Role of financial inclusion and natural resources for green economic recovery in developing economies

Ming Gao

Resources Policy, 2023, vol. 83, issue C

Abstract: The role of natural resources in economic growth has been a topic of contention for almost three decades. Financial growth and natural resource prices are closely intertwined, but the relationship between the two has been relatively understudied. In the context of green economic recovery in developing economies, the importance of managing price volatility of natural resources and building financial inclusion has become increasingly evident. As natural resources play a critical role in the economies of developing countries, promoting sustainable practices through financial inclusion policies is essential for green economic recovery. Therefore, this study assesses the significance of green technology in developing economies from 1990 to 2020, focusing on the connection between natural resources and the media economy. Short- and long-term economic efficiency was shown to be positively affected by natural resource volatility, oil rents, gas rents, the media economy, and green innovation. These results are supported by the long-run estimator improved mean group (AMG). Furthermore, Dumitrescu and Hurlin's Granger panel causality heterogeneity test demonstrated a bidirectional causal link between the examined variables and financial development. Green marketing, price limits, and natural resource hedging are discussed as potential solutions to a region's financial inefficiency and natural resource price volatility.

Keywords: Financial inclusion; Economic efficiency; Natural resource volatility; Developing economies (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:83:y:2023:i:c:s0301420723002489

DOI: 10.1016/j.resourpol.2023.103537

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