CHECHNNORGINARGTTONZLTCDCAN

ETH

TJKMAR

GRD

AUSKAZTUNGNBTTOARGLCAAUSMUS

MRT

SWZ

LCA

CHNMLIUSAARGMWIMARMUSISLCAN

SLE

MAR

TCD

GNBNZLBLZ

ETH

GINATGAUSCANAUSLCA

LSO

CANISLMARUSA

ETHGHACHLJPNAUSUSAUSACHLNZLCHN

SGP

ARGMUSNZLCANSURTKMLUXLCACHN

ETH

SGP

CAF

USACMRCPV

MUS

VNMAUSCANUSABRACHNMUSLKAAZECHLARGUZB

GIN

CHNARGETHNPLLKAFJIETHINDCHNMNGVNMCANFJI

SGPNZLTTOGNBSLVTUN

LSO

ZAFAUSINDLBNCANUSAARGVNMGRDARGNORBGDINDMUSETHLCAAUSSURAUS

ETH

TJKNPLLCATKMNZLLCACAFAZEAUSUSALCACANSLECHLTKMNZLUSAUZBCAN

VNM

PERMARAUSCANTWNCHLCAFTKM

MUS

GINIDN

ETH

CHNGINAZECANTWNTHACMRKGZ

OMNIDNPERTJKMARIND

CAF

UZBLCAETHCHNVNMUSA

LSO

ZWECHLCANESPCHNLUXMARMUSGINSURIDNPER

TUNLKAINDATGIDNLCA

TJKKORTHAISLKGZCHNIRNVNMINDKAZCHLNORVNMOMN

TJK

GINNZLSTPTUNCPVSWZLCAMUSMAR

BHSCPVVNMMLIINDMARZAF

BHSSLE

AUSVNMIDNUSAISLTHAINDNORBGDBHSBHSBRAIDNETHCANNZLISLVNMBGDSURLBRAUSNZLVNMAUS

MLIARGAUSUSAVNMCPVCHLBHSCPVLKAIRLMARCHLETH

LKAVNMTUNGHACHLSUR

IDNISLTWNSLVJAMCHLCHLMLISURNZLCHLCHLTHACHLIDNMNGINDSLVMARBHSSLVLKA

PERIDNVNMCANBDITUN

TTO

ETHCHLMLITHAAUSUZBCHLKAZ

SLE

CAFLKATKMLKA

KHMBRACHL

TJK

CAFMOZLCABGDPERTKM

HKGLKAKGZLCA

AUS

VNMCHEKHMLKACHLTKMMEXISLATGTCDKHMKHMAUSSGPLCAIDNTKMTCDCODBHSIRNGTMSUR

TJKSURTUNALBESPNZLTHAMLI

VNMCHLALBCAFIRN

PANCMRBWAMLIKNAESPTHA

IDNFJILCAGINTURSTPBWABWALBNUZBTHAISL

PERETHARGCHLIDNTHAAUSKHM

IDN

SURCHLZAFARGSGP

JAMSURTKMMARTJKKAZLCAIRNAUSINDTHANZLIDN

CAF

GINLCAKNAMLIVNMETHAZEATGKNAMEXSLE

NPL

MDGBRATURLCALKA

BHS

FJI

IDNNORTUNETHMDGBLZMLIGHABRATWNTWNNZLUZBTURLKAATGKNALCA

SGPIRN

FJIMLICODIDN

MDGKNAISLBGD

EGYFJITWNMLIHKG

JAM

MEXLKA

KNA

GINMEXGHAFRAMDV

BHS

COD

ETHCODAUSIDN

GABCHNUZBTUNMEXBRACAFSURSLV

JAMCHL

CODMEXPERKNAKNANZL

KGZINDTKMISLARGMLICODKNAMEXTHABFAKORKGZAZECHNBRAMLI

AUSCODTUNCAFBWAIDNMEXMEXIDNCHLLBNCPVGINAUSKHMKNASWZ

EGYARGLUXCANGTM

BDI

AZEKNAMEXATGMLIMNGCODAZELBN

NPL

IDNMUSBHSARGTUNIDNBDIARGISLBDIKAZIDN

GTMMLITHATURBHSINDIRNMEXMARMEXIDNTUNLKAIDNSURARGFJIKHMNERLAO

BRAMLILCA

LKANZLZAFLUXLUXTJKIRNCHL

ALB

LUXAUSTURBOLLCAHKGTURKGZKNALUXALBMLISLEMDGTJKNZLVNMIDN

MDGTHABOL

BHSKNAKNADJIBFACODTKM

NER

STP

BRATWNNZLNERLCAGTMFJIIDNCHLTWNINDHKGBOL

STPMDGIRL

MUS

SGPBWAFJI

MOZ

IDNMEX

BHS

IRLMEXLUXPERKNAIDNGINSURTURZAFNZLETHEGYIDNTKM

MLI

AGOLAO

TURBENNZLAUS

MOZ

AUSESP

ETH

NERBDITCD

ETH

SGPMOZ

BRATURNZLCHLKNABRATHACMRZWEMEX

VNM

ETH

BHS

NER

TURLUXGNBTKMCHNBOLMLIBHSKNAKHMIRLUZBTHASLETURCODTCDAUSKOR

BTN

MOZCHLCHLIRN

TUN

STPMLIBRABRANZLTUNBRASLVZAFSUR

TCD

BRAMDV

BHS

CHEBOLJAMTURGNBMDGNERCOD

BRAMOZDOMIDNBHSSWZTURNERZAFPER

SGPEGYTGOHKGTCDZAFLBNTURNER

BHS

TURIDNTCDBOLMARBOLPANTURCAN

TTO

NZLMLITURPER

CHN

TUNATGDOMIRLMLIJORVNMMNGTURFJIAUSBGDLCANERBFAKOR

BHS

TKMSUR

PANZAFBHSGNBTUN

FJICHLZAFBWABWABLZCHLBWAISLCMRIDNBHSLUXCAFLBNMUSKNABHSBOLIRN

TJKJAM

IRNFJI

SLEMDV

STPKORISLCODALB

BOLGTMBDIGINMDV

ALBTWNFJINZLFJIISLBHSBHSAUSMEXCOLTURINDMUSIDNPANDOM

ETH

MDVMDGMARSURTUN

NGABOL

DOM

TJK

AZEMEXINDECU

MDV

BEN

COLESPSLE

VNMCOLTUR

SGP

TJKBOLMARPER

TCD

AGO

COLTWNECUSURBHSMLIBHSNZLINDTHAFJISLEECUDOMMOZCOLIND

SGPTCDTGO

BHS

BLZBHSISLBRAIRNIND

BFAGNBPERFJI

TUN

KGZ

MEXPANMEXMEXTURCHNECU

MLI

DOM

LKA

TUR

TCD

CHLKORTCDMARCHLBRAKHMBEN

EGYISLCOLCOL

BIHMOZINDTURBHSCOLMARBOLIDNBHSBRAGINCOLSGPNZLSLVHKGTURFJIGNBDOMCOLIDNPERUZB

GABTTOAUSCANBOLCOLALBSURMEXTUN

IRQ

INDTJK

SLELAO

TWNARGTUNDOMTURPANIDNLBNBOLSTPPANZWE

ECU

BOLSGPCHLDOMVNMNZLNZLESPINDTURCOLLKATCDGINSLEROUIDNTURKORTCDINDBOLNGA

EGY

INDZAFBFABWAIRNBOLCOLPANPERDOM

DOMFJIFJIAZE

MLI

BRACHNMDGCOLNPLTGOCOGTURBGDINDCPVCRISTPLAOBRASWZCOLCODMEXLAOKORDOMBRAMDVSTPIDNCOGAZEBENBHSBEN

PANBDI

BHS

JORIRNLAOEGY

CPV

ECUSLEBRAAZE

CAF

COLBRAAZEATGSTPBDITURTUNTUNNZLIRQDOMCOLMARPERJORVENSGPMEXKGZECUSLEISLDOMSLVTURVNM

SLECAFISLCAF

DOMDOMIRQBHSPERBOLINDCRIMOZFJIMOZ

COG

BOLTUREGYIRNMOZMNGDOMNZLTURMEXBHSDOMCOMCHLOMNIND

TGO

SWZ

EGYAUSMEXTURESPZAF

NGA

KGZLKA

BFAIRLDJICPVCOLDOM

TUN

BGDLAO

ZAFTURGTMEGYALBCAFDOMTUREGYGNBMEXSTPVNMBLZ

BEN

LBNEGYBENCOMBOLISL

VNMPER

NGAGAB

DOMINDTHAPERINDTURBOLEGYGNBMARDJI

IRQ

VNM

MOZ

EGYMEXIRQTURDOMVNM

GNBTGO

EGYDOMSTPINDBDISTPSGPCOLAUSALBLAOALBNEREGYKORZAFVNMKHMEGYLAOINDEGYECUDOMTURNZLGNBTURMNGALBEGYLAOCOLCHLGINUZBMLIBOL

STP

AUSISLAUSBOLMEXPERCRI

VNMECU

NPLHKG

MARBWALKA

VNM

SWZEGYCOGTUNTURINDDOMIDNCAFCHLPERBWAEGYINDTURSENEGYTWNCOGBOL

NPL

INDPERTURBOLPANMARCPVINDLAOMOZBRANPL

COGEGYCOLKORTURINDINDMARMNGMYSCANPERMDGCRI

SLETUR

SLE

STPECUTURPANSWZVNMSTPSLVGINCOLEGYINDDOMZAFVNMRWAAUSAUSCHLSTPPANCOLCOLTCDBRALKA

MOZCOLBOLBOLBENIRLCOLCOLSTPDOMTUNCOLJAMINDGIN

COGMNGSGPLKAAUSINDBENZAFGHAALBCAFNPLTGOCAFALB

CAFTCDINDZAF

JAM

IRNBOLAGOTURTUNTUNCOMSENEGYINDBENCRILAOMAR

COLIRLPERCRIZAFINDEGYBENTURPRYIND

LKAINDESPMDV

BOLTCD

TURBOLEGY

BHS

INDTGOMDVCAFBOLLKAINDCOMGIN

EGYBFACRIPEREGYESPCRICOLBHSIND

ISL

EGYMYSPANEGYECU

CHN

KORPAN

ALBINDPANIRQNZLBRACOMEGYSENNPLSLV

FJI

COLZAFCAFEGYINDLBRGTM

STP

PRYLBNEGYZAFMOZVNM

MWIBDIINDCPVBENPAN

PANPANTCDGTMCANNPLMYS

NPL

BFAIRQTGOCHLMYSEGY

BEN

EGYMARCOLKHM

LAO

TUNMEX

TCDNZLPERTTOMOZNGAMEXSTPBDIMLILBN

SDN

BFAPRYZWEEGYNPLCHLECUIRQEGYMUSNGA

MDV

MYSBGDGNBSDNNPLCPVIND

BHS

HKGZWEBOLPANPER

ALB

MYSIDNTHAMDVVENHKGGTMCRIGNBCOLINDLKANPLMYSAUS

COMDOMUZBVNMTGOPHLCOLCHLMARVENBHSSGPINDTGOVNM

DOMBOL

MDV

SLV

SGP

ZAFMYSDOMVENBRATGOEGYSTPCOLBFAATGCRIPANSTPEGYGTMGHAMUSBOLGTMGTMJORIRNCOLGINNGASWZPRYCHLBOLIRNZAF

NPL

CHLPHL

LKA

AGOGTMCAFCOM

BFA

ZAFSENDOMMWIPRYCAFGTM

BFA

LAOMYSCHNPANSTPPRYCOLBRAINDPRYMNGETHMAR

BTNMWISGPLAO

ALBBTNBFAEGYPHLCPV

TZA

MYS

COMPHLNPLIND

TGO

NPLCOGEGY

TTO

BOLEGYBRA

BTN

PER

IRQ

TUNBRAEGYMOZIDNBRA

ECU

BOLSTPECUBRA

LKA

MARRWA

MAR

ZAFRWACAF

NGA

PRYPANTGOEGYGTMMAR

ECUNPL

SDN

BOLBOLIND

PRY

BRASGPMNGCOLPRYBGDEGYMYSTKMVENIRQZAFIDNCAFCPVPERECUIRLTUNNPLEGYMYSIRNCOLNGAEGYTCDBRABGDMARAUSPRYMYSPANTCDGTMNAMBRAEGYNPLKHM

