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Do Natural Resource Revenues Hinder Financial Development? The Role of Political Institutions

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  1. Tania Masi & Antonio Savoia & Kunal Sen, 2018. "Is there a fiscal resource curse? Resource rents, fiscal capacity and political institutions," Global Development Institute Working Paper Series esid-096-18, GDI, The University of Manchester.
  2. Ngassam, Sylvain B. & Asongu, Simplice A. & Ngueuleweu, Gildas Tiwang, 2024. "A revisit of the natural resource curse in the tourism industry," Resources Policy, Elsevier, vol. 88(C).
  3. Allegret, Jean-Pierre & Couharde, Cécile & Coulibaly, Dramane & Mignon, Valérie, 2014. "Current accounts and oil price fluctuations in oil-exporting countries: The role of financial development," Journal of International Money and Finance, Elsevier, vol. 47(C), pages 185-201.
  4. Asongu, Simplice & Odhiambo, Nicholas, 2022. "The paradox of governance and natural resource rents in Sub-Saharan Africa," MPRA Paper 119066, University Library of Munich, Germany.
  5. Phuc Canh, Nguyen & Trung Thong, Nguyen, 2020. "Nexus between financialisation and natural resources rents: Empirical evidence in a global sample," Resources Policy, Elsevier, vol. 66(C).
  6. Dell’Anno, Roberto, 2020. "Reconciling empirics on the political economy of the resource curse hypothesis. Evidence from long-run relationships between resource dependence, democracy and economic growth in Iran," Resources Policy, Elsevier, vol. 68(C).
  7. Han, Jingwei & Raghutla, Chandrashekar & Chittedi, Krishna Reddy & Tan, Zhixiong & Koondhar, Mansoor Ahmed, 2022. "How natural resources affect financial development? Fresh evidence from top-10 natural resource abundant countries," Resources Policy, Elsevier, vol. 76(C).
  8. Dogan, Eyup & Madaleno, Mara & Altinoz, Buket, 2020. "Revisiting the nexus of financialization and natural resource abundance in resource-rich countries: New empirical evidence from nine indices of financial development," Resources Policy, Elsevier, vol. 69(C).
  9. Dong-Hyeon Kim & Shu-Chin Lin, 2017. "Natural Resources and Economic Development: New Panel Evidence," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 66(2), pages 363-391, February.
  10. Dwumfour, Richard Adjei & Ntow-Gyamfi, Matthew, 2018. "Natural resources, financial development and institutional quality in Africa: Is there a resource curse?," Resources Policy, Elsevier, vol. 59(C), pages 411-426.
  11. Beck, Thorsten & Poelhekke, Steven, 2023. "Follow the money: Does the financial sector intermediate natural resource windfalls?," Journal of International Money and Finance, Elsevier, vol. 130(C).
  12. Joyce, Joseph P., 2019. "Partners, not debtors: The external liabilities of emerging market economies," Journal of Economic Behavior & Organization, Elsevier, vol. 157(C), pages 320-337.
  13. Baris Kablamaci, 2019. "Does economic openness affect liberal and electoral democracy in a different way? Empirical evidence from developing countries," Scottish Journal of Political Economy, Scottish Economic Society, vol. 66(3), pages 404-433, July.
  14. Asongu, Simplice A & Odhiambo, Nicholas M, 2023. "Governance quality and trade performance in Sub-Saharan Africa," Working Papers 29697, University of South Africa, Department of Economics.
  15. Mlachila, Montfort & Ouedraogo, Rasmané, 2020. "Financial development curse in resource-rich countries: The role of commodity price shocks," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 84-96.
  16. Nchofoung, Tii & Asongu, Simplice & Tchamyou, Vanessa & Edoh, Ofeh, 2021. "Political inclusion and democracy in Africa: some empirical evidence," MPRA Paper 111838, University Library of Munich, Germany.
