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

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dc.authorscopusid57217859668
dc.authorscopusid57226017571
dc.authorscopusid35317648700
dc.authorscopusid57966496100
dc.authorscopusid57208845001
dc.authorscopusid57188831567
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.departmentFakülteler, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü
dc.departmentMeslek Yüksekokulları, Şarköy Meslek Yüksekokulu, Muhasebe ve Vergi Bölümü
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 Ltd
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.
dc.identifier.doi10.1016/j.resourpol.2023.103300
dc.identifier.issn0301-4207
dc.identifier.scopus2-s2.0-85146055721
dc.identifier.scopusqualityQ1
dc.identifier.urihttps://doi.org/10.1016/j.resourpol.2023.103300
dc.identifier.urihttps://hdl.handle.net/20.500.11776/11879
dc.identifier.volume81
dc.identifier.wosWOS:000990571100001
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthorÇetin, Murat
dc.institutionauthorAvcı, Pınar
dc.language.isoen
dc.publisherElsevier Ltd
dc.relation.ispartofResources Policy
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.subjectCS-ARDL
dc.subjectDeveloping countries
dc.subjectDumitrescu-Hurlin causality
dc.subjectFinancial development
dc.subjectNatural resources
dc.subjectFinance
dc.subjectNatural resources
dc.subjectPublic policy
dc.subject'current
dc.subjectAccount balance
dc.subjectAuto-regressive
dc.subjectCross-sectionally augmented autoregressive distributed lag
dc.subjectDumitrescu-hurlin causality
dc.subjectEconomic growths
dc.subjectFinancial development
dc.subjectFinancial sectors
dc.subjectLongest run
dc.subjectNatural resource economics
dc.subjectDeveloping countries
dc.subjectdeveloping world
dc.subjecteconomic growth
dc.subjectfinancial market
dc.subjectnatural resource
dc.subjectpanel data
dc.subjectsavings
dc.subjecttime series analysis
dc.titleThe impact of natural resources, economic growth, savings, and current account balance on financial sector development: Theory and empirical evidence
dc.typeArticle

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