BEN

BENPAKMYSSGPMARPANECUMAR

ZAFFJISTPTHAMYSBGDTGOSTPTUNNAMZAFGINGTMTWNPAKBOLMYSNGAMAR

BTNMEXPERPAKIRNDOMPAKNERNGAINDMAR

BFA

DJICOLCPVBGDDOMSTPMARPAKNAM

SGP

ECUCANSTPKORPRYSGPSEN

MUS

CRIETHEGYPANIDN

MNGCAFEGYPHLBOLAGOPANSENLAOEGYDJI

VEN

GINLBRGTMIDNBOLTWN

TUR

DOMLBNLKABOLEGYTUNVNMSLESTPTUNCHNEGYCAFIRN

BDI

MAR

BTN

MDVIDNEGY

MDG

EGYTUNPRYHKGBOLNZLLBNVENTGOINDVENKORBHSMYSTUNKORPRYPRYZAFPRY

SENBGDBTNSYRZAFZAF

GAB

ECUPERAUSAUSCAFGTMHKGGINMDGEGYZAF

PRY

MYSPRY

UGA

ZAFPRYBGDGINCOM

MDG

GNBGRDZWE

GAB

AGOPAKIRLTCDPANBGDPERJORNPLBTNMARPERLUXECU

GAB

MYSNPLZAFDJIVENPAKSYRDJIZAFECUBOL

CAF

COGCRIZAFPRYIDNVENGNQFJIMARPAN

SWZ

ZMBTUNPRYTGOCAFDOMMAR

GNB

STPZAFEGYMARVENPAK

MDG

PRYMWIPER

BDI

STPRWASTPCODSLV

AGO

ZAFNAMPERHKGCOGBOLMNGSTPPANPER

BEN

PERGABPHLGTMUZBMARECU

MYSPANGNB

MOZ

GHABOLIRLRWAPANINDNAMIDNVENGNBMYSNAMGTM

PRY

NPL

FJI

NPLEGYCOMECUMDVTHAPRYGINBENZAFPERMAR

PANLAOECUNGAECUBDIPANTGO

NGAPANCAFMARNAMMOZ

MYS

BWA

MYSGNB

BHS

LKAVENGNBALBZAFINDLBNECUPERCAFTGOMARLKAPRYPERCHNCANMAR

GHABENPANMNGGTMIDNPRYNPLEGYGTMDJIHKGNPLOMNSWZPAN

ATGLBNBOLMYSDJIZMBLAOPERCPVMWISLVCAF

PAN

PANCMRBDI

ECURWA

BIH

MNGMOZIDNVENZAF

NAM

COMPANPANZAFIRLCOMSLVNAMSGP

ZAFALBSLVBGD

ECU

SEN

BOLUGA

SDN

BGDZAFPRYVNM

NGA

LAO

CAF

GHAUZB

PRY

CAFBGDCRICOGNGA

PAN

PAKECUDJISYRNGASTPECUTUNSENZAFZAFVENMWIMUSLBRNZL

ECU

VEN

COM

COMZAFZAF

UGA

MNG

SWZ

MDG

BDI

VENBFATURTURUGAECU

DOM

MYS

PANCOM

ECUPHLKHMCPVUGAVENCAFDJIGNBZAF

IRNPRY

ZWEBGDMARHKG

ZMBCHNCODGNBNGAPRY

ECU

NPLMAR

PANMARGNB

VEN

LAODJIDOMGHATHABGDPANZAFHNDGNB

GAB

BEN

BENPANNPL

GTMJORCAFHNDECUPHL

MDGCOMIRN

HND

PERECUKENMEXSLVSGPVENCHENGAGABPHLMDGUGAPRYBFAGNBIRNGINMYSKORNER

PRYCRICANHND

MDG

VENSDNDJI

MNG

BDICPVBGDBOLTUNPHLBOLBGDPRYJORMARECUSWZMNGGHAIRNGTMZAFCMRGINPHLBFAGNBUGAHKGMARCOD

CRI

MWIMDGZMBLAOSWZBEN

MYSMYSCODGTMCOMCOLJORLKA

BOL

MARCRILUXBWAPANAGOPANDOM

MUS

SEN

BOLHNDTGOBEN

TTOUGA

NER

MYSPRYVENBGDHNDZAFPERSGPHNDMLIBOLBOLMYSVENBOLMARRWALKA

PRY

MNGTUR

SWZ

CODMYSGABHNDBGDAGOMRTPHLLAOCRIAGOZAFGHAMDVCMRPRY

ECU

CAFBENUGATHA

COD

BLZCOLCOLGHAGNB

MAR

NPL

GHAPHLDJI

MRT

ZAFTURGRDCRINPL

GHAPRYPHLPERZAFPERGNBTGO

BEN

CRIBEN

GAB

CRIMRTCRIPERSDNZWESGPKHM

GHAHNDKENBGDPRYCOL

MRT

TGO

MDGCOM

DOMMYS

MRT

CRIPANGTM

NGA

HNDHNDMARMNG

MOZPAKNERGTMPRYTUNBENLBRPRY

MUSLBNNGANGABGDHNDMWIGNBPHLHNDCOMLBRCAFMARSLVBRAVENBGDCHNHND

ALBBLZZMB

NPL

COD

LBNNGAVENVENTKMIRNPERPRYPHLPRYGHAGHALAO

CHECRIPHLCRIPHLCAFCRIMOZSWZ

PERMDG

BENIRN

PHLPHLUGAETH

MRT

DOMIRNCRICRIBGDBLZKORBRAECUPRYPERTGOBENCOMLAOCOGVENVENCODPHLPANBLZBLZCRISYRPHL

GAB

NGA

GINNGAGABKENETHGNBKENPERNGATGORWA

IRNCAFPHLCODMRTMUS

ZAFBRAZMBHNDHND

AGO

BGDDJIMDGVEN

MYS

UGACHNGHAPERBFASDNMWIUGAUGABGD

SLVLAOPHLTURTUNGHASDNTCDSLVTHATUNBTNPERNGAPANTTO

NGACODPERTTO

ATGCODKENLBR

GHA

UGA

BWACRIMDG

BLZSDN

MRT

PANMDVIRNTZABGD

IRQ

KENPERCRICMRCRIPHLCRIPANPRYPERSLEBOLPHLNGAUGA

MDV

PERSENKENNERMNGUGAMYSMNGBTNIRNMWIPERHNDPER

SENCODGABPANIRQCAFCPVJORNAM

SEN

BTNGAB

NGA

SLV

BFA

NGAPRY

UGACODPERBLZMEXECUNGAGTMMOZGHALAOMDG

SGP

GHA

SWZMYSBRAZMBNERCHN

NGABRAETH

ATGSLVAGO

MDG

NGA

TURGTMTWNIRNPAN

HKG

GNBCOGMDGCOG

RWA

TGOPANTGOECUCODJORJORCPV

GAB

ECU

SDNGAB

TTO

SLENGA

STP

THACOMLUX

KEN

MOZOMNCOGMUS

MRT

NGA

PER

GAB

PAKIRNGHAPHLNERECUIRNSLVCRILBR

NER

BLZLKA

MUSPHLBRABRAMEXPRYPHLBDI

AUSTHABRACODBRAPHLBRAPHLPHLCOG

BENBRANPLGABPERMDVGHALUXHKG

ETH

CMRNGACOM

CAFSLV

CMR

UGAGABPANRWANGAPHL

MDG

BGDMRTCMRPHLTHAMEXKENBLZ

NGAMEXPHLPHLECUCOLPHLPANGTMLBRPRYMRTCPVTURMEXPRYLBRTHA

IRN

GMBLBR

SENIRNCODPRYHND

TKM

CMRUGABRA

MDV

UGA

DOM

PRYHNDSWZPAKCMRBOLCODPRYTGOSENCODCMRTTOGTMCANZMB

NER

GAB

MRTETHNGAHND

BFA

BRAMRTGHANGA

KORTZAECUUGACRICMRPHLPANNERCMRPAKBTNCODBRAGABNGAUGATGOPHLIRNPHLPRYGMBMRTHNDMRTCMRBLZECUGINKORCOMCMRPHLMNGPHLCODCMRPANBRA

SEN

CMR

DOMPRYGTMBDI

CMR

UGAECUOMNPRYMNGECUPAN

DOM

PRYCMRPRY

SYRPRYMYSZMBPHLBRAECU

LKA

ETHZMB

LAO

PHLMNG

GNB

IRNGTM

NGA

NERPHLPHLMNGTGOBTNSDNKHM

BOL

THA

GHABRA

MDV

LAOGTMCAFECUCHNCOG

ECU

BRACMRCMRCOLPAKECUTURMNGMEXSWZ

CMRBRACPVMEXSYRPHLZAF

LBR

PHLCAFBLZVEN

SWZ

NERBLZTTOHND

ECUMDGJORTGOCRILBR

TGOBOLBLZSYRUZB

TTO

MRTMNGPHLNPLMYSSYRCAFHKGLBR

GHASLEMEXCPVSLVRWAMYSBGDIRNHNDCOMMEXUGAPHLTGOKENBFAZWEGMBCMRSYRCOMIRNMYSNPLGINTURBRAUGALBR

NGA

MEX

COG

CMRGHAMDVGABNERLKAETHMRTECU

COG

THA

COG

ZMBKOR

TCD

COGDOM

CMR

PHL

GABCMR

THATZAHNDHNDDOM

CPV

MEXSWZMWINPL

HNDBFAJORZMBMEXSGPMYSCODGABNPL

CPVSEN

ECU

SGPPAK

CMR

PHLLBRIRNCOLCODBLZTHA

TGO

COG

CODMYSMNGAGOSLECMRCMRUGAMEX

NPL

JOR

PRYECUSWZLKA

COD

CAFECUCMRUGAETHLBRCOGTWNLUXGTM

GAB

SLVCODDOMCOG

CPVHNDTHAATGTHA

BWA

LBRGHA

NGA

MDV

PHLFJIZMBSTPMRTMEXPHLGHAMRTMWIBLZLAOGABCOGPHLHNDPHLSDN

CODHNDMWIBEN

CPV

CRIGRDAGOBDISLVTHAMNGTHANPLCOG

CRIMEXNGATHAMRTETHHNDHNDKENECUMRTGHAPHLCOLCOGHNDTHA

SLEGAB

SEN

PRYGNB

DOMZMB

CMR

COLMYSBGDSDNGHAGHAMOZPHL

COM

MWIZWE

NER

ZMBKEN

COGPHLGHAMEXZMBDJI

MDG

TGOCMR

COG

MYSCMR

COG

BLZGTMSENHNDCOGSYRUGAKENHNDHNDMEXCRICRINAMNERRWAMEXZMB

UGA

ZAFGMBCOLSDN

CRI

MYSBDINER

SYRTHA

MRTSENHNDMYSHNDUGACRI

HNDBTNGHA

SLV

HNDPAKCOGCOLIRQLBRPAKCOGMEXNERGABECUGTMSDNSDNUGAMEXTHAHNDCRINPLIRN

SWZ

HNDLAOUGASYRTZAMYS

COG

KHMCPVHKGLAOSENMEX

NGA

GHAIRNNPLMEXTHAMDVBDIGMBTHANPLLAOMEXZMBUGA

BLZ

PHLNERIRNRWA

LAO

ZWERWASENCOL

CMR

GAB

GHA

GTMGMBCOMDOMAGO

SYR

MUS

GNQ

MOZMYSGHANGAHNDNPLMOZ

MDV

GAB

COLLBN

COG

PAKGTM

DOM

CMR

BLZ

GTMGHANERCPVCOMATG

CMR

TCDTZACRIBLZMARTZABDIGTMGTMBLZNGAHKGMYSGMBMEXLBRGTMRWASENKENSYRBLZTURSLECOLMWIKENSDN

BWA

SENGHACAFMYSHND

KEN

SLV

MOZTZALBRSWZ

GAB

PAKTZACRISDN

UGACOLATGBWATURGHASYRDJIZWEMWIBLZHNDCODSLVTZAGTM

MDV

SDN

BIH

ZMBCHNSENGHAMOZ

SWZ

HNDSDNSYRGTMSEN

KENKEN

KENGTMTWNMDGGTMGHASDNGHASYRETHCOMCMRETHGMBTWNPAKSYR

ZMBSLV

HNDTHATCD

BLZ

ETHTGOTWNNGA

SEN

GTMGMBGHAKORNPL

KENMARSDNZWE

MYS

ATG

TZA

AGOSYRNGARWACODSYRGTMGMBSDNTWNGTMSENSWZAGOGNQBDIIRNATG

BLZSDNMEXPAKTZASWZSDNNGAGMBPAKMDGGHADOM

CMR

LBRCOMSYRMEX

TZASDN

TZACOGCANGTMDOMTGOZMBPAKZWESTPMYSETHSDNSDNSENSDNSWZ

MYSMOZZWEDOMMOZETHKENSGPRWAATGGTMTGOCOLGABSWZDOM

SYRETHOMN

DOMTGOMRTCRITHAMOZIRQTWNZMBHNDSDNBWAPAK

ZMBTZAGMBSENSEN

SWZBLZ

CPV

COLGTMVENMEXCHNMWIETHTZARWA

COG

COM

FJI

GNQZMBCOLGTMHNDPAKZMB

SGP

CPV

VENMRTGTMRWADOMCOLGTMKENGHASTPNGAZMBMDGIRQZMBCANSDNGHAKENSENSENGMB

AGO

COLMLISYR

SYRGTMMRTZMBZMB

COG

CAFKENGTMGTMTGOGMB

CMRCODHNDTHAZMBTZA

LBRETHDOMMUS

ETHKENMDV

SDN

COMTHABWA

KEN

TZACOGDOMZMBCMRSENGMB

BDI

PAKNAMMWILAOPAKCRICMRJORETHMRTSYRBTNMLIMEXSWZSGPETHCOM

TZA

SYRKENZMBJORZMBSDNTTO

TZANGASDNKOR

NGACPVNGAGHAMDV

HNDBDIBLZNER

CRISYRMWIBWA

CPV

MLIZMB

TZA

SDN

IRNDJIKEN

RWA

SGPMLIBDI

DOMTCDIRQETH

TCD

MOZ

BDI

KEN

NGA

ETHUGA

SYR

GMB

SDN

COG

HND

RWA

NGASEN

ZWECOGIRQRWA

CPV

ZMBKEN

SYRBTNTZASENSENMWITZACOGBFA

COGSYRSYRJORMWIBDIIRQMOZMWISYRZWEKENCRIBFAJOR

VEN

SDNKEN

AGOBENCOMLAO

BTN

SYRMRTMWI

ZMBKEN

MDV

GMBGNB

BTN

TWNCPVCODMLIBWA

SGP

BWAMWIZMB

IRQBENTZASENTGO

VENCODGNQGMB

COG

IRQSENCOMKENMDVMOZ

TCD

COMTZAGMB

BFABFASEN

PAKTZA

SYRDOMCOMPAKCOMSYRMRTIRQSYRCOMHNDBWAGMBCOMSDN

ZMB

NERKENAGOIRQZMBZWE

TGOMOZMDVBTN

MUS

MWIZMBGHASLVGMBSENHKGMWIVENPAKCOMBFASENMLIGMBSYRBENCOMCPVZWETZA

FJI

NGAMWICAFTCD

IRNSYRJORCOGHKGMDV

IRQ

MRTCOMVENTZACOMZWETGOHND

TCD

BWAHND

SYR

SYRMOZSENBWAZMBOMNGMBPAKPAKZWEPAKSEN

TGOFJIGHARWACOD

TTOBWASDNPAKPAKPAKETHIRQMDVOMNPAK

GABNGAGMBDJIPAKGMBMRTZMB

KHM

SYRGABVENIRNJORBFANGAGNQMDVZMBRWABWAMLIHKGBENKENMDVCOGBFAAGOIRQMWI

MRT

SYRSENMRTTWNCRI

SGP

BWA

LBR

RWAGHA

TCDTKMBFASEN

ZMB

CODSENTZA

ETHMWITCD

BDI

MWIMOZ

TGO

AGOMOZHND

GAB

RWANERBDI

BWAAGOGMBGMBZWEETH

FJI

SENMWIZWEVENBLZGMBVENNAMNAM

GHA

VENSLENAMCOGZWE

NAMMRTZWECOGGNQKEN

OMN

MLIHNDGMBGMBLBNMRT

VEN

MRTBTNNAMZMBHND

MDVTGOCRIOMNCOD

TCD

SYRRWATWN

SLE

GMBAGOGMB

BWA

TZA

GNQ

GAB

GNQCODGMBJORIRQ

COGVENCOG

IRQ

AGOETHGABKENGMBAGOCOMGAB

SYRMRTMRTUGA

AGO

ETH

SLVUGAMDVETHTWNBENAGOIRNTWNVENHND

IRQ

BFADJILBR

VENTZA

BTN

ETHLBNMUSVENYEMNAM

BTN

TGOBTNCODCODIRNGMBRWABENBEN

TCDTCD

TZASYRMRTCRIKEN

NAMCRIBFA

MUS

SLV

UGAJOR

BLZSYR

BWA

VENBDI

SGPBENHNDZWEMDVCODUGA

HND

KHMVENCRIMDV

SGP

TZA

BTN

CODMDGUGATZACRIMDGUGAKENBFAMWITWNKENBTNVENZWEMDGTGOMRTVEN

AGO

KENBDIBFACODBLZSGP

YEMSYR

BFAGMBGNBBENKENMOZYEMBFAMDVMDG

IRQSWZ

CRIZWEGNQ

ZWEMDG

CRI

BFA

NAM

MRTIRNUGABWAMDGBENGMBAGOKHMTCDMDGKHMKENTCDIRQKENMDG

MDGTCD

GNQ

BTN

COMGMBZMBAGOTWNBFAMDG

UGA

IRNIRNIRQBENBDIMUSRWAYEMTZACRITWNIRQGNBMWIMDGUGAMDGOMNBTN

AGO

GINMDG

CRI

JOR

VENKENKHMKHMGMBKENIRNYEMGINBENMWICODRWA

IRNKEN

KENUGAKHMGABJORBTNIRNBFARWABDIYEMSWZYEMTWNGMBKENGMBVEN

IRQ

BTNBTN

BEN

AGOTZATZATCDCRI

GAB

UGAKENGNQSDNKHMMDGGNQ

KEN

IRQBENMDG

ZWE

MLIMDGMLI

BWA

ETH

MWIMLIBFAMLIOMNUGAIRQKENKENJOROMNYEMUGA

GNQ

KENKHMBTN

KEN

BTNJORMLIMLIMDGETHTCDRWAMDG

SYRKEN

GNQ

OMNGMBBENMLIMLIMLIBTNJORKENDJI

TZAMLIBENCRITWNYEMZWEYEMVENNERGMBCODUGAKENYEMUGACODBDI

MWI

COM

ZWELBRDJIMWI

SYR

TZA

TGOBWA

AGO

SLV

JOR

BENMOZOMNAGO

TGOKEN

GNQ

TCDZWEBENJORSYRAGO

GNBZWEYEMIRQUGA

BWA

TGO

OMN

UGA

JORUGAUGAUGAYEM

VENOMN

BEN

UGAJORUGAUGANERETHBENUGANERDJI

SLETCD

IRQBWANERNERKHMYEMZWEBWA

SGPUGAIRQ

GNQ

TCDJORBWAGNBCOMDJIVENVENCODJOR

NER

NER

GNQ

GNQ

BENOMN

IRQAGOGNBBIH

JORLBNVENBIH

COM

NERNER

IRQ

GMBSWZJORKHMJORVENJOR

GNQ

GNQAGO

JORNERNER

GNQNERJOR

NERNER

COM

HKGNEROMN

AGO

NERJORVENJORVENSWZ

AGO

TCDVEN

SGPNERJORGMB

GNQ

MWIMOZCOD

NERJORJOR

YEM

MOZRWALBNTCDOMN

GNQ

GNQ

COD

JOR

TCD

TCDGMBJORSWZCODSWZRWAKHMOMNOMN

SLEOMN

SGP

KHM

SLE

SGPGMBGINJOR

GMBRWADJI

GNQ

OMNLBR

LBR

YEMKHMRWAGINGMBGMBJORJORJOR

OMN

RWAOMNMWIMWIDJISLE

YEMOMN

YEMGNQOMN

SLEJORJORLBRLBROMNOMNSLE

YEM

LBROMNDJILBROMNGINOMNLBRMWIJORDJIMWI

OMN

GINDJIJORDJIGNQ

GINDJIGINDJIDJITGORWALBRGNQGNQ

DJIDJI

DJI

LBRDJILBR

GNQRWADJIDJIRWA

JORDJI RWAJOR

-4-2

02

4Ln

(Tot

al E

mis

sion

s)

-.1 -.05 0 .05 .1Ln(Total Population)

coef = 1.370132, (robust) se = .16596225, t = 8.26

Residuals on ResidualsTotal Emissions and Population

Figure A10: Partial residual plot. Note that the x-axis is different in the two panels of the figure. Thisobscures the difference in slopes, which are listed below each scatter plot. The coefficient on populationis significantly larger. The difference in scales is necessary for visual inspection of the role of outliers.

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Emission Ratio GDP per capita Ratio

Population Ratio % Working Age Ratio

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Total Emissions Ratio GDP per Capita Emissions Ratio

% Working Age Emissions Population Emission Ratio

Figure A11: Results from the economic-demographic model. All variables are the the ratio of the out-come of the low fertility scenario over the medium fertility scenario. Panel A (left) plots the mainoutcome variables. Panel B (right) decomposes the difference in emissions between sources.

29

8.7 Results with WDI Measure of GDP

Table A7: Determinants of Carbon Emissions: WDI

(1) (2) (3) (4)Ln pop. (a) 1.485*** 1.553*** 1.496*** 1.568***

(0.221) (0.216) (0.214) (0.226)

Ln gdppc (wdi) (b) 0.547*** 0.544*** 0.541*** 0.588***(0.082) (0.083) (0.083) (0.090)

% Age 15-64 0.014** 0.014** 0.011*(0.006) (0.006) (0.006)

% Urban 0.007 0.010*(0.005) (0.005)

Trade (% of GDP) 0.0004(0.0002)

Year FE Yes Yes Yes YesObservations 5817 5755 5755 5549Countries 153 151 151 146R-Squared 0.07 0.07 0.07 0.07Within R-Squared 0.040 0.041 0.042 0.044P-value: a = b 0.000 0.000 0.000 0.000P-value: a = 1 0.030 0.012 0.022 0.013

Notes: ∗p < 0.1, ∗ ∗ p < 0.05, ∗ ∗ ∗p < 0.01. Robust standard errors clustered at country level in parentheses. Equation

estimated in first differences. In all specifications, the dependent variable is the natural log of total CO2 emissions. The sample

covers 1950-2010. Within R-squared is the percentage of variation in the dependent variable explained by the independent

variables after removing variation due to time and year fixed effects.