  17. Dogan, Eyup & Altinoz, Buket & Tzeremes, Panayiotis, 2020. "The analysis of ‘Financial Resource Curse’ hypothesis for developed countries: Evidence from asymmetric effects with quantile regression," Resources Policy, Elsevier, vol. 68(C).
  18. Mansur Muhammed & Abubakar Jamilu Baita & Tufail Hussain, 2024. "Institutional quality and Islamic financial development," Modern Finance, Modern Finance Institute, vol. 2(1), pages 69-83.
  19. Mazaheri, Nimah, 2017. "Oil, Dissent, and Distribution," World Development, Elsevier, vol. 99(C), pages 186-202.
  20. Faryal, & Faisal, Faisal & Amin, Muhammad Yusuf & Haq, Zahoor Ul & Rahman, Sami Ur & Ali, Adnan, 2023. "Natural resources revenues, shadow economy and financial institutions depth: The way forward," Resources Policy, Elsevier, vol. 85(PB).
  21. Muhamad, Goran M. & Heshmati, Almas & Khayyat, Nabaz T., 2021. "How to reduce the degree of dependency on natural resources?," Resources Policy, Elsevier, vol. 72(C).
  22. Tania Masi & Antonio Savoia & Kunal Sen, 2020. "Is there a fiscal resource curse? Resource rents, fiscal capacity, and political institutions in developing economies," WIDER Working Paper Series wp2020-10, World Institute for Development Economic Research (UNU-WIDER).
  23. Badeeb, Ramez Abubakr & Lean, Hooi Hooi & Smyth, Russell, 2016. "Oil curse and finance–growth nexus in Malaysia: The role of investment," Energy Economics, Elsevier, vol. 57(C), pages 154-165.
  24. Dutta, Nabamita & Roy, Sanjukta, 2016. "The interactive impact of press freedom and media reach on corruption," Economic Modelling, Elsevier, vol. 58(C), pages 227-236.
  25. Nassani, Abdelmohsen A. & Aldakhil, Abdullah Mohammed & Zaman, Khalid, 2021. "Ecological footprints jeopardy for mineral resource extraction: Efficient use of energy, financial development and insurance services to conserve natural resources," Resources Policy, Elsevier, vol. 74(C).
  26. Ramez Abubakr Badeeb & Jeremy Clark & Abey P. Philip, 2021. "The Nonlinear Effects of Oil Rent Dependence on Malaysian Manufacturing: Implications from Structural Change using a Markov-Regime Switching Model," Working Papers in Economics 21/11, University of Canterbury, Department of Economics and Finance.
  27. Sambit Bhattacharyya & Paul Collier, 2014. "Public capital in resource rich economies: is there a curse?," Oxford Economic Papers, Oxford University Press, vol. 66(1), pages 1-24, January.
  28. Ben-Salha, Ousama & Dachraoui, Hajer & Sebri, Maamar, 2021. "Natural resource rents and economic growth in the top resource-abundant countries: A PMG estimation," Resources Policy, Elsevier, vol. 74(C).
  29. Pan, Lei & Dwumfour, Richard Adjei & Kheng, Veasna, 2022. "Lightening the Path to Financial Development: The Power of Electricity," MPRA Paper 113358, University Library of Munich, Germany.
  30. Simplice A. Asongu & Tii N. Nchofoung, 2021. "The terrorism-finance nexus contingent on globalisation and governance dynamics in Africa," Research Africa Network Working Papers 21/016, Research Africa Network (RAN).
  31. Lin, Renzao & Wang, Zhe & Gao, Chunjiao, 2023. "Re-examining resources taxes and sustainable financial expansion: An empirical evidence of novel panel methods for China's provincial data," Resources Policy, Elsevier, vol. 80(C).
  32. Adnan Ali & Suresh Ramakrishnan & Faisal Faisal & Zahir Ullah, 2023. "Bibliometric analysis of global research trends on microfinance institutions and microfinance: Suggesting new research agendas," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 3552-3573, October.
  33. Yang, Qiuyue & Gao, Da & Song, Deyong & Li, Yi, 2021. "Environmental regulation, pollution reduction and green innovