The Impact of Green Financial Development on Economic Growth of Pakistan
Abstract
Nowadays, green finance that is, the growth of financial operations in harmony with ecological balance and environmental protection is seen as the primary means of achieving sustainable development, which is the considered as the main goal for every organization. This study intends to investigate the effects of green financial development, including green credit, green securities, green insurance, green investment, and foreign direct investment on Pakistan's economic growth. Keeping in mind the significance of green financial development for economic growth the time series for the years 1990 to 2020 was taken from the State Bank of Pakistan (SBP) and the World Development Indicators (WDI). The Autoregressive Distributive Lag (ARDL) and Granger Casualty test have been used for the study. The results shown experimentally that foreign direct investment, green credit, green securities, green insurance, and green investment all contribute positively to Pakistan's economic growth. These results give stakeholders the knowledge that they need to increase their attention to green financial development, which is essential for the nation's economic growth
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