The analysis of ‘Financial Resource Curse’ hypothesis for developed countries: Evidence from asymmetric effects with quantile regression
Επιτομή
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. © 2020 Elsevier Ltd
Collections
Related items
Showing items related by title, author, creator and subject.
-
Antiflooding prevention, protection, strategic environmental planning of aquatic resources and water purification: The case of Thessalian basin, in Greece
Koutseris; Filintas, Ag; Dioudis, P. (2010)In the E.U. following the old 5th Environmental Action Program (EAP) of 1994 and the new 6th EAP for the sustainable development in 2001, we confront the strategic management problem of aquatic resources at the regional ... -
Mapping the optimal forest road network based on the multicriteria evaluation technique: the case study of Mediterranean Island of Thassos in Greece
Tampekis S., Sakellariou S., Samara F., Sfougaris A., Jaeger D., Christopoulou O. (2015)The sustainable management of forest resources can only be achieved through a well-organized road network designed with the optimal spatial planning and the minimum environmental impacts. This paper describes the spatial ... -
Sustainable resources management in the context of agro-environmental EU policies: Novel paradigms in Thessaly, Greece
Koutseris, E. (2006)Primarily, this is a discussion and review of the general European policies of management protection in the perspectives of the new CAP (Common Agriculture Policy). There are some technical proposals in Thessaly for ...