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Human-generated greenhouse gases depend on the level of economic activity. Therefore, most climate change studies are based on models and scenarios of economic growth. Economic growth itself, however, is likely to be affected by climate change impacts. These impacts affect the economy in multiple and complex ways: changes in productivity, resource endowments, production and consumption patterns. Moreover, impacts affect expected capital returns, international capital flows, savings anddoi:10.2139/ssrn.1443885 fatcat:neicpkuzy5aevdtshqxtjlufcu