School of Economics, Quaid-i-Azam University, Islamabad, Pakistan.
Faculty of Economics and Administrative Sciences, Cag University, 33800, Mersin, Turkey.
Environ Sci Pollut Res Int. 2021 Feb;28(6):7450-7461. doi: 10.1007/s11356-020-11093-4. Epub 2020 Oct 8.
Maintaining a balance between environmental quality and economic growth is now one of the common goals of fiscal and monetary policies in developed and developing economies. This study examines the asymmetric impacts of fiscal and monetary policy instruments on environmental pollution in Pakistan over the period 1985-2019 by employing the asymmetric or nonlinear autoregressive distributed lag (NARDL) framework. The outcomes indicate that in Pakistan, a positive and negative shock in fiscal policy instruments has a significant increasing influence on carbon emissions in the short run, while a positive and negative shock in fiscal policy instruments has a significant decreasing impact on environmental pollution in long run. However, negative and positive shock in monetary policy instruments enhances carbon emissions in short-run, whereas positive shock in monetary policy instruments decreases carbon emissions in the long run. Therefore, the policymakers may consider the usage of fiscal and monetary policy instruments to maintain economic growth along with lowering the environmental pollution.
在发达经济体和发展中经济体中，维持环境质量和经济增长之间的平衡，现在是财政和货币政策的共同目标之一。本研究通过使用非对称或非线性自回归分布滞后（NARDL）框架，考察了 1985-2019 年期间财政和货币政策工具对巴基斯坦环境污染的非对称影响。研究结果表明，在巴基斯坦，财政政策工具的正向和负向冲击在短期内对碳排放有显著的正向影响，而财政政策工具的正向和负向冲击在长期内对环境污染有显著的负向影响。然而，货币政策工具的负向和正向冲击会在短期内增加碳排放，而正向冲击则会在长期内减少碳排放。因此，政策制定者可能会考虑使用财政和货币政策工具，在维持经济增长的同时降低环境污染。
