What role financial development and resource-curse situation play in inclusive growth of Asian countries

Thi Ha An Pham, Chia-Yang Lin, Massoud Moslehpour, Thi Thuy Van Vo, Hai-Tuan Nguyen and Tran Thai Ha Nguyen

Resources Policy, 2024, vol. 88, issue C

Abstract: Various economists get to grips with this concept that natural resources are crucial part of economy. However, there exist a second opinion which raises a question on its role and argue that natural resource abundance does not always guarantee high inclusive growth. Thus, following the debate, the study develops the framework to assess the impact of financial development (FD), natural resource rents on the inclusive growth of the top ten GDP-producing Asian counties. By using CS-ARDL method, the output revealed that the financial development, natural resource rent, inclusive growth, inflation, and industrialization impact inclusive growth positively. It has also been exposed that inflation and population growth have a negative linkage with inclusive growth of selected Asian counties. The study guides the policymakers in making the policies regarding to achieve extensive inclusive growth using well development financial structures and effective natural resource allocation in the country.

Keywords: Financial development; Inclusive growth; Population growth; Resources-curse situation; Inflation; Top ten Asian counties; Industrialization (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:88:y:2024:i:c:s0301420723012096

DOI: 10.1016/j.resourpol.2023.104498

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