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<p>This study examines the long- and short-run effects of remittances, economic growth, technological innovation, natural resource rents, foreign direct investment, and external debt on sustainable development in low- and middle-income economies (LMIEs) over the period 1990–2022, using CO₂ emissions per capita as a proxy for the environmental dimension of sustainable development. To address cross-sectional dependence and heterogeneity across countries, the analysis applies second-generation panel econometric techniques, including Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), and the Cross-Sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) model. The long-run results indicate that economic growth significantly increases CO₂ emissions (β = 0.002, <i>p</i> &lt; 0.01), suggesting adverse implications for environmentally sustainable development, while external debt also exerts a positive and statistically significant impact on emissions (β = 0.015, <i>p</i> &lt; 0.05). In contrast, technological innovation significantly reduces emissions (β = −0.004, <i>p</i> &lt; 0.05), highlighting its role in improving sustainable development outcomes through enhanced efficiency and cleaner production. Remittances contribute to lower emissions in the long run (β = −0.007, <i>p</i> &lt; 0.01), although their short-run effect is emission-enhancing, reflecting increased consumption and energy use. Natural resource rents are negatively associated with emissions (β = −0.005, <i>p</i> &lt; 0.01), whereas foreign direct investment shows a positive but statistically insignificant long-run effect. These findings imply that sustainable development in LMIEs requires growth strategies centered on technological innovation, efficient resource utilization, and the environmentally responsible use of financial inflows—particularly remittances and external debt. This study contributes to the sustainable development literature by providing robust second-generation panel evidence on the dynamic and heterogeneous effects of financial flows and technological progress on environmental outcomes in developing economies.</p>

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Sustainable development in low and middle-income economies: The role of technological innovation, remittances, and FDI: A study on environmental sustainability aligned with SDGs and COP28

  • 期刊论文

  • 发表日期：

    2026年3月30日

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  • Jia Kaiwei,
  • Shahzad Sadiq

摘要

This study examines the long- and short-run effects of remittances, economic growth, technological innovation, natural resource rents, foreign direct investment, and external debt on sustainable development in low- and middle-income economies (LMIEs) over the period 1990–2022, using CO₂ emissions per capita as a proxy for the environmental dimension of sustainable development. To address cross-sectional dependence and heterogeneity across countries, the analysis applies second-generation panel econometric techniques, including Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), and the Cross-Sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) model. The long-run results indicate that economic growth significantly increases CO₂ emissions (β = 0.002, p < 0.01), suggesting adverse implications for environmentally sustainable development, while external debt also exerts a positive and statistically significant impact on emissions (β = 0.015, p < 0.05). In contrast, technological innovation significantly reduces emissions (β = −0.004, p < 0.05), highlighting its role in improving sustainable development outcomes through enhanced efficiency and cleaner production. Remittances contribute to lower emissions in the long run (β = −0.007, p < 0.01), although their short-run effect is emission-enhancing, reflecting increased consumption and energy use. Natural resource rents are negatively associated with emissions (β = −0.005, p < 0.01), whereas foreign direct investment shows a positive but statistically insignificant long-run effect. These findings imply that sustainable development in LMIEs requires growth strategies centered on technological innovation, efficient resource utilization, and the environmentally responsible use of financial inflows—particularly remittances and external debt. This study contributes to the sustainable development literature by providing robust second-generation panel evidence on the dynamic and heterogeneous effects of financial flows and technological progress on environmental outcomes in developing economies.