30

IRQLBR

RWALBN IRQLBRLBRLBR

GNBMDAGEO

ALB

CHN

GAB

LBRIRN

TCDAZEUKR

TJK

LBR

ZWE

NERDMA

BHSAZE

TJK

GAB

NER

KGZZWE

SLE

OMN

TKM

NGA

GNBTCDIRNDOMTJK

PAN

RWA

SURBHSJORMOZMDG

TGONGAIRNGAB

IDN

BOLCODTKMTJK

KGZGHAPER

IRQETHCOD

CMR

AZEIRNMDVNGASLVVCTUKRCODALBARGUKRPERCHLSYRESTUKRSYR

COG

MDG

SLVRWAGAB

LBR

LTUMUSARM

CMR

UKR

SYRNGABDIVCT

TCD

RUS

BHS

ALBSYRKENVENSLE

BLRETHPERROUIRNSLE

LCANER

COD

LVAATG

BLRVENZWEVENZWEKAZZWECHLCODIRNTTOKENMYSBDICMRJAMCODIRQCODSDNZWEPHLTKMPHLMNGCOGSDNATGBDINGANER

URYCODTHAZMBOMNZMBSYR

MWIIRNCAFSENURYGNBARGZWEMRTCODSDNCMRGABSLE

CMR

URYARGNER

GEO

SDNMNG

ETHCHN

SLEVENMARGRCZMBVCTGHASYRCRIZWESGPMEXMOZ

CAFISL

TGO

MRTMWI

SDN

CHNSDNCAF

MDG

JAMCAFINDGNQTURTCDZWEBGRMLIMWICHNSLE

KAZARGGHADJI

FJIMDALBRRWAGRDBHSROUPRTMOZMOZCHLMWIMDAKAZ

LCASENCOGTTO

CAF

ARGCOGECUMDGROULUXGHA

HKGSYR

KORCODSURDOMMLIGRCMRTATGJAMRUS

NGA

SWZCOD

GNB

KGZ

NGATCDARGSUR

TGO

GHAJAMOMN

TCD

LBR

CAF

GNQ

CODPER

FJIFJI

CAFJORBWADJIETHVENZMBGMBZWEESTBRABENSYRTCDSLVBDIBDITGONERMDG

BLRCOM

GAB

TGOCOLCOMBENARGTHA

COG

ZMBBGR

IRNSENSLV

ALB

OMN

BGRFJIUGAGHA

GMBRUSFIN

MDGNER

INDDOMMEXSVNSGPJORMLITTOTTO

GHA

BGRPOLMRTKNAARGSURDJI

MDG

COM

ETHCAFMARTCD

ETHFJIRUSLAO

SENGNQ

NGADJI

MRT

COGCODLBRPRY

SENTCDCOM

TCD

ZWEIDNTUR

ARMCOD

BGD

GABLBR

COG

SURNER

ATGTCDTGOZWEBDIMWIUZBCOD

TTOLBRMWI

COD

CHNSUR

BRB

HNDBENLBNIRLMKD

CAF

MRT

BHS

RUS

BDI

URYARGBEN

TGO

CMR

TGOMRTKNAARGLCAVCTRUSBENBOLZMBVENVCTMNGURYSYRARGGMBPAN

UKRFINIRQ

CMR

CRIGHAISLZMBNERFJIJPN

TTOBOLSURBHSNERZWE

RWASLETGOCRITUNARGMLIHRV

CMR

BRAGABINDDJI

GAB

MLIMRTLBRZMB

NERJPN

BDI

TCDGMBTURJAMMWIHNDTGOFJI

GAB

GMBGNQ

NPLCODNERMEXCHLOMN

MRT

BEN

GMB

TCD

BHS

CMR

SEN

NGA

TURHND

NGACOMMKDVENTGOBLZLCA

MDA

BDIJAMGTMURYGRDNPLSLERWAMDGVENZWEBOLLAOSENBHS

SEN

LCAGNQJAM

RWA

SGPGBRNPLBOLZMBTCDBFASGPKENOMNCODGRDBDIMLISENNER

BFA

MLIMRT

CAF

ALBCAFMRT

CMR

PANBHS

LBR

MWILUXCOGGMBVENLVADOMMDGBDINZLCODMRTMLITGOPRY

NER

NER

OMN

IRNARGLCABDIIRQECU

IRQ

JAMMARPRYKNA

URY

MLI

MLI

FJINPLISLCAFHUN

SDN

BRACODBLZ

BEN

MARGINGABKGZTGOIRL

MRT

ARGBRBDOM

GNBCOGBRBNZLZMBTGOMDGROUPAKLUXLKAURYMRT

OMN

BRBMWIGNQGNBMYSZAF

GABMDGCOMBOLOMNBENBFA

BLZKENZMBETHFJIBHSCHLMARNERLVAPERFJIBDITCDDOM

BDI

LUXZMBJAMIRQ

KENMEXARGLCATCDNPL

SENTGOJAMPRYISLMDA

JAMTURMWINERALBCRI

NPL

COD

MRT

BGRLBNKORURY

SYRGTMBOL

ZMBVENZMBGNBPHLCZEPERCAFUGA

LBR

MOZTUN

NGA

ZMBCHLUZBBHSSWEIDNFINTURHRVGRD

IRQ

SENMNE

ZAFITAKENJPNPANHRV

COD

TGOKGZGRCTUNSDNARG

TCD

CAFITAZMBUSACOMNERETHBRARWAGABNERUGADMAINDTCD

BHS

BFASURDNKSURGTM

BFA

GINZMBCODSVKURYTCD

OMN

GINSLEALBRWAGNBBLZDMAVENECUROUDNKVENDNKSWEPERJPNINDIRNJAMNERKENMRTLBNMWIRWAISL

TCD

SEN

CHLHUNDOMZAFISLGNQZWEPERJORMDGIRQTCDMRTZAFDEUCOMBRBLBNVENMEXSLECODTGOTGOCANBRA

VEN

GHAGHADNKBDIBFA

VENSWESWZCOGLBRAUSPRYGRCCZEMDGGNBBHSGBRSURUZBBRBPRTPRYLBNECUNGAGMBHNDYEMLBRCODLBNJPNUSAGHAGTMSWZ

BENZMBIND

KENBOLMRTGMBFINITAPERZAFPRTSURKNACMRMWI

GNBGRDDJIJAMCHLZAFJAMIRLIRNZAFNAMKEN

NPLHUNZWESLE

GBRTCDPRYBRBBLZZWETTOSENGTMSENHNDLBRPRYNGASURCMRHNDCAFYEMGMBUSALBRMRTDEUFJIECUTUNMNG

COG

GMBMEXATG

BHS

BLZBENMOZEGY

CMR

ITAGABNERVENGMBBOLMLI

GNQ

JAMPRYBFA

EGYIDNURYSYRCAFITAZWECOGVEN

BLZFJICAFGRCGMB

SDN

MLIRWAHKGMDGTTOECUBFAVENJAMMYS

ZWEUZBBFAETHZAFCAFNORCOG

BEN

EGYCANBGRZAFOMNGBRNORMWIZAFGMBBFACMRGINBOLFJITTOCMRUKRMDVHNDJORARGNORECUHUNSTPISLSLVBWASDNCAFGTMDJI

NPL

NGAIDN

TJKCAFOMN

URYMWIDEUBRBGRCLBN

JAM

ITASLVHNDINDGNBGRDCHENERPAN

CAF

BENYEMBENCODPRTEGYESPBWAPAN

HNDBENJAM

SYR

PRTPRTVEN

FJIMDAMLIBELNPLROUGTMBDIMLI

HNDNZL

SLEMRTNERKENESPLUXPAKURYSWENZLBRAECU

COMSLENGAMYSCOGTTOBOLCHENLDTURJORCMR

TGO

ETH

SUR

PHLSLV

STPDEUCMRMEXMDGAZE

BDIGRCNLDMEXMUSTURPRTMDG

BWAISLTURBRAMKD

KGZ

BFARWAMDGIRNMKDBRBKENTGOJPNGNBLBRESPKORCHLPRYCOMIRQ

BOLVENAUSFRAMDGPERSLECANTURNLDMDGBRBBDISENCMRDEURWADJINAMNZLURYHKGPANNORLCA

MDGZWE

TTOAUSPHLPERFRATGOFRABFA

BHS

KNAGHAMOZPERIRLBGDLUX

ISL

HNDMRTISLGBRMARITAGINBHSCRIECUTZASENNORCOLUSABRAESPDNKMARCANESP

BFAPAKAUTESTSLVCOGCOLDNKCRILKA

SWZ

TTOFRACANMEXLUXLTUTKMCOMCOMNLDMEX

TCD

PRYBLZAUSGINIDNFJI

BELIRNZWECHLGBRGBRSDNPERITANERMARFRASWEBFAGNQSWZBRB

CAFBELCANIDNAUTGTMGBRMDGCHETZACRI

GNB

NGABFABRASLVPRT

COG

ISLIRQTCDNLDCRITGOCRIMDGTTOUSASYRKAZZMBBRASYRJPNNLDZWECHEMWI

BDI

BDICOLJPNGTMMNGTUNCANTCDTCDHKG

NERNORCANIRQDMAJPNFJIDOMCOMAUTLKA

JPNVEN

TZAROU

LKAGHACAFJAMNPLESPCOMKGZBDISURFRASLESVKMKDJPN

BDI

NEROMNRWAGBRUGAARG

ZMBBENCOMMDG

GBRCPVSWZMARCHNCANIRNGBR

PAN

LBRRUS

FJI

SWZBLZBFANZLDNK

NAMUSANGABRAFRABRABOLLBRHKGBGDNZLISLSWZCZEDNKMWILUXCOM

COD

ESPBLZBDI

TTODNKSWZESPNER

FINISLNAM

OMNMEXSURJORGRCDNKZAFSYRVEN

DMABWACOGMDG

TUR

MDG

DNKMWI

ZMB

ARGEGYPHLPHLMARJAMIRQ

SLE

ZAFFJIIRLTURBGRNZLCOGTCDBLZPANBHSNZL

NGA

NZLVENURYAUTCOMHKGDEUFRAURYPRTMDGITACAFCAFHNDCMRMLIEGY

BDI

NERSWESENDEUPHLECUGIN

NAMGRDBLZCAFBGRBELLUXFINITAMWITGO

GAB

AUS

MRT

BRBVCTPRYTURSWEEGYDJICODBENSENKNANGAGRD

GTM

LKA

SYRBOLURYCANCHEDOM

GAB

CODUSA

MDA

DJIECUSWZDOMGMBCAFAUTNPL

MDGFJIMEXBIHAUSSWEECUAUS

MDG

MDGPER

MDG

NER

SLE

NPL

NORMARMYSBELAUSPER

KEN

JPNTTOLUXSVNPAKBEL

PAN

VENBOLCPVGBRIRQ

GABUSAIDNGRC

GAB

JPNCMRGRDFJIPRYSURBOLJAMIRNMDG

SLESENYEM

JORGTMBLZLKADMAMEXDMANZLIRL

SLE

ZAFDMAMEXSURUSASENKENVENUSAGHALUXESPNLDHUNGINSLVAUTUSADNKCMRCOMGMBMDGMNGLUXKENSENPRY

NPLGTMSLEHNDNPLITADNKCHLVCTFRAISL

MRT

COLSYRSRBSWZRWABRABENSGPBENZMBPANBLZLKA

GABGBRGINMEXPAKPHLYEMZAFSENKENCMRPERINDBELAUTTURLUXPRYGNBBOLLBNUSAFRABELCOLSWECHENLDPRTBRACOMPANSLVGTMCHNCHLIRLSLV

TGO

GNQSLE

BENCRIDJIGTM

FJINORCOGCMRDMA

KEN

MLICODSLVSWZNPLBOLZMBBLZSLVSDNJAMMARMDGPRTBRALUXAUSCMRGHAAUTCHEBGDMYSHUNBHSMLIBRALUXBLZGHAIRN

ECU

ECU

DOMMRTGTMBENCOLKAZNPLSLE

TTO

DNKMDGTHAEGYCHEBELITATCDMWIMEXSTPLBRNLD

FJI

FJIBELJAMZWEDNKIRQURYTUNAUSGMB

IRNVENSENCHESLVMEXCPV

NPL

KEN

HNDPRYURYGRCDNK

URY

BHSSLEURY

BFAFJIDNKNZLMOZKNAFRAKNAPAK

NPL

COMUKRBDICHE

GHAGRCFJIPAKKENSWZSVKMRTESPTCDPAN

LBN

GAB

ETHJOREGYHKGKENNGACHECAFSYRBELBDIOMNBGRESP

SDN

BRBLKA

TTO

GRCINDGRDITA

KEN

COGGHACOD

SWZ

ATGGINZWEAUTSDNPRT

TTOBOLMDACANYEMVCTIRNGRCHNDKENCAFGRC

ECU

GMBSWEBDINLDTUNGMBZAFHKGCAFZWELBRGBRBFAUGAAUSPAN

BDISUR

SGPBELMDGGNBDEUBRALCARWAITAAUSHKGMLIGTMMWIGTM

BTN

PRTCANZAFAUTGNBCODPERSLVGNBSURPANNORSENZMBLKACANMYSUSASWEHNDALBEGYCRITUNSWZNZLMARDJIISLSLVFRAMDGZAFFIN

SYR

CODZAFSLVBOLSENTGOJAMSENPANNLDTCDSEN

NPLPERCHESWEZMBBGDVCTNAMNZLEGYBENHND

MOZ

TZABIHECU

NAMGHACHESWEOMNBOLGTMSENNZL

BOL

GNBZMBPAKUSALKACHE

GRCKGZGHAGTMNAMLCADOM

ZAFESPCODBFA

NPLCHLAUTGTMAUS

NPL

SYRDJIZAFETHSLETURNORNLDMYSGRDSLVDEUAUSPRYPHLCOLBRAHNDURYHKGAUTAUSSWEZAFZAFSWEAUSBLZMRTGMBAUTINDTUNBHSCHETZAVENBFA

AUTSRBFINECUNPLTURBOLGTMGBRLUXTUNNOR

DNKYEMGMBBHSNOR

DNK

SWEJPNPHLSWEGINPERMEXLUXBOLGBRCRIHNDSLEDEUGMBATGMRTINDGBRUSAFINPRYCMRMEXJORUSAGINVCTNLDAUSBELDNK

BFAYEMAUSMUS

CMR

ARGGBRZAFSWZHKGGEOHNDECULBRMEXMKDGMBSLVVNMIRN

TZA

ESPNPL

PRTDMASLVPERPAKJORCMRGTMKEN

SLEGINBGDJPNTHAUGACOLGINNAM

NERZAFJAMSLVIDNAUSAUTNGA

PRYPOL

SLE

SLEJORBOLGINECUHKGCHLCANPERGRCZWEGHACHE

MDG

COG

SWZ

VCTKEN

AUTINDHNDECUNORCODJORCAFDJITURFINKEN

PHLCHEEGYCOMTUNCRIMNGLCABELMKDMARBOLSWZKAZMEXMDGESPESPPRTLUXIRLKHMRWA

EGY

BDI

GBRMDAJAMFRAESPUSAHKGSWECHLVEN

CODMARTZAURYECUCRIBHSNLDMDGFINTHAVCTAUTMDGSWEBLZLUXPHLDEUUSABGDISLZAFNLDJPNECUPAKGNBBENTUNCZESEN

NPLFRAECU

PRY

SWZISLBENSTPNPLBOL

LBRGBR

GAB

IRNCANCANGBRPAKBDI

MRTPAN

BENKHMMDGGABIRQCOLYEMOMNZAFMNGUGAHRVNPL

ZAFITACOLCAN

FJI

NORTKMDMAYEMMNGMWICOGCHEGTM

SWZ

BFANLDMWIRWASEN

RWALKAHUNFINTURAUSZMB

NAMDOMCMRCZEPERAUSTTOSLVLUXUSACAFPHLURYFINBELSYR

COG

PHLNGAMUSMWISWZNLDDJIFINARGBOLPAK

MDA

GMBTGOPRTLKAGNQ

BENFINTGOPRTYEMBRAFJIIDNDEUCZELBRCANBFACOLESP

FJI

BWANLDPHLBENZAFSWZTZAHRVMYSINDMEXPERBRBFINPOLNGANOREGYPAKECUUGAITAMLIDNKBOLPHLCANIRNZAFLKABRB

MNE

DNKSLVNZLZAFVCTSLVFINDMA

THATTOBGDSENARMPHLFRA

GHA

KENCRICRIPERMARAUSBENVCTGHACODDEUDJIDNKITAYEMIDNNGACRIECUNORCOLJORBDISVNSLEUSACMRGEOIRLIRQURYURYPRYBOLARGKORGHAMLIESPIRL

BHS

ZAFMUSUKRFRAMRTITARWAGNBURYCOGZWENAMCAN

FJI

HNDPAKITADJIPHLBRAKENNGA

GAB

EGYAUSBELCRIHNDMKDMLIROU

BGR

PHLSLVTTOJPNAUSZAFNERJPNGRCHUN

ECU

AUTUGADNK

THA

SDNGNQMYSCHLGABCHESWEKAZNORCHETTOUZBLBRCMRMEXPHLCANDJITKMNLDUSA

ECU

CRIBGDRWAUSASWEBLRITAFIN

CPVCOG

NLDVCTGTMDNKBENJAMSWECHEZWEUSAUSAMRTVEN

SLVCAFNORNERBHSBDICHLCMRESPTGO

SURVENHUNGINSTPSENATGCHLALBGHAPHLCMRCOM

BEN

BGDMKDZAFVNMBDI

LKACOG

PRYUZBIDNLBRCOLGBRMLICANBELCOLTURGRCJAMGTMGTMPHLBRBPANMRT

COD

PAKPRT

CAFBTNGTMGBRNLD

KEN

GTMNZLFINZWELBR

NER

GHABRASWENORBHSHKGITABGDZAFCAFCANGRDGRCBENCAFCAFDOMURYFRABGDFRABRA

TTO

TURTZAFINSDNURYISLCZECANMRTKORTUNHNDBELCRIGTMTUNTUNMWIINDPRTPOLMUSPHLDEUATGGHASDNCHLVEN

INDGINCOL

EGYFINNZLCOLNORNLDKENTZAEST

GMBTHAMARNPLMDGHND

COGSLVBFADNKLVA

SWZ

CPVBFAIRL

JOR

GINGTMCOLBOLHNDCOLURYGAB

TGOMRTARG

BEN

GINCANMARZMBPANDEUATGCOGEGYNGABRALBRGHACHLNLDGHA

FINGBRIRL

HND

HNDBRBESPAUTDEUNPLZAFNLDNZLCPVCMRCOLAUSVCTTKMBFARWAKENKENNLDCOLDMABHSDOM

OMN

LCAGINYEMEGYLBR

MUS

BTN

PHL

GHA

IDNINDPHLMYSSWEATGZAF

GNBKORKENHUNFRAKORMDGTCDTHASGPCANSWEMUS

MLI

HNDGMBSWEMNGFRACHLJAMBELCANARG

BWA

KNANORIRLGRCECUDOM

YEM

PAKKORSVNCMRFRAGRCCMRHND

ITACOLPANCOLNGAGBRRWAMEXBENMEXIRNBGDFINCHEBTNUKRPRTCAFLUX

BTN

GNBDNKLUXCZEPERTZALKATGOJPNKORBLZHNDVENEGYGRDBGDESPGTMGINUGABWAMWICHLSLVGRC

SWZBELGBR

BDI

SYRTZAMYSNORSVN

NGA

DNKHRVECUBELBRABDICOGMLIGTMLUXPHLECUTGOPRYUSACHLCANMARGTMMUSDNKPAN

ZMB

BELDOM

GMBCOMJAMGMBBLZGRCMDAGMBBGDCOLSENCHLMNG

NGA

MNGLCA

HNDSURKORSENHND

URY

ZAFNLDFINKNAPRTPHLZMBUSABRBBELFIN

SWEUGASGPNERECUFRACOL

UGABELLBRGHAMEXPHLHRVITAINDAUTSWZDMA

KGZ

GNQCAF

LBRMOZTUN

SEN

MARUSAIDNPHLGBRBENIND

EGYISL

FJINZLZAFCOLLAOAUTLAOMRTSLVHUNFRALUXPRT

ECUMKD

GAB

NLDIDN

BFA

COLCANGHATHACOLGNBMOZTTOPERFJIEGYTJKECUZAFPERATGINDNLDNORHNDMKD

ARM

INDFRABOLPANZMBSVNSYRPOLNERTTOCPVPRYOMNITAIRNMYSCODBGDVCTGRDSLVSENMARSLEPHLKENBRABTNNZLGTMBENTJKBRBBLZSURKENCRI

GAB

EGYESPMWISLVISLCZENPLKNANORKAZGTMSWEAUTHKGMYSGBRZMBAUTMUSGNBNLDZAFBWANGAKHMCRILBRTZACZEHNDECU

FINCMRBTN

VNM

THA

PRY

MLIJPNSVKPHLKORNGA

DOMAUSCOLCHLLCAAUTSURGBRLKAGHA

MDG

TURETHCOLCHLBRAGBRBRBTURETHKENAUSJPNTURECUBELSLECANSLECOGEGYBELESPNLD

VCT

SVN

BFA

CHEIRLTGOPRYMNGCANNLDSLEDNKIDNIDNNAMDNKTHABRAPHLDMADNKAUT

KHMISLCOD

TCD

BLZ

TZATUN

COG

GBRFINITAPAKNZLFRAECUAUTBIHTHAKENGINGBRGTM

BRBETHGMBNORNZL

MKD

ROUBFA

CPV

MUSGNBGHAHRVCHEPANLUXBENHNDVCTITAESPHNDCOGPER

GNB

GRCMYSJPNPHLMUSSWEEGYRWAMARCODPAKBELCRIFRAAUTGNBOMNLAOMYSSVNBENSLEVENRWADOMBRBCAFZAFBRAZWEBGDPRYPHLBRBNORFINCODHKGCMRTHATZANLDRWATHAITANLD

