The study focuses on the short-term effects of economic growth on carbon dioxide emissions. The research relies on panel data from the European Union member states. Based on carbon dioxide emissions-income elasticity, the study reveals wide differences in the growth rate of emissions, depending on whether the member state was a former socialist or a highincome country. The research also finds an asymmetric effect between periods of economic growth and recession in respect to emissions.

Journal of Economic Literature (JEL) codes: Q56, O44