How disaggregated natural resources rents affect financial development: From the perspective of sustainable development

Xue Yang, Peng Zhang, Zuoxiang Zhao () and Mansoor Ahmed Koondhar

Resources Policy, 2024, vol. 92, issue C

Abstract: Enhancing financial development has emerged as a paramount goal for nations worldwide, reflecting its pivotal role in fostering economic growth, stability, and prosperity. A developed financial system is inevitable for achieving sustainable development in a country. Therefore, it is essential to take measures that promote financial development. Also, promoting financial development entails knowledge of the determinants of financial development. Therefore, the present study intends to investigate whether during the period from 1989 to 2021, whether coal, oil, and natural gas rents have any impact on financial development in China. To that end, we adopt the novel Fourier ARDL modeling. The results claim that oil rent escalates financial development in the long run, while gas and coal rent impede it. On the contrary, oil rent mitigates financial development in the short run, whereas gas and coal rent promote it. Thus, we direct several policy stances to promote financial development.

Keywords: Financial development; Natural resources rent; Fourier ARDL; Sustainable development (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:92:y:2024:i:c:s0301420724003490

DOI: 10.1016/j.resourpol.2024.104982

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