Financial Development and Natural Resource Rents–Human Capital Nexus: A New Approach
Mohammad Ali Aboutorabi (),
Farzaneh Ahmadian Yazdi () and
Saeideh Parkam ()
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Farzaneh Ahmadian Yazdi: Ferdowsi University of Mashhad
Saeideh Parkam: Economic Development and Planning
A chapter in Economic Growth and Financial Development, 2021, pp 33-55 from Springer
Abstract The importance of natural resource revenues in resource-rich countries is one of the main issues in the last two decades. Meanwhile, the major impact of financial development has been neglected during the process of accessing resource-based sustainable economic growth. Therefore, the novelty of this chapter is related to our special focus on the improving impacts of financial development on natural resource rents–human capital nexus in resource-rich countries. Human capital is a critical precondition for economic development. So, to test the main hypothesis, the ARDL rolling regression technique for the case of Iran over the period of 1970–2014 is applied. The empirical results show that through accelerating financial depth and the more relative importance of deposit money banks than the central bank, the impact of resource rents on human capital accumulation is improved in the long run. However, such a finding is not approved by the multilateral financial development index.
Keywords: Financial development; Natural resource rents; Human capital; ARDL technique; Rolling regression (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-79003-5_3
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