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The impact of natural resources, economic growth, savings, and current account balance on financial sector development: Theory and empirical evidence

dc.contributor.authorÇetin, Murat
dc.contributor.authorSarıgül, S.S.
dc.contributor.authorIşık, C.
dc.contributor.authorAvcı, Pınar
dc.contributor.authorAhmad, M.
dc.contributor.authorAlvarado, R.
dc.date.accessioned2023-05-06T17:19:36Z
dc.date.available2023-05-06T17:19:36Z
dc.date.issued2023
dc.identifier.issn0301-4207
dc.identifier.urihttps://doi.org/10.1016/j.resourpol.2023.103300
dc.identifier.urihttps://hdl.handle.net/20.500.11776/11879
dc.description.abstractThe development of the financial sector is one of the main macroeconomic goals for developing countries as well as developed ones. The literature focusing on the determinants of financial sector development presents very diverse and inconsistent results. Therefore, the main aim of the study is to empirically investigate the long run and causal linkages between natural resources, economic growth, savings, current account balance and financial sector development for 33 developing countries. The study applies the cross-sectionally augmented autoregressive distributed lag (CS-ARDL) and Dumitrescu-Hurlin panel causality tests, which are among the new panel data techniques. The results reveal that natural resources, economic growth, savings, current account balance and financial sector development are cointegrated. Natural resources, economic growth and current account balance negatively affect financial development while savings stimulate financial development. It is found that there exists a bi-directional causality between all the explanatory variables and financial development. Theoretical and policy implications are discussed within the perspective of macroeconomics and financial sustainability for developing countries. © 2023 Elsevier Ltden_US
dc.description.sponsorshipAnother important determinant of financial development is natural resources. The resource curse hypothesis presented by Auty (1993) asserts that countries rich in natural resources perform poorer than other countries. This view is supported by the fact that most of the developing countries, rich in many natural resources, have poor economic and financial performance. Li et al. (2021) for G7 countries and Shahbaz et al. (2018) for USA provide empirical evidence that natural resources support financial development while Gu et al. (2021) for emerging economies and Yuxiang and Chen (2010) for China show that natural resources weaken financial development.en_US
dc.language.isoengen_US
dc.publisherElsevier Ltden_US
dc.identifier.doi10.1016/j.resourpol.2023.103300
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectCS-ARDLen_US
dc.subjectDeveloping countriesen_US
dc.subjectDumitrescu-Hurlin causalityen_US
dc.subjectFinancial developmenten_US
dc.subjectNatural resourcesen_US
dc.subjectFinanceen_US
dc.subjectNatural resourcesen_US
dc.subjectPublic policyen_US
dc.subject'currenten_US
dc.subjectAccount balanceen_US
dc.subjectAuto-regressiveen_US
dc.subjectCross-sectionally augmented autoregressive distributed lagen_US
dc.subjectDumitrescu-hurlin causalityen_US
dc.subjectEconomic growthsen_US
dc.subjectFinancial developmenten_US
dc.subjectFinancial sectorsen_US
dc.subjectLongest runen_US
dc.subjectNatural resource economicsen_US
dc.subjectDeveloping countriesen_US
dc.subjectdeveloping worlden_US
dc.subjecteconomic growthen_US
dc.subjectfinancial marketen_US
dc.subjectnatural resourceen_US
dc.subjectpanel dataen_US
dc.subjectsavingsen_US
dc.subjecttime series analysisen_US
dc.titleThe impact of natural resources, economic growth, savings, and current account balance on financial sector development: Theory and empirical evidenceen_US
dc.typearticleen_US
dc.relation.ispartofResources Policyen_US
dc.departmentFakülteler, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümüen_US
dc.departmentMeslek Yüksekokulları, Şarköy Meslek Yüksekokulu, Muhasebe ve Vergi Bölümüen_US
dc.identifier.volume81en_US
dc.institutionauthorÇetin, Murat
dc.institutionauthorAvcı, Pınar
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.authorscopusid57217859668
dc.authorscopusid57226017571
dc.authorscopusid35317648700
dc.authorscopusid57966496100
dc.authorscopusid57208845001
dc.authorscopusid57188831567
dc.identifier.scopus2-s2.0-85146055721en_US


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