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- On the Relationship of Energy and CO2: The Effect of Financial Deep on Oil Producing CountriesPublication . Lopes, Mónica Alexandra; Fuinhas, José Alberto; Marques, António CardosoThe relationship between energy and carbon dioxide (CO2) emissions and the financial depth was appraised within a panel of thirteen oil producing countries. The role of CO2 is analysed as economic growth driver and as explained variable. An Autoregressive Distributed Lag model with annual frequency data for the period from 1970 to 2012 was used. The paper showed that CO2 promotes economic growth in the short-run. The CO2 causes growth in longand short-run. The ratio between oil production and primary energy consumption impacts economic growth and the reduction of CO2 in long- and short-run. The financial depth increases CO2 in short-run and depresses economic growth both in long- and short-run. The results for oil producing countries reveal bidirectional causality between CO2 and economic growth. Therefore, policymakers of oil producing countries should be aware that economic growth may lead to an increase of CO2.