Scopus İndeksli Yayınlar Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12573/395

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Subject: search.filters.subject.Natural Resource Abundance

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  • Article
    Citation - WoS: 86
    Citation - Scopus: 101
    The Analysis of 'Financial Resource Curse' Hypothesis for Developed Countries: Evidence from Asymmetric Effects With Quantile Regression
    (Elsevier Sci Ltd, 2020-10) Dogan, Eyup; Altinoz, Buket; Tzeremes, Panayiotis
    A vast body of literature either proxies natural resource abundance with total rents or focuses on the natural resource curse hypothesis. Furthermore, most empirical studies in the literature use traditional estimation methods. To fill the mentioned gaps, this study investigates the financial resource curse hypothesis by using the linkage between financial development and four natural resource rents (oil rents, coal rents, forest rents and natural gas rents) and applying the panel quantile regression with fixed effects on a dataset for a group of developed countries. This study finds that oil rents, coal rents, forest rents and natural gas rents have a positive effect on financial development, which supports financial resource blessing against financial resource curse for developed countries. In addition, a robust examination is conducted by applying the Canay two-step framework. The outcomes verify the main findings although the incremental effect on financial development of forest rents is greater than the other three proxies. This situation can be described as critical for the sustainability of developments related to natural resource rents in financial development and new set of suggestions can be made for policymakers.
  • Article
    Citation - WoS: 56
    Citation - Scopus: 59
    Revisiting the Nexus of Financialization and Natural Resource Abundance in Resource-Rich Countries: New Empirical Evidence from Nine Indices of Financial Development
    (Elsevier Sci Ltd, 2020-12) Dogan, Eyup; Madaleno, Mara; Altinoz, Buket
    A great number of studies in the literature that estimates the impact of natural resource abundance on financial development proxies financialization with either domestic credit to the private sector or market capitalization of domestic companies. However, these proxies do not fully respond to the complicated structure of financial development. To fill the gaps in the existing literature, nine indices of financial development proposed by IMF are used in the links with natural resource abundance in resource-rich countries for the years 1980-2017. This study reveals reliable and robust empirical results by employing both traditional and second-generation econometric techniques for the dataset. First, the financial resource curse hypothesis is confirmed for the panel of resource-rich economies because natural resources have negative effects on each of the nine indices. Second, the negative impact of the abundance of natural resources on financialization decreases towards high quantile levels. Last, natural resource abundance has a greater negative impact on financial markets than financial institutions when indices of financial markets are compared to indices of financial institutions. Policy implications are further discussed in this study.