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Technological Innovation and Financialization for the Environment: The Case of Pakistan
Abstract
This chapter examines the asymmetric link between technological innovation and financialization in Pakistan for the period 1980-2019. The non-linear autoregressive distributed lag (NARDL) model proposed by Shin et al. is applied to achieve the research objective. The numerical estimates based on annual data explain that an asymmetric relationship exists between financialization and environmental degradation and between technological innovations and environmental degradation in the long run. An increase in financialization and regression in technology stimulates environmental degradation while a decline in financialization and progress in technology improves environmental quality in Pakistan. Based on empirical evidence, the research emphasizes the suitable channelization of financial institutions towards environmentally friendly projects and formulation of those policies that encourage energy-efficient technologies.
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