The nexus between natural resource rents and financial wealth on economic recovery: Evidence from European Union economies

Wang Peipei, Elchin Eyvazov, Zeynab Giyasova and Asli Kazimova

Resources Policy, 2023, vol. 82, issue C

Abstract: Natural resources are essential economic assets contributing significantly to employment creation, economic development, and improved living conditions worldwide. Most empirical studies from 2020 have attempted to fill these knowledge gaps. This study employs panel data techniques such as panel cross-section dependency, slope coefficient heterogeneity, and cointegration estimators to accomplish the stated goals. These estimators claim that the slope is heterogeneous and that there is cross-section dependency and genuine cointegration between the variables. This study suggests that political, financial, and economic concerns contribute to the volatility of natural resources in the European Union (EU). Natural resource volatility in the EU results from the economic and financial risks at each of the three runs. However, the volatility of natural resources has only a medium-to long-term effect on financial wealth. Natural resource volatility is not caused by renewable energy development in the near term. This study proposes that the EU sets responsible resource management standards to promote sustainable development.

Keywords: Natural resources; Financial wealth; Economic growth; European Union (EU); Sustainable development (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0301420723001204
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:82:y:2023:i:c:s0301420723001204

DOI: 10.1016/j.resourpol.2023.103412

Access Statistics for this article

Resources Policy is currently edited by R. G. Eggert

More articles in Resources Policy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().