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Can Financial Development Help in Raising Sustainable Economic Growth and Reduce Environmental Pollution in Pakistan? Evidence from Non Linear ARDL Model

Review of economics and development studies (Online), 2021-12, Vol.7 (4), p.475-491

2021. This work is published under https://creativecommons.org/licenses/by-nc/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2519-9692 ;EISSN: 2519-9706 ;DOI: 10.47067/reads.v7i4.406

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  • Title:
    Can Financial Development Help in Raising Sustainable Economic Growth and Reduce Environmental Pollution in Pakistan? Evidence from Non Linear ARDL Model
  • Author: Amjad, Muhammad Asif ; Asghar, Nabila ; Rehman, Hafeez Ur
  • Subjects: Economic growth
  • Is Part Of: Review of economics and development studies (Online), 2021-12, Vol.7 (4), p.475-491
  • Description: It is a global challenge to reduce environmental pollution and enhance sustainable economic growth.  This study explores the role of financial development as an instrument in reducing environmental pollution and enhancing sustainable economic development in Pakistan for the period 1980-2020. The Non-linear Autoregressive Distributed Lag (NARDL) econometrics technique has been utilized to find the association between environmental pollution, economic growth, and financial development. The results show that positive shocks of financial development increase economic growth and reduce environmental pollution. While the negative shocks of financial development increase both economic growth and environmental pollution. Globalization has negative impact on economic growth and the use of energy increases economic growth and environmental pollution. The study suggests that the State Bank of Pakistan and other financial institutions should formulate and implement soft loan policies to induce the private investors to use low carbon emission technologies.
  • Publisher: Multan: South Punjab Center for Research and Development (SPCRD)
  • Language: English
  • Identifier: ISSN: 2519-9692
    EISSN: 2519-9706
    DOI: 10.47067/reads.v7i4.406
  • Source: ProQuest Central
    DOAJ Directory of Open Access Journals
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