Winner or loser? The asymmetric role of natural resource rents on financial development among resource-rich countries
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Dosyalar
Tarih
2022
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Wiley
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
The resource curse theory has become a paradox that has been discussed for many years in the literature. Because most studies have revealed empirical evidence that resource rents negatively affect financial development although resource wealth provides many advantages. Therefore, studies on whether studies conducted with different methods in different periods can produce results contrary to this theory are continuing. This study aims to test the asymmetric effect of natural resource rents on financial development among resource-rich countries. The study investigated the data of 10 countries those have the highest natural resource rents in the World that selected from World Atlas (2018) for the period 1993-2017. As a result of empirical analysis, this study proved that there was a financial resource curse hypothesis among resource-rich countries. While positive shocks are effecting financial development negatively, negative shocks are found as effecting financial development positively. This study also showed that resource-rich countries are lucky but not a winner in the context of financial development and sustainable development.
Açıklama
Anahtar Kelimeler
Financial Development, Globalization, Natural Resources, Resource Curse, Sustainable Development, Panel Stationarity Test, Flexible Fourier Form, Unit-Root Test, Smooth Breaks, Globalization, Cointegration, Sector, States, Tests, Curse
Kaynak
Sustainable Development
WoS Q Değeri
Q1
Scopus Q Değeri
Q1
