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Finance and Oil. Is there a Resource Curse in Financial Development?

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Author Info

  • Beck, T.H.L.

    (Tilburg University, Center for Economic Research)

Abstract

This paper shows that the finance and growth relationship is as important in resource-based economies as in other economies. This paper also documents less developed financial systems in resource-based economies and banks that are more liquid, better capitalized and more profitable, but give fewer loans to firms. Firms in resource-based economies use less external finance and a smaller share of them uses bank loans, although there is the same level of demand as in other countries, thus pointing to supply constraints. Overall, there is some indication of a natural resource curse in financial development, which falls more on enterprises than on households. This calls for intensified efforts in resource-based economies to deepen and broaden financial systems.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2011-017.

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Date of creation: 2011
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Handle: RePEc:dgr:kubcen:2011017

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Web page: http://center.uvt.nl

Related research

Keywords: Financial Development; Natural Resource Curse;

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References

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  1. Wurgler, Jeffrey, 2000. "Financial markets and the allocation of capital," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 187-214.
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Cited by:
  1. Thorsten Beck & Samuel Munzele Maimbo & Issa Faye & Thouraya Triki, 2011. "Financing Africa : Through the Crisis and Beyond," World Bank Publications, The World Bank, number 2355, August.
  2. Bhattacharyya, Sambit, 2013. "Political origins of financial structure," Journal of Comparative Economics, Elsevier, vol. 41(4), pages 979-994.
  3. Cull, Robert & Xu, L. Colin, 2011. "Job growth and finance : are some financial institutions better suited to early stages of development than others?," Policy Research Working Paper Series 5880, The World Bank.
  4. Hasanov, Fakhri & Huseynov, Fariz, 2013. "Bank credits and non-oil economic growth: Evidence from Azerbaijan," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 597-610.
  5. Rousseau, Peter L. & D’Onofrio, Alexandra, 2013. "Monetization, Financial Development, and Growth: Time Series Evidence from 22 Countries in Sub-Saharan Africa," World Development, Elsevier, vol. 51(C), pages 132-153.
  6. Adolfo Barajas & Ralph Chami & Reza Yousefi, 2013. "The Finance and Growth Nexus Re-Examined," IMF Working Papers 13/130, International Monetary Fund.

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