How natural resources affect financial development? Fresh evidence from top-10 natural resource abundant countries

Jingwei Han, Chandrashekar Raghutla, Krishna Reddy Chittedi, Zhixiong Tan and Mansoor Ahmed Koondhar

Resources Policy, 2022, vol. 76, issue C

Abstract: This study is to examine the impact of natural resources, economic growth, export diversity and inflation on financial development in top-10 natural resource abundant countries, spanning the period of 1990–2020. The empirical outcomes show that natural resources, economic growth, export diversity, inflation and financial development have long-run equilibrium relationship. Further, export diversity, economic growth and inflation increase financial development but natural resources reduce financial development in natural resource abundant countries. Furthermore, panel causality results show a unidirectional causality moving from financial development to export diversity and inflation. The empirical results offer new insights for policy makers to protect their natural resources for the betterment of financial development in top-10 natural resource abundant countries.

Keywords: Financial development; Natural resources; Export diversity; Inflation (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (15)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:76:y:2022:i:c:s0301420722000964

DOI: 10.1016/j.resourpol.2022.102647

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