LBRPAKMWIESPGHAIDNUZBKEN

NPLCHEPAKGBRBRAPANBRAISLBELUSADNKHUNSVNSLVDOMGHAPRTAUSGMBMKDCHLFRAESPGBRDOMJAMSWECAFCOLPRYTUNGRDSLVVNMBDI

SGP

AUSGRCSWEZMB

LCALBN

SWZ

PHLGABTUNHRVSWEMEXPERGTM

BFA

PAKDEUHKGMLIBGDLKATCDAUSBGDCAFITAUGAESPUSAARGGRCIDNECU

BTN

LCAGTMDNKTURCODNLDMARTGOPHLGHAIRLMRTIRLJPNAUSGBRHNDUZBGNBBDICOLPRY

ATGAUTLTUFRAUSA

BGD

LUXMARCOLDOMOMNUZB

JAMARGECUURYARGNAMJORAUSMWIGTMITACRIJAMYEMSLECOL

ECU

VENBELBENMWIHRVJPNIRQNORCRIDNKTJKCRIDNKJPNLCANPLMLIEGYFRANZLGEONORPAKNAMUSATHABELSDNAUSZMBCZEBOLISLUSALKAPERLUXTUNFRA

GHAAUTPAKOMNNGAUZBMUSCANGINBRBGTMISLLTUCHEKGZKORBENAUSROUMEXKNACANEGYUSASEN

GRCBELCOMBOLIRLISLEGYNORIRQGMBBOLPRYJORSVNCOLGMBUSAAZELKAFRA

BTN

GHABFA

SLEJAM

LBRCRIAZEBOLSLVNLDARG

FJI

BGDMEXFINCRIZMBSLVCHLBWABIHCRI

KENTURMWIHNDLBNPRY

TTO

BHSSWEBENCAFBRASWEHKGGBRSWZGBRJAMDOMAUTMKDBIHKENGMB

TCDRWA

SDNMEXESPTTONZLGMBKEN

SWZ

MNGPHLPRTARGPANTZAMUSINDUGAVENITAGRDBGRAUTAUSBELTGOCANFRAMEXMYSMYSNOR

COMZMB

GTMFRATJKPOLFJIBOLCAN

LAONPLCOLSLV

NORSTP

ZMB

IDNTURINDIND

KNA

DMAPRTPER

ETH

NLDOMNCZEFRAGRDPOLEGYCOLECUGBRMKD

CPV

SDNNGASDNITACANDNKUSA

NPL

MLISDNMDGLKASENLVAESP

SGPBGDECUFRAMWILUXMLINLDGRCHRVLUXMUSTKMBELCHEISLTUN

COG

VEN

NPL

PHLBENATGFINPRTISLCOLZAFAUSGRDJAMNGAMOZPOLCZETHAFRA

TTO

IDNNZLNGA

GMBMDG

ARGLUXMEXGBRBGDCODSYRTUNAUSCANLAOBGDAUTNZLBOLAUTVNMNERBRB

SLE

BFA

BRB

CAFMDVUZBSURISLIRQGTMBELCANBDINPLNPLLUXBGRCANVNMZAFESP

RWA

NAMSVNMDVGRCBIHGEOPAKATGGHAAUTDEUSWELUXKAZNERBGDCMRSVKHUNMEXPERCHNHNDSWEVCTUSAISLCOLTURDOMAUSAUTLBNCOLGNBALBMLIKOR

ATG

DMAMEXMEXDNKATGDOMLKALKA

BGDALBMRTSYRJORKNATTOITAALBMOZ

YEMJORJPNCRILAOLKABTN

SGPPANCMR

ZWEBEL

MOZ

CPVSGPGRCTHAMEXTGOBELTUNFJICHLITARWA

IDNCANCHECRIPRYBELIRNURYSVNSWEPANKGZFINAUSTHAAUSJORNAMLBRSWELAOECULKALKABLZSWZLCADOMMKDIRNCMRPHLJOR

DMA

FRAUZB

LAO

ALB

GHANPLJORPER

KHM

IDNTUNKORSWEBTNBRA

VENTJKTUN

KNA

BENPANISLLTUBENGABTZABLRLKAHUNTKMAUTBLZ

GRCDMAGBRVNM

TKMGINGRCNOR

MRT

DNKPHLGBRTURGMBNORFRARUSTUNBELUSAARGITASURFINCOGLKAGNBPOLMUSUSAVNM

BOLNORCHNIRLITA

BTN

IRNGAB

SGPSLEIND

GAB

BENIRQPANSRBFRA

CAF

TGO

EGY

SGP

NAMCOMUKRCPVSWEBELESPPHLPANCZE

SENIRLHUNFRATTOLUXZMBMYSEGYNORBFADOMKHMSWEPERIDNMOZMKDBGRNOR

URYSVNVEN

BOL

SEN

KORBEL

TZA

BGDUSADNKSENHNDJORARMMDGNERBHS

THAHNDITAISL

GHATTO

BHSSENZAFMRTMYSHKGCODBTNIRLTUNGMB

SLE

BDI

PERCOL

AUSPOLTURMWIJPNOMNAUTUZBTCDMLISVNINDZWEMLIAUTPAN

BFAPRYSDNBWAISLAUS

SDN

SYRESPUSAZAFNPLCRIBWAMNGNER

SYR

MEXSVKARGFINSWZESPVENGEO

CODHNDMNGBRACAFATGMWIBELTURMARFINCODIDNIRLUSACOLJPNSENOMNPRTTHA

INDURYECUFRAAUSGABCHLCHNHKGBELPHLHUNJPNPAK

TTO

NLDSURPHLCRIBFAMAR

DOM

CHL

SWZ

DMATTOEGYESPESPCRITHAGTMINDMYSJPNSVKPAKBELFRALAODNKITAPERVCTBWA

ECU

CHEMYSFRALCAITABGDKNANORBFAGBRISLTGOTZAPRTBGRINDTUNCZEPAKNPLBELJORNERGRCMDG

BRB

ZWEBHSFINITATUNCHLBRB

MEXAUTSTPFIN

MNG

LUXTGOIDNESTTURBOLSGPLBNLKAKORDNKCANCPVGTMBGDUSA

GRD

FRAMYSSURNORBLRSURFJIEGYVENBGD

VCT

NPLBFAVNMRWAUSAJPN

BDI

MNGROUMARCOLCRISWEUZBSVKFRACOGNOR

LCAMRTTHABWAKORFIN

NGA

ZAFJORDOMFJIUSAKNA

SENDJIMYSCPVBELMARAUSGRDSVKTJKALBNERIDNBHSDOMCANAUTIDNBGRRWAJAMBFAIDNBEN

COG

CANTUNMNGECUBGDLKAMWITHAMDVGEOVNM

FJI

KENCANGTMNLDZWE

SDN

TUR

TTO

AUSGMBEGYIRLZMBUGABWAURYAUTGTM

MOZCOLEGYKENNLDPANHKGMWIMARPRTMUSKEN

PRTKGZ

LCAESPPAK

SGP

NLDUSAALBVNMLKAAUSPERBRALKAIRLBGRSWEKGZ

NPL

IRLITARWAGTMBRBSTPLAOPHLLKA

GAB

CMR

LAOCOG

BIHSWENLDTUNBRAHUNLTUGRCPAKJAM

BELMEXUGA

SWEAUTCODCOGRWANLDJORBGD

SLVESPSGPINDESPPRTIRN

LSO

CRIFRARWABGDBGRARGPRYLKAMNGBOLVENSWEFRADOMNLDLCACOLCRIISLPOLVCTPRTIDNEGYGBRJPNFINHKGBDICANSLVPOLIRN

SGP

LAOIRLINDCHLUSAMYSCOGPHLMLILAOBGRAUTPRTCOLAUTSLEITAINDLUXVENMDAFRABGRTURCZEZMBPAN

SYR

TZAESPTHALKAVCTBELBGRGRCMOZSVK

GHA

ALBCANINDTURSLENLD

ALB

MRTBOLNZLSGPFINDOMITANGASDNCANURYPRTZMBSVKIRNDEUSDNDOMALBSYRMUSATGCPVCRINGA

BTNPRY

LKA

TTONORSWEISLPRTAUTIRNCHECHNLKADNKRUSLAOTUNVNMPOLEGY

GAB

IRNNERUGAPANBOLTTO

MEXPERVNMBRAVENPERGRDVNMMKDSWERUSKHM

ECU

LAONGAGBRPOLSDNIRNCRI

SEN

ESPCHLTHAKNA

BWA

SLENZLHUN

SLE

PRTTUNPHLMLISDNDNKTZAGNBNPLPAKTHATUN

SLE

JPNITAAUS

FJIVNMARGPRYPERTUN

THA

GAB

SENPER

NLDLBRTTOGHABFAMNGISLECUMARPAKPRTISLKORBFABFALTUKENIRLOMNIDNHNDBIH

SLVHKGNPLMWIGNB

UZB

ITAJORNLDBIHFRABWAOMNMUSTUREGYISLVCTMYSCRITGOIRQAUTUGAPRYITABFAPOLGRDESPNORLAOCOMMEXYEMBWARUSMRTEST

TGO

PRTGRCNZLLKAAUT

TUNLAOLUXNLD

FINZAF

CRIVNMBWA

SLE

BWAIRLMYSZWEHKGPHLSVKJPNCOGEGYKHMSDNLBNCRILKA

TTO

SGP

CAFIDNSLEHNDCRIARGIDNBFAMUSGBRMARMEXCOLSLVBRATCDNZLGHAUGABGDLUXCAFGRCCANPOLNORSLE

GEO

UGAAUTSVKMWINPLDNKMUSKGZUSAFINTCDSVKSWEHRVVENBELMYSHKGSRBMUSLCALUXMOZ

ZMB

OMNARGCOLKNAMEXISLIRNNERGNBRUSIRLINDBENYEM

SVNTHA

COG

BLRTHABGRINDFINJPNARGCPVKAZEST

BLZBEN

GNBCRIMLIFRAHRVKENBIHZWESYRBGRBLZLKAGRCBRBINDFJIIDNMOZTJK

NGA

TURTGODNK

BOLLKA

PAKIRQ

DOMMYSUKRDOMKAZ

GEOUGANORKORGBRNPLTUR

SLE

BDIUGAVCTTHAITACZECOGSDNISLVNMTURPRYCANBOLSDNLBRHKGGRCINDCMR

SGPRWAMWI

BHSNLDNER

GTMMUSATG

USACHLMYSBLRBELSYR

BWA

RUSPRT

IRQTJKZAFPAKLUXAUSTTOSYRIRLNORBGDPRYLVATURMOZBOLTUNPRYMEXGHABGDMLIVNMTGO

GAB

IRLBHSBTNHNDSLVCODPHLCHLHUNTURPERLUXPANTURGTMURYIRNPANINDZAFSTPARGBTNKGZDMAUZBISLAUSAUTNERPANLBRARMSURDOMGRCSGPCHN

ETH

CHLGRCJORDNKETHLAOISLRWABWAESPZWETJKPRYSVKESTKENPAKURYYEM

BEN

URYMLITTOISLCPVNORTTOBLRUGA

MYSLCABDIJPNESPLUXMDAINDSGPRWABGRAUTPRY

VENJPNPANRWAMNGMYSGBRDMAVENGNBKGZFINKNAMUSTGOESP

OMN

LAO

MNGNORKENBGRITABFABRAHRVTCD

ARM

IDNBOLUGAROUSYRRUSCRIBWAGABBELUKRINDDOMKHMBRAROU

SGP

FINSUR

COGSVKCOGZWELBRGABAUSTUNLKAHNDTHALKAJORALBSWETKMPERATGBGRINDSTPESPCOLBENBRAARGFINSYRUKRBRAKHMBFAMYS

SDN

OMNMDA

GABPRY

PERURYGEOINDROUNAMVENBGRZAFNERESPGRDISLMYSTUNMRTBHSNORFIN

MEXTJKPAKBTNSGPVCTKENINDSWZ

JPNLKACMRURY

SYRROUPHLBLZJPNKHMATGGBRRUSTHA

PANUGABLZ

FJI

LAOHKGLKATHAKNAKAZINDUKRMYSMYSCPVGMB

MEXDOMPOLMUSSGPBWAPANLAO

GHA

MOZ

MNE

LSO

VCTPERKHMMNGFINCANDNKMDALBNHKGGRCGHA

GAB

VCTLKABGRSDNCOMBOLMDAMYSITARWANOROMNDMAGBRJORPRTSURJPNVCT

URY

ETHDOM

BHS

LKAATGCRI

VNM

PAN

COG

CZE

SEN

FJILUXHKGTURCHNPANCHNIRNMOZBLZIDN

LTUHKGGRDBLRNORSURARGUSACRICHLPAKDOMVNM

BTN

ROUDMAKORMWINLDBRABWAPERPOLMNGNZLCHN

LSO

SGP

BRA

GAB

BWA

CHLTZAALB

NER

GHA

NERTURTTOJPNIDNTUNSGPMARGRD

VCT

KHMTURGHAATG

MYS

BLZGNQ

CRIGRCTHALKATHA

AZELVATHAGRDHNDISLTUNMRTAZEHNDRUSKHMDMAKORNGAFJIITACHN

URY

IDN

NPL

DOMKGZLUXEST

MDG

RWA

KNABENDOMOMNBOLESPPRTZMBBIHGBRGEONGAMNGCMRMUSMUSGNQIRQCPVBRATCDLKACHNDMATURSGPARMMYSDNKARGCOLGRCMUSMARVCTESTFINCHNISL

MRT

POLKORJAMMARPRYPRTDMACHLMARNPLROUIRNBFAKORKOR

PAN

FIN

SYR

PRTVENPANMUSPAKIRLBGDTUREGYCHNKORGTMKGZARGSURMUSZWEPANLTUKAZNORBFAVNMBLRIDNBLZ

FJIMARMNGKAZJPNLUXSGPKORROUSGPIRLMARNERUSAPRTLUXJPNETH

GMBBGRIDNVCTGRCKNALUX

BHS

HKGIND

BHS

KORKORARGHKGIRNMNGMOZMDAFJIURYMRTINDFINLTUCHLTKMHKGBTNCOGCHLTKM

GAB

ZMBMUSCMRPRYUZBPRTMYSMYSROUMEXHKGIRLMEXMDGBLRRUS

ATG

THACMRLUXTKMIDNIDNETHBFADOMJPNARGSDNCHLBRAGRCPERLVALBNZWEKOR

MUSCPVARGKNATHAINDIDN

CPV

HKGGMBITACOMCAFBTNHNDCAFGRDCHNSLV

JAM

MEX

SGP

CHNLCAVCT

GABMYSLTUCHNTTOBWA

MYSHKGPOLTUN

MYSLTU

SDN

JORCHLSDNLVAJAM

NGA

ESTGNBARGCHLIRQTHAETHEGYCOMHKGSYRPERPRTPAN

NAM

HKGBLZATGNPLCPVDNKKORTHAMOZECUSENMDA

SYRURYSGPTTOCHNBRARWA

GNQ

VCTALBPANMOZCRIINDURYTTOVCTNGATUNMNEMOZBLRPANMEXMARGNBISLCHNCHNIRLLVAJPNDJIIRNIRLBGRETHARMGEOSYRGRCLBNARM

ETH

BGDKORPAN

BWARWA

THAGRCBTNPERTTOALBMARFJISLVBEN

KORMDVGNBBRATURESPTCDVNMLTUAZELVAISLPAKETH

ALBESTDMAIRLUGAINDSVKGAB

IDNEST

NPL

MYSNZLSGPZWEUGAARGTHA

SGP

DOMTTOBLRIRLLVAGRDTUNESTBRA

GAB

NPLFJI

TCD

VCTSGPSVKGRDPRTCHLEGYLAOTCDBRAALBKORINDBWA

TGO

VNMNAMLBNLKACHNKHMHRVTJKIDNHKGSGPCRICHN

NGA

ISLTURIDN

MDV

MRTMNGCHNURY

ATG

LCAMUSMARRWADOMTJKKOREGYKAZIDNESPJAMBTNBWAZWEFJIPRTDMA

COG

IDNKNAUGATURVNMIRNARMMLIBLZGRDBLRRWASWZDMA

KORTHAALBARGJPNURYTURLVACHNCPVTJKTKM

SLVIRNBTNCPVOMN

GEOBLZIDNCHN

MLIPRYPRYKAZAZE

SGPBTNURYAZEMYS

JPNIRLETHBLRHKGKORIRLCHL

BTNVNMCHNCHNBWABFACHLMUSBWAKORKORFJICHNBDIJPN

SGPMOZMYSPRYAZEKORTCDOMNRUSKHMBLZMWIBDILTUROU

ALBGRCATGSYRZWE

KNAIRLTCDHKGUKRKNA

ATG

THA

SGPBLRMYSECUSGPKAZSGPBFAGABKHMUKRBLRLAOMARGRDVNMLUXSYRLCABIHLVAIRNKNAMOZTTOARMKORKORAZELUXCHNZWEPRYUKRARMIDNEGYCMRKORLVADOMMLITGOCHNGMBSURLUXBWASWZSURCHN

SGP

TKMAZECPVCHLDOMDMASGPATGTHACPVHKGPANTHAIRN

SGPNERBGR

ATG

GRCKORKORGEOMYS

VENKORSWZMWIETHBDI

SGP

CPVJPNGNQMWIDOMIRNFJIOMNMARSWZIRNUZBZMBSGPMAR

BTN

GNQ

CHNHKGEGYEGYMWI

TCD

THACHNESPIRQESTTGO

SWZARMLTU

GMB

CHNGEOECU

CMR

PRY

NGA

PRTGRDBLZTHANGAIRNETHFJIPRTKENINDRWAALB

TGOSGP

MLICPVBRAGNBBWA

MDVISLBWAAZEJAMBDIKOR

BHS

ARM

SDN

KNACPVKORBLZCHN

GNQKORTGOBTN

ATG

THAGEOTCDCPVZWE

TCD

BLZJPNIRNBTNIRQ

MRTRWASGPKEN

SDN

TTO

CHN

IRQ

VCT

GEO

GRDMRT

ARGMWIARMOMNSWZMLIBLZZMBSWZSYRMAROMNCHLETHLAO

LBN

DMA

TGO

BWAHKGMWIBHS

DOMALBKOR

SGP

CHNSYRTKMVCTBTNCHNDOMPERHKGMRTIRNIRQVEN

KAZTTOIRNLCAKOR

ARM

GABOMNIRNMDVCHNALBGNQ

SDN

ARM

ALB

BLZARG

GNQ

CHNOMN

CHN

RWA

IRQTUNCHNCHNDMAATGLBRCHN

CMR

JAMMOZ

TKM

TGO

COGJORCOGCHNMWIBWA

GNQ

IRQ

JOR

GNQ

TCD

BIHJORZWEGNB

BDI

SYRKEN

BWA

COD

IRQJORSWZ

CMR

GABCPVMLI

NGA

SYR

SYRTCDSYR

NGA

GNQ

AZE

OMN

SLEIRNLBRMOZLBR

GNQ

MRT

IRQ

LCALCAVCTAZE

COG

BIHBHS

BTN

TCDLBNNGAAZEIRQ

GNQ

GABIRQIRQGNQ

BIH

GABRWALBNIRQ

IRQ

GNQ

GNQ

BIH

LBR

GNQ

-4-2

02

4Ln

(Tot

al E

mis

sion

s)

-1 -.5 0 .5 1Ln(Output per Capita)

coef = .54687808, (robust) se = .08177271, t = 6.69

Residuals on ResidualsTotal Emissions and GDP Per Capita

RWARWA

RWA

RWABIH

GHA

ARM

ARMBTN

LBRLBR

ATGATG

LBR

GEOATGARM

ATG

BTNATG

GEO

LBRBTN

ATG

GRD

GEO

GRD

CHN

ATGMDAMDAMDAGRD

ARM

LBR

MDALBRKAZ

GEO

ALB

MDAESTKAZ

ATG

BGR

TTO

MDAKAZKNAALBDMADMAGEOKAZDMA

MDA

BGRDMAMDAKNA

BGRBGR

DMAKAZRWA

GEOKNAARM

LVAALBKNAGRDGEOGEODMAMDAKAZBGR

GEOGRDESTKNAATGGEO

ALB

KNA

DMAKNA

PRTMDABGRSURKAZBGRGEOUKR

ATG

UKRBGR

MDA

GEOBTN

LVAHRVSLEFINGRDHRV

SLE

UKRESTPRTLBRBGRKNAALBUKRDMA

SLE

MDA

BTN

BGRBGRMDA

ALB

ARMMDAUKRPRTGEO

ROUDMAPRTUKRLVAESTLTUAUTLTU

LTU

KAZPRTAUTAUTAUTUKRHRVDNKLVABEL

AUT

URYLTUROUBGRHRVROUBGRBELSURDNKMDAMDAUKRLVAAUTPRTDNKGBRBELAUTURYUKRGEO

GBRBELUKRMOZGBRUKRTTOLVABGRBGRGBRURYLTUGBRROUDNKFINRWAROUMDASWEDNKGBRUKRUKRAUTDMAPRT

ATG

PRTGBRSWEGBRUKRDMAAUTGBRLUXESTLUXPRTBELARMSLELVABGRAUTPRT

MOZGBRUKRROULUXBGRLUXIRLBGRLTUBGRBELBEL

ALB

DNKUKRBELSWEDMABGRBGRGBRROUBGRBGRSWELVAIRLBGRBGRBGRDNKPRTLUXLVABELDMADMAPRTGBRAUTBLRBELBELITALTUITAPRTAUTLTUURYIRLESTITAITAROUGEODNKPRTITAFINHRV

DMAUKRITACHESWEBLRBGRGBRLVAGBRHUNIRLBLRDNKUKRSWESURLUXLTUSUR

NZLBELLTUURYNZLLVAROUSWELVASURITALVAARMITAGEO

BIH

LUXSWEFINLUXALBAUTBELLTUSWESWEKNABLRBLRFINAUTSWEGBRDNKBLRBGRBLRLVADNKLUXROUGEOZWESURITADNKITAFINLTUATGBLRGBRBLRSWEBLRBELPRTLTURUSBGRBLRBELFINNORGRCFINBLRGRCGEOBELBLRFINSURITANORESTLVA

TTO

NORBELAUTSRBFJIDNKBELPRTRUSBGRSRBZWEITADNKZWESWEBELAUTRUSURYSWEROULTULUXBLRIRLBLRGRCFIN

DMA

BRBGBRBLRNOR

DMADMARUSBELRUSATGNORNZLRUSIRLRUSRUSNORLUXDNKGRDHUNHUNROUITANORDNKBLRLTURUSGRCDMAFIN

MDA

CHEAUTDMAESPESPHUNESPHRVGBRITABRBGRCKAZDMAROUAUTITANORRUSFRAESPRUSROUAUTFINPRTROUHRVNORHUNESPSWEITAGRCFINHUNCZECZENORESPFRAMOZSUR

ARMGRCFRARUSBELROUBELGRCGRC

AUTHUNFINFINFRAHUNSWE

ZWEESTGRC

LBN

GRDGRCIRLFINCZEBRBGBRGBRRUSOMNDNKBLRROUITAGRCFINITAROUFIN

OMNFRAGBRGRCGRDESPGBRDMAHUNDNKHUNNORHUNNLDDMAGRCFINURYFJI

NLDHUNPOLFRAFINNORITAGBRESPBELGBRBRBBRB

FJI

PRTGRCNLDDMADMAPRTROUESTLBRHUNRUSHUNHUNDNKFINESPHUNIRLSWE

ALB

HUNCZEROUVCTPRTCZEFINGBRVCTHUNLUXNORGBRHRVDNKAUTFINFRAFRA

BFA

HRVNLDJPNNORSWEVCTCHEGRCFRABELPOLITABELITADNKJPNFINURY

BRBHRVBELBELBIHHRVCZEHKGCZEDNKBRBFINVCTCZECZEZWEBRBBFALUXVCTVCTITABIHBELITALUXFINHKGNLDBRBJPNAUTMOZHRVGRCHUNSWESWEURYFRASWEITAHRVHRVJPNGBRPOLITADMAESPDMAPOLBRBBRBNORCZEESTGBRAUTAUTITAPOLBELHRVESPVCTSLEBFAGBRDNKTTORUSNZLAUTNLDDMANORITAEST

BGD

FRABRBPOLAUTITAVCTSWEVCTPOLBIHLUXESTITAEST

SLEBDIITAURYRUSAUTDEUITACHEDEUJPNJPNFINFINGBRITALUXNLDJAMDNKDEUBDIFRAPOLDMAPOLIRLAUTTTODEUIRLISLZWERUSJPNSWEFRANORURYEST

SWEPOLBIHPRTNLD

ARM

JPNNORPRTBELGRCFINCHESURCZEDEUAUTDNKITAITAPOLCHEFINITAAUTALBBFAURYITAVCTURYPOLESPGRCDEUJPNDEUSWEVCTSWEURYURY

JAM

POLPOLITANLDITAFRANLDRUSURY

NORDEUURYCHENORJPNPOLPRTSWETTOSVKFRANORJPNNORITAAUTGRCTTONLDNORJPNBIHFRADNKESTURYDEUVCTSVKNZLBIHNZLDEUFRAFRANORBELPOLTTODNKSWEFRAJPNFRAFRANLDSVKNORVCTDNKJPNNORDEUTZAFINDMATTOBELAUTDNKBIHBELKNA

BFA

VCT

JPNJPNFRASVKAUTFRANZLFRANLDURYJPN

DMA

DNKBDI

VCTSVKBELSWELUXJAMNLDGBRCZEDEUBRBBELVCTDNKESPVCTSVKFINBELDEUNORLUX

HKGJPNPOLUSACHEJPNURYURY

URY

JPNJPNLBRBELSVKSVKSVNNORVCTDEUSRBVCTJPNSWEESPHKGTTODNKGBRDMAVCT

BRB

POLURY

JAMNZLESPGRCESPBFANZLGRDSVNARMESPVCTUSAVCTSVNKAZJPNGRDSWEJPNUSASVKUSANORSRBESPNLD

FJI

GRDESPUSASVNFRAJPNARMNZLGBRPOLBELURYFRAGBRIRLPOLNORSVK

ISL

TTOJPNBRBJPNHKGGBRVCT

URYJPNARMGRCFINDNKVCTURYNORSVKNLDSVKBELGBRJPNNZLBGDJPNESPFINSVNNORFJIISLSWEJPNURYSWEUSAJPNVCTGBRISLSVNSWEFINTTOITAISLVCTSVKJPNSVKGRDKGZESPFRAGRCMNESWEARMVCTOMNJPNSVNFRABRBUSASVK

MNE

GBRJPNNLDARMAUT

VCT

GRCFIN

BRBBRBARMSVNDEUAUTJPNSLEBRBVCTZWEARMFRASVKUSAGRDLUXSWEBRBESPURY

MNE

SVNFRABRB

CPV

PRTAUTNLDCHEBRBLUXSVKBRBMUSPRTBRBESPMUSALBVCTCZEESP

FJI

BFA

BRB

PRTVCTBRBMUSDNKSVNCHEVCTVCTFINOMNNLDFINUSAJAMMNEMUSBIHPRTCANGRDBELURYMKDMWIMKDTTOJAMBRBFRAGBRUSAZWEPRTUSAKGZSVNMKDMKDBDIISLURYMWIISLSVKBRBJPNESPNLDMKDDNKMKDBRBCHEBRBMUSGRDGRD

FJI

PRTFINIRLURYVCTFRASVNUSAVCTESPSWECANESPFINURYARMFRAMKDMKDMUSSWE

BTNPRTGRC

TTOJAMUSALUXUSACHE

URYLUXDNKJPNESPJPNSWEUSASVNDNKSURUSAURYPRTPRTNLDJPNUSAMKDFIN

TTO

FIN

DNK

ESPDNKVCTPRT

DNKKGZ

SVNURYIRLSWEJPNNLDMKDUSAGRCFINGRCGBRMKDPRTDNKESPSVNNLDMKDDNKVCTGRCGRCJPNCANDNKFRAGRDDNKPRTVCTPRTESPLUXAUTFINMKDGRCNZLKGZESPCPVGRDPRTJAM

JAM

ISLBELAUTGRD

MOZ

TTONORVCTNLDESPGRDGRDAUTBFAAUSMKDCANLKACAN

URY

HKGNLDGRDURYSLVPRTJAMNLDLKAAUS

FIN

USAFJIGRCMKDNLDDNKISLAUTDEUGRCITAESPLUX

FJIMKDCANMKDMKDTTO

GABESPPRTSLVESPSLVCAN

CPV

GBRFRADEUCZEAUT

JAM

USASLVTTOTTOSGPAUSJAMNORTTOCHEIRLJPNISLTTONLDGRDFRASLVTTOLUXCANMUS

TTO

JAM

TTO

GRCSWECHEURYPRTISLGRCTTO

GAB

FINGRCURYTTOGRCIRLJAM

URY

GRCAUTPRTUSACANGRCSWETTOURY

ALBALBGRCFJITTOALBTTO

DNKGRCJPNSLVPRT

MUS

KORCANESPNORSLVALBTTOKORPRTGRDNLDHKGAUTGBRBELATGKGZCANPRTFINNLDBFASLVALBLUXSWEHKGNLDBFAVCTJAM

BDI

GRCJPNTTOLUXDNKFJITTOUSAKGZLKAJPNKAZFINSLVISLCHEIRLSGPAUSKORKORFINFRAESPJAMKORBLZDMAHKGLUXNLDALBESPKORALBISLFINAUSCAN

LCA

USAAUTUSANLDSLVGBRDNKKORLKA

NORNORDNKFRAKORDNKNORTTOKORBDIKOR

GAB

GBRAUTNLDNLDNLDUSABLZURY

CHN

ISLBELSWENORNLDNORUSADEUHKGZWESLVKORNORKORNLDKORMRT

KORTHAISLNLDFJIBELURY

SGPNLDNORTTOISLCHECANMUSISLUSAISLKORGRCJAMGBR

MRT

URYKORJAMNORITAGBRCZEITAISLMWIJPNKORURYKORISLURYCHEBELCZEKORCAN

TTOMNGLUXKORBELUSANLDAUTISL

BTN

JAMMUSIRLDEUBELNLDSLVBELSLVNLDCHNURY

TTO

LCAISL

GAB

AUTAUTGRCGBRFRAALBCHNBDIFRACHNSWEAUSURYTHA

SWZPRTHKGITACHNNLDPRTNLDNLDHKGKORCHNBELIRLGRCNLDCZEPRTKNAGBRFRAFRABELNLDFRANLDBGDURYMNGJPNCHEJPNCHN

SLVISLALBURYTHAARGISLCHNLUXFRA

SLV

GBRCZECHNISL

TTO

PRTKORLKAMRTSURJAMUSAJAMALBNZLJPNCPVPRTJAMBLZGRCSLVMNGIRLMUSCHLCHNSWZMNG

TTO

JAMAUSFJICHESLVITAARGPRTCHEAUTNORCHNMRT

CHLHKGGBRJAMMUSITAGRCBLZSGPAUT

MUS

CHECHLOMNHKGMUSTHASLVCHN

CPV

AUSSWEJAMCHESLVMRTBDIFRAITAITAKGZLCANLDCANTHAIRLCHETTOFRAUSAGABNPLGRDCHLSLVKAZMRT

LKA

ITAJAMTHALKACHNCHNKORITACHNJAM

ARG

LKAAUSCHE

GAB

CHESGPMNGNZLTHACAN

SLEJAM

GAB

MUSIRLSLVCHLFRAAZESLEFRASLEISLSLECHNLKA

ARGJAM

MRTFRALKASWZLKAISLARGCHEMNGCHECHNFJICANNPLJAMARG

GAB

ARGCHNAZESLE

SLVLKAAZEHKGLKAZWECHLCANCHNKORARGSLE

THAUSAGRCGRCIRLCHELBRHKGCHLARGKORCANSWEARGISLIRLARGCANTTOAUSIRLLUXTHABIHHKGMUSLKAARGCANLBNCANJAMKORNZLMOZUSAISLCHNARGSWEIRLLUXNORJAMARGKOR

MOZIRL

SWEARGLCAIRLBDIKGZAUSKORLKAMNGHKGKORZAFCHLARGSWELUXJAMCHLSLEHKGARGHKGCHEMUS

LBNLKASLVLKA

SLE

JAMESPLCALBN

LKAJAMAUSBLZKORCANCHNARGARGFJIFJIUSACANCANIDNCANMRTKAZNZLCHLCHLJAMGRDARGSURMRTAUSNPLCANGRC

RWA

LKACHN

TTO

GRCFJIMNGJAMMLICHNBDITTOSLVMUSLKAMUSARGMUSTHASWZ

GAB

KGZ

ARGJAMJAMHKGCHNZWETTOFJICMRCANCANGRDJAMUSAARGMUSARGSGP

ISLLUXISLCMRSLVARGMNGUSACHEMUSARGZAFSGPHKGUSACPVKORTJKUZBKORARGAZE

SLE

ARGARGAUSARG

FJICANCANBLZ

GHAARGUSANPLHKGAZELCAUZBSLEAUSCHNARGJAMBDIBDILUXNZLMUSBRAMUSUSATHATJKARGJAMUSA

NPL

AUSARG

SLE

GRDCPV

TJK

ARGCANKORLKACANCMRHKGCHNCHNMLIISLCPVMLITUNIRLKORARGCHLBRA

BLZAUSTHALBNISL

SGP

LKACHNUSAKOR

CAF

ARGARGBRACHNUSAARGKAZMNGTUNCMRHKGISLUZBNORAUSCHLCHNUZBSLVTUN

MRT

CANTUNGNBAZE

MUS

SGP

LCASURISLCHLSURMLIUSASURSURAUSZAFLCA

GHAAUSCHLTHABRATUNLCA

CMR

ESPAUSISLARGTUNCMRMARCHLTHAISLARGISLARGAUSFJITJKARG

ATG

LKACHLNPLCANHKGARGCHN

SLETTOATG

BDITCDLKAMLITJKTHALCAISL

TCD

TUNMLIBHSCHLMLI

CHL

MNG

NPL

FJI

TCDUSAMUSLKAMUSTUNNZL

GRD

MARLCASLE

LCAJAMGNB

OMN

NZLMARTTOLCAAUSSURUZB

LSO

SLE

USAMNGAZELCAMARNORSLVLKACANSWZUSACHNKORLUXGNB

FJI

NZLAUSBRAMARCANCANISLCHNCANLKALKA

SURCANAUSSURAUSCMRAZEMARCAN

FJI

CANLCAZAFMLILCAARGFJIHKGLKACPVCHLVNMMWIUSATUNISLISLSGP

ZWESLVLKALCALKATKMMUSAUSMUSBHS

AUSMUSARGNZLAUSCAN

SGP

CHL

LSO

CHLOMNUSACANLBN

MARCANTKMUZBBGDCPVMUSTKMNZLTUNCAFSLELCAATG

FJI

LCASLVVNMAUSESPMLI

PERKAZIDNIDNLCACANCAF

PERTHABHS

PERMLITUNAUSVNM

BHS

LSO

IDNUSAARGTJKVNMLKACAF

LKAMLITJKCAFMLI

TJK

ARGLUXIDNKGZAUSIDNSURKGZCANTCDLKACHLARGGNBCHLVNMZAFNZLTKMVNMGHAAUSBHSNORCANNPLPER

BGDUSAVNMFJILKAFJICPVCANSWZSURCHNUZBSGP

VNMUSAARGTUNTTOMARMNGVNMSGP

BGDAZESURTKMCHLKNAVNMMAR

TTO

KHMLBRTHASLEIDNKHMTCDISLVNMCPVVNMAUSFJILBNBHSCAFBRALKACHLPERTKMTHACHNIDNCAFAZEBRAEGYTUNIDNKAZBDICAFNORIRLIDNVNMTUNBLZKHMTKMCHLMARCHLLUXSURMOZCHLAUSGAB

CHLTHAIDNIDNBHSGHAMLIHKGATGKORAUSIRNISLCPVCHNIDN

CHLBGDKNAMUSLCA

CAF

ESPTUNTJKALBPERSLVTHANORMARMARCHLCHLSURALBTJKTUNSLE

FJIBFALCACHNAUSCHLLBNTJK

BDI

ESPTUNMEXKHMBHSUZBTHANZLCAFIRN

NPL

UZBFJIBRATHAKAZAUSTHALKATHAKHMVNMIRNBFAIRNTCDMLIKGZZAFLCABWALCATUNTKMIDNLUXGNBMDGKNASLVBFAUZB

IRNMARTJKNZLLUXCHLSURIRNBRAAUSKAZGTMTHA

NPL

TKM

TCDFJITURATGDJIKNAPER

MLI

BHSAUSCMRLCABHSTJKSURMNGIDNBENLKALUXGTMMLIIRNMEXTURMDGSURGTMMEXLBNSLVIDNKNA

MDGSURMEXUZBHKG

EGY

KNAAZE

BGD

MEXBHSMEXMEXSURCAFBWATUNNZLBRATURMEXTHAIRNNZLKNAMARTGOSLELKABHSKNAIDNMEXKNATUNSURIDNBWAFRAINDBHSIRNATGTKMSLVIDNLKAKNABGDMDG

MUSTURCHLMEXMARMEXKNATJKKNAMARAZEKNA

TGO

LCALCA

TJK

CANKNA

ALB

ISLCHLTCDKGZLUXTKMZAFKORCODBRATHABDIMDGKHMTURLUXBRATKM

CHLPERINDIDNCMRIDNNERSGPESPMLIIDNBHSTURIDNMEXKNAFJIBFAMDGIDNKORGINSGPMLI

NER

KORFJITURLUXKNA

NER

IDNBHS

CHLKGZ

NERSURATGEGYCHLBDIMEXBRALCAMUSTKMIDNIDNMDVBWA

KNA

IRLALBZAFTCDIDNIRNFJIZWEIDNCPVBHSIDNTURMEXBOLTURHKGTURMNGKNABLZ

NERBRATJKBHSTHAUZBBFAINDGNBIRL

BTN

IDNLBNLBNBWATKMFJIBRATHAFJIAUSKGZTURTURBWANZLTGO

CHNTUNBLZ

TUN

BHS

BDI

MDG

IRNZAFSWZIDNZAFBEN

NERKHMMEXMLISLVBWAMLIGTMCMRMDVTURTHAIDNZAFSLVBOLDJIBRAPERLCABRAEGY

EGYGINMDV

NER

SURMDVBRATUNBOLPANAZEIDNCAFBRATURGNBBRABRA

TTO

ZAFTCD

BDI

PERDOMMDV

TCD

IDNTURBRAIRLJORDOM

BHS

SGP

GTM

EGY

TGOLUXEGYBRA

CODDOMZAFINDATGIRLBHSTURHKGTURMARBRAPANTURTCDIRNCHLTHAVNMBWATURTUR

SLEMARTURISLHKGBHSESPTJKSURTURINDTURBENBHSNERMAR

BHS

TURTURBHS

BHS

BHSOMNEGYSLE

AZE

TCD

NER

LKA

TCDJAMINDMEXTURBFABWA

SLESWZTUNAZE

PANBGDECUALBTURFJIBHSDOMTURCHLCHLIRNFJILCATURNZLBFABHSBOLGNBINDMEXMARBRAIDNGHABHSPANCOLEGYSURNPL

PERSURSLE

MLIAZEBHSISLBOLMNGTJKTURPAN

ECUKHMCOLECUSLETURCODCOLTURNZLMARCOLMDGLBNPANTUNBHS

SGP

NZLTUNTCDMEXMEXMEXDOMINDIRNCOLCAFCOL

KGZ

UZB

GABCOGBHSBHSCOLCOLHKGTCDEGYECUBWAINDBENTUR

GAB

DOMTHA

MLISGPTGO

SLVESPMDV

FJIEGYINDCOLAZEINDAZEBRASLEBIHMDGTUR

NPL

TCDIND

IRQ

ZWECOG

INDEGYAUS

NPL

CHLCOLDOMCOLDOMPER

ECU

TURZAFCOLIDNTURBDIEGYPERCOLFJIEGYTUNBENGTMIDNCOLSGPINDMEXCOLCOLTURBOLCOLMEXTURJORECUBRABOLDOMMARECUDOMIRQNERMOZPERCOLSTPBRAIRLMNGGINTGOLAOSGPSWZNZLCRICOLGNBGINBHSIDNEGYTURINDTCDSGPCPVMEXTUNEGYDOMMEXCOLDOMPERINDCRICRIINDPANCOLCHLTURBOLPER

DOM

NPL

IRQDOM

CPV

MEX

CAFJOR

BHS

MYSCOLSWZPANBHSCOGMEXDOMLAOTUNDOMMYSLAONPLPERDOMDOMBENSTPDOMSTP

CAF

DOMEGYPERZAFLAOINDCRIECUPERCOGNZLKORKHMLAOATG

BEN

ESPBOLMLILAOLKACRICOLINDFJISTPCAFBOLTURTUR

TCDCRIMEXISLAUS

NPL

BOLLAOLKAINDIRQCOLKORZAFCHLVNMMDGDOMECU

BHS

TCDDOMMYSVNMBRAGNBVNMBOLCHLEGYTGO

BGDBRADOMISLINDBOLIDNEGYINDMEXNPLDOMMDV

BOLCOGEGYVNMINDCOLBRAMNGDOMBRAINDBRACOLINDBENAUSGNB

LKASWZMEX

BFA

ALBTURTHAGNBSGPTGO

COLSLE

GINUZBTURBOLVNMINDLBNTUNTURINDIDNPERISL

NPLINDINDAUSINDZAFLAO

COGMEXCHNCOLPER

BEN

BRAEGYPERSTPMARECUSTPDOMMAR

LBNBOLBHSSLVINDBOLTHAIDNTURLKA

SENTCDVENPRYNPLPANEGYIDNLKABDIMYSIRNMYSIDNCPV

TCD

IRQSGPSLE

TGO

GNBKGZBENCOLMARINDMARBOLCRIPANTURINDBFABDISEN

SENINDBOLCAFLKACOLDOMPANIRLGINMYSDOMPRYSTPBOLCHLCOLCHLPRYBRACOLPERDOMPANIRLINDBENCOL

VNM

NGACAFCRIINDBOLKORCOGAUSCAFVENCOLMARDOMMDVCAFTUNBFACOLBOLCPVCOLBRAEGYDOMMARBOLBOLINDBHSGNBIND

NPL

BOL

MDV

INDBRAKOREGYESPINDINDNPLIDNBOLPANBWAECU

LAODOM

PERINDESPKGZEGYIDN

BEN

IRN

IRQ

ZAFZAFGIN

IRQ

GHABOL

MNGCRIMARSENTURCOLTUNBRARWABEN

NPLBRAECUPANCAFBOL

PERCOLVNM

COL

SGP

DOMMNGPERMYSBOLMARMYSMYSKHMCPVPER

SDN

ZWE

PERNGA

MARBOL

PRYZWEDOMTGOZAFMYSIND

PANINDNPLEGYMNGCRIIND

GAB

VENIND

PRY

SENAUSEGYVNMPERGTMIDNGTMGTMPANBLZ

NPL

STPCOLTUNMYSTHA

ECU

BRAGIN

STPEGYCAF

MOZIRN

BFA

GTMATGBENNGAMYSBGDGTMJORLBREGYTZAGTMHKGIRN

NPLMEXPHLGTMPANMWIMYSGTMLBNPHLZAFSENGTMGTMMYSMARVNMUZBNGASLVVENSGP

SWZ

BTNVNM

BOLBDIPANLAOGTMZAFDOMSGPPAN

PRYLBNGINECUMWITGOBOLZAFRWADOMNGA

IRQGTMGTMECUPAN

CHNCHNMYS

SGP

IDNTUNCPVDJIRWAMYS

TTO

EGY

BOLNPL

FJI

ZAFTGOBFAECUCHLVENEGYMARPANCRIIDNSLEEGYPHLCAFPHLSENBOLTGO

FJIINDMLISGPINDIND

MDG

KORCAF

CAF

CAF

BTN

IRNMDGBGD

ECUBTN

MDG

SLENPLCPVCRISGPINDTUNMARBGDPERCAF

SWZ

PRYVENIDNGTMKORMYSPRYBFACODMYSIRLGABDOMGTMLKAHKG

BFA

NAMEGY

MWIHKGIRNPRYPRYTKM

VENMARMARZAFPANPANTCDBENPAK

CAF

KHMCOG

AUSTHAPAKSWZZAFBDIJOR

SDNOMNLAOZAFPAKHKGEGYTGOPRYBTNTUNZAF

ECU

SGP

TUNNAMPAKSTPCAFUZBPAKTUN

GABBGDBTNTGOMWINAMTUN

ECUPAN

VENMNGZMBEGYMARVENZAFMYSEGYBEN

LUXPHLEGYSLV

GAB

TGO

MARDJIPRYEGYCRILBRCMREGYBGDGINNGAPANEGYJORTUN

MARBOLGRDTURTUNRWAAUSPRYGNBMNG

MDG

EGYZWEPRYMYS

GTMPAK

BDI

NPL

BHS

CAF

FJITGOPANBOL

GHA

DJIIRLPRYVNMGNBGNB

GNBCMRMYSMAR

SDN

GAB

SDN

ZAFBGD

BTN

IRQGINPERPAKCOGPAK

ECU

NGABENZAF

SEN

PANECUBTNNAMGNBAUSPRYNGAPAN

BIH

NPLSWZCPVBGDSGPMYS

IRQ

EGYGTM

MDG

ZAFGTM

VENIRN

PAN

RWAPANHKGHKGPRYZAFBWA

NPLNGACAFCPVEGYECUTCDZWEDJIPAN

GAB

BGDVENZAFBDISLVIRNPANPRY

PRYECUATG

MDGNGAVENGABPANBOLMARNAMZAFMWIMDGCOGIRLMEXBGDNPLLAO

MWI

BENNERUZBPANPANCHNEGYLKAMYSDOMZMBPAN

BENIRN

SWZ

GHATHANAMECUCOM

VENMARNGADJIMNGDJIMWI

GNB

PERPRY

CRI

BOLZAF

PAN

NAMZAFECU

NAM

MOZ

ECUNPL

EGYBDICOMECU

BOLECUPAN

NGA

CAFMYSCAF

GABTGOTUNGNBZAFCMRSGPNPLPERZWEPERGTMPHLBGDVENGNBBFAMARIRLALB

MDG

ZAFGTMMDG

VEN

PRYGNBGNBALBBGD

BDI

VENZAFNAM

BEN

ZAFDJIDJICRIZAFPANZAFMYSPAKPERPHLBGDLBRZAFDOMCPVCAFVENCOMIRNMLIKHMBGDDJIVENSENMDG

MDG

BGDPERCAFCHNRWAGTMZAFTGOMDG

GAB

VENGTMCODPRY

LAOPRYGNB

SEN

GABNGAPRYSDNPHLBWA

PHLFJIBGDECUGABBGDDJIMNGHND

NER

BDIGINGNB

PRY

ZAF

BOL

CAFBENTUNCOMVENLBR

NPL

LBRJORBGDZMB

PERVENCOLPHLPERCAFBOLGNBPERLBR

COD

COLNPLJORCOD

COMTUNCODBFAMYS

PRYNGACRI

HND

CODHNDVENHNDTKMGNBGHABOLCODVENMYSJOR

NGA

MARBENHNDUZBZAF

GAB

HND

NER

PERBOLBOLBENPRYPERCOD

VENTUNBFAMYSLUXCRIGHAMEXMWIPRY

MDGZMBPRYSDNPHLSGPHNDCMRTGODOMGNBJORSGPBOLBGDPRYMEXATGCRIHNDGAB

NPL

GRDPRYCRICOMMRTBOLLAO

PRYPHLGHAPANCRI

MNG

CRIBGDSWZPHL

MDGTHA

ECU

TGO

COG

HND

MRT

SWZ

TGOKORNERIRNCPVCODCAFSENHNDHND

GHAZAFCRICAFHNDPERHNDKHMPHLPHLPAKBLZPHLCRIRWA

SDNLBRVENCHNCRICHNGHABLZGNBCRIGHAMRT

ZMBVENHNDCOD

SENGAB

LBRHND

SEN

LBRSDN

NPL

BLZPHLMDGBLZECURWA

MRTPAKMYSPERBLZMEXNGA

ECUMYS

MRT

PHLPHLCAFCRIBGDCODTHANER

LBNBRAGHA

LAOPRYBENMRTALBZMBCOLCODBRACODPHL

NGA

PHLMRT

ETH

GHAPHLNGAVENPERBGDMDGCOMHNDPRYSYROMNBENCOLHND

SWZ

HNDPHLSLE

BEN

TGO

PHLPHLCRIMRT

COD

BGDDJIBOLCRICRIPHLCMRPERMWIPHL

GAB

CRIVENPHLPHLPAKPHLNAMPHLCHNNERBTNPHLECU

MRTLBRNPLECUBOL

BEN

LAOCRIPHL

MRT

GINNERHNDGTMMRTMRTGINPHL

SDN

PHLGNBSLEPHLCRI

BDI

PANBGDNGABTNPRYBFABOLPHLPHLPHLBRA

CAF

SEN

NERMWIBOLCMR

COG

NERGTM

GNBVENTURGHACAFBGDSWZPERSWZPERPRYOMNBLZPRYPANZAFTHABRAPERECUCMRNGAGTMBWAECUMYSMEX

GNB

ECUBGDPAN

BTNCOG

RWA

CODATGCODSWZPANGABPAN

NGA

GABGTMPER

SGPNGALAOZMB

HKG

PHLSYRPAN

ECUNGA

MRTBRAGMBPANNERCOLTGO

GHA

GTM

NGA

NGACPVECUCOGJORGHA

NGA

BFA

MRTSENTGOPERBRACAF

NGA

MRTBRANER

CMR

CODECUCMRCRIBRAECUBLZTGOIRNMRTNGAIRNLUXLBRECUSDN

COG

SDNBLZTHACOMNGAGTMBLZPRYNGAHKGNGAMRTBRAPRYNERPRYMRTCOMTGOSEN

MRTLBRPRYBGDECUECUMEXHNDBLZPANNERECULUXIRNPRYCODCOGECU

TCD

MDG

CMRSYR

THA

COMBDIPRY

COG

PHLPANGHACMRCMRZWEMRTIRNMEXNPLIRNNER

BFA

CAFRWABTNCRILAOCAF

IRQCODTGOGHA

SWZ

PAKTHAHND

TKM

ZMBNGATHAECUMYSNERCRI

TTO

GABCOD

GAB

CMRCOGPRYKHMSWZBENCOGKORPANGHACOGCMRNERGABPRYCMR

CMR

NGATGOCOG

CMR

PAK

LAOPHL

SWZ

SENCOLCODMNGCMRVENCPVPRYGMBGINIRNCOGPRY

CRI

COGPHL

GNB

GTMIRNCRI

COG

CMRPAKPRY

ETHLBRMNGCHN

GAB

THAPRYMYSIRNZAFETHSWZBLZHKGMEXNGAETHBLZTCDECUBGD

LBRCOGPRYMEX

CMR

MYSJORIRNCODCMRIRNGHACOGZMBGINGABSEN

MRTPHL

NGATGOSLETHADOMRWAMEXDOMZMBBLZMWINPLCMRLBR

BWAMYSIRNLBRMWI

DOM

DOM

BRA

COG

GHAETHLUXPHLIRNCMR

THAGHAHNDCMR

NGAHKGCOG

SGPSLEECUIRNHNDSGPSWZCOL

SEN

TGOGHANGA

CODCOMSYRNPLKENRWA

LBR

SDNMEXRWABLZPHLDOMBFACMRMYSECUCODPAKCOGFJIMWIMNGCMRMYSPHLCAFBFAGMBCRIMWILBR

PAKSYRGHAMEXNERCOG

COG

BTN

CMR

COMGABPHLMYS

COG

NPL

HNDMDGCAFBLZSWZATGHNDHNDSYR

COD

CMR

HNDGTMKORSWZZMBNPLGRDHNDPAKTHANPLSENETHMRTNERPAKHNDGHAATG

CMR

COLPHL

ZMB

THACMR

SDN

CMR

LAOZMB

NGA

CMRZMB

SDN

SENCMR

SLE

SDN

NGA

HNDNPLTGOHNDNPLSDNRWAZWECMRHNDNAM

SWZ

PHLUGAZWESYR

MYS

COG

CAFMYS

CMR

NPLMYSSDNCRICOMRWAMLINPL

COG

CAFGMBMOZ

NGA

NPLATGMWILBN

GTMBWAGHARWABLZSDNMYSMYS

SDNMWICODRWASYRBENCRIGTMSDN

NPLSWZGABBDI

BLZ

GABMEXDJI

GMB

HNDCODSWZGABTGOMYSLAOLAOTGODOMCOGKENHNDMYSHNDTZAMOZLAOGHACMRHNDMOZIRQPAK

COD

SDN

CRIHND

ZMB

CMR

SDNBLZSENTHASYR

MYSHNDVENPAKGHALAO

RWA

SWZLBRSDNIRQSENGHAMEXZWEBDIGHACRIKEN

SDN

IRNZMBMEXNGAGTM

SDN

BDIZMBCOMTGO

MDG

PAKZMBKENCMRRWAETH

IRQGTMNERSDNCOG

GHAGHAMOZ

FJI

BLZCRIETHSYRCRIKENZWELBRCMRGMBSENCPVCOLMYS

GAB

IRQSEN

MYSSLELBRSDNSDNGHA

ZWE

MYSCHN

COG

SYRBLZMEX

BLZ

IRQ

ZMB

GHA

SEN

COGMWIGHAZMBUGAHNDGNQATGBDICOMKHMTCDBLZGMBZMBIRQLAOTZA

BWA

MRTSYRGABZMBBWASDNSENGHAHNDZMBZMB

KENGMB

GHACOMETHMDGGTMGTMKENCMRGTMKENMOZSYRNGAMEXMLIZMBGHAGTM

SDN

SDNSENZWEPAKMWIZWE

SYRGHAIRQKENETHIRQMOZ

OMNDOM

MDGMRTSDNNGASGP

ZMBGHACRI

SYR

BLZ

ZWEETHATGHNDNGAGTMTGONGATGOSENMOZGTMCHN

PAKATGZMBKENGTMPAKSYRZMBKENZWESLVMWIMLIGMBETHZMBMEX

BIHSYRKENSGPGTMSYRZMBPAKCRISENNGASYRSENGHASYRBWACOMHKG

SENIRQSYR

IRQMRTBFARWAMOZ

GTMSDNIRQLAORWAZMBJORBDICOLKENCODBLZMEXMWIGTM

COG

GNBGABBWANGABFAZMBSEN

NERZMBSGPCPV

GMBTZADOMSENSYRSYRZMBSYRSDNSWZSDNGHA

GMB

ETHMRTKENIRN

BDISYRPAKTKMBWABDI

VEN

VEN

SYR

JORKENBDIGHA

GMB

NGA

DOMNAM

ZMBZMBMDG

COG

MRTSDNTGO

COG

SDNMWIZMBZMB

SYRSEN

OMN

NGAGMB

RWASGPSYRGNQPAKSEN

MRTVENHKG

BLZRWAMOZCRIMLIKENMWICOD

KENMLIPAKTZA

BDI

TZAKORETH

GMB

TCD

COGSYRCPVZMB

RWA

MOZETH

ZMB

ZWEIRNBFA

SYR

COGMWIBTNUGAVENKENZMBBWAETH

ZMBSENETHSYR

ETH

MWIIRN

GHA

KEN

BTNSYRKENTGO

ZWEZMBSENZWEGMBBTNCOMDOMBDILBRSDNKENCOMMRTBENTCD

BLZ

TGO

KHM

BWABWABWATZA

TCD

KENGNQFJICOMDJIGABKENVEN

TCD

SYRMWISYRBLZSYRBFATZAVENCOMSDNVEN

SGP

COGRWABWAZWE

HNDVENRWAETHSYRCOMKENBTNCOM

COGSYRGMBCODNGABWA

SGP

CAF

TCD

TCDMOZSEN

COMZWECOGSENTCDZWEGABJORBENGMBTZACOMPAKZMB

BWA

VEN

TCD

NERBENPAKMLIIRQSENNAMCOMMWIETHTGOMRTSENSENBFAMWIMWIGMB

VEN

COMKENCOMSYRBFAGABSEN

COG

MWICOM

BDI

PAKGMBSENMOZGMBNAMTZAMRTPAKTCDETHGHA

HNDBLZPAKCOGPAK

LBR

SYRMOZ

FJI

PAKPAK

MRT

SENPAKMOZBEN

BWA

OMN

ZWELBNBWA

KEN

TGOMOZSYRNAM

SYR

NERSENJORBFAETHTZA

MRTVENSLV

NAM

VENIRQ

TGO

HNDDJISEN

GAB

CRISYRVENBFACOD

GHA

MWICOD

COGIRQVENGMBSYR

MLIGNQCODHNDGMB

SLE

GNQGMBSGPTCDGMBNAMOMNGMBMRTFJIHND

GAB

BTNMWI

ZWEGABBLZMRTCODMDG

SLE

MRTCODCOGGMBNAM

GAB

KENGMB

TZA

YEMSLVRWAZMBSGPGNBMLIKENTGOMWINAMBWAIRNVENJORVENIRQKEN

IRQ

GMBUGACOMTZA

MDGUGACOD

GNQ

HNDMRTKHMKENIRQ

BFAGNQHNDBENVENKENHND

BDI

UGAOMN

KEN

ETH

BTN

IRNKENETHGMBZWEBENKENBENHNDGNBTCDMRTRWALBR

YEMSLVDJITZASYRGMBTGO

BWA

BFAGNQ

JOR

BENTCDMRTGABKENMDGETHMDGZMBBDIYEMBTNCODKENBFAUGA

ETH

MRTMDG

SGP

GNQBWATZACRIBENBFA

TZAKENGMBBFASYRZWEUGATGOBDI

UGAGMBVENOMN

BFATCDBFAMDG

IRQ

CODMDGMWIBENZWE

MDGMDGIRQ

SWZ

KENTCDIRQTZAMOZTZAIRNKENUGAOMNIRN

ETH

GMBJOR

GAB

UGABFA

BTN

UGAKENTCDMDGGMBLBNMDGGINUGABENYEMBDIMDGBDI

BFAKENUGAOMNYEMTZAIRQSDNRWAYEMGINIRNKENJORRWAMDGKEN

IRQ

BWA

MWI

GMBIRNBEN

BEN

KENCODMLIRWAMDGKENBENBFABTNGNB

YEM

ZWE

KENSWZBDICODUGAETHNER

VEN

MDGCODUGAYEMBENBTNCRI

KEN

MDGYEMBWAGNQ

NAM

CODSYR

MLIKENIRN

SYR

RWAKEN

MLIMLIIRQDJIMLIYEMIRQKENJOROMNYEMTCDMLIMDGYEM

TZA

TZAIRQYEMJOR

MDGMLIYEMGMBMLIIRNSLVBENUGAZWEMWIJORUGAMLIUGAOMNDJIMWIGNQGNBNERMLILBRZWEMOZBWATCDZWEMWIBENJORZWEIRQ

BENBWA

TGO

ETHGNQ

TGO

GNQBENOMNNERZWE

GNQ

GNQ

IRQUGA

GNQ

GMBBEN

GNQ

UGAUGATGOJOR

GNQ

UGAUGA

OMNGNQ

UGA

GNQ

GNQ

BWAUGAUGAGNBUGABEN

DJI

SLE

JORIRQNERLBNTCD

TCD

NERSGP

BIH

CODIRQNERBIHNER

OMNJORNERJORNERGMBJORNERMOZNER

GNQ

MOZ

GNQ

SWZ

COD

NERNERNERNER

YEM

SWZLBNMWI

NER

TCDGMB

SGPNERCODNEROMN

TCDOMNTCDRWA

TCD

JOROMN

SLEGNQ

CODGMBOMNSWZRWASWZOMN

SGP

SGP

SLEGMBYEMGINLBRRWAGMBOMN

LBR

GIN

OMN

GNQJORRWAGMBGMBRWAMWIOMNOMNYEMOMNMWIJORSLE

GNQYEM

SLEJOR

OMN

YEM

LBROMNLBROMNSLEOMNOMN

OMNLBRLBRGINLBR

GINJORJORMWIMWI

GNQ

GINGINTGOLBRRWAGNQGNQ

LBR

LBRGNQ

RWARWARWA

-4-2

02

4Ln

(Tot

al E

mis

sion

s)

-.1 -.05 0 .05 .1Ln(Total Population)

coef = 1.4851827, (robust) se = .22140545, t = 6.71

Residuals on ResidualsTotal Emissions and Population

Figure A12: Partial residual plot. Note that the x-axis is different in the two panels of the figure. Thisobscures the difference in slopes, which are listed below each scatter plot. The coefficient on populationis significantly larger. The difference in scales is necessary for visual inspection of the role of outliers.

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Emission Ratio GDP per capita Ratio

Population Ratio % Working Age Ratio

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Total Emissions Ratio GDP per Capita Emissions Ratio

% Working Age Emissions Population Emission Ratio

Figure A13: Results from the economic-demographic model. All variables are the the ratio of the out-come of the low fertility scenario over the medium fertility scenario. Panel A (left) plots the mainoutcome variables. Panel B (right) decomposes the difference in emissions between sources.

31

8.8 Results with Alternate Technology Assumptions

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Emission Ratio GDP per capita Ratio

Population Ratio % Working Age Ratio

0

0.2

0.4

0.6

0.8

1

1.2

2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100

Emission Ratio GDP per capita Ratio

Population Ratio % Working Age Ratio

Figure A14: Panel A (left) plots the main outcome variables assuming a 2% per year growth rate forTFP. Panel B (right) plots the main outcome variables assuming a 5% per year growth rate for TFP. Theresults are nearly identical to our main results presented in figure 2.

32

8.9 Results with Nigeria Interaction

Table A8: Determinants of Carbon Emissions: Nigeria Interactions

(1) (2) (3) (4)Ln pop. (a) 1.361*** 1.461*** 1.398*** 1.431***

(0.173) (0.176) (0.175) (0.203)

Ln gdppc (b) 0.203*** 0.207*** 0.205*** 0.226***(0.044) (0.045) (0.045) (0.054)

(Ln gdppc)*NGA -0.003 0.033 0.032 0.007(0.045) (0.047) (0.047) (0.055)

(Ln pop)*NGA 0.260** 0.743*** 0.724*** 0.685***(0.106) (0.114) (0.111) (0.115)

% Age 15-64 0.017** 0.016** 0.016**(0.007) (0.007) (0.007)

% Urban 0.008* 0.014***(0.004) (0.005)

Trade (% of GDP) 0.0002(0.0002)

Year FE Yes Yes Yes YesObservations 7133 6426 6426 5679Countries 156 153 153 147R-squared 0.05 0.05 0.05 0.05Within R-Squared 0.017 0.020 0.020 0.023P-value: a = b 0.000 0.000 0.000 0.000P-value: a = 1 0.038 0.010 0.025 0.036

Notes: ∗p < 0.1, ∗ ∗ p < 0.05, ∗ ∗ ∗p < 0.01. Robust standard errors clustered at country level in parentheses. Equation estimated in first differences. In all specifications,

the dependent variable is the natural log of total CO2 emissions. The sample covers 1950-2010. Within R-squared is the percentage of variation in the dependent variable explained by the

independent variables after removing variation due to time and year fixed effects. NGA is a dummy variable for Nigeria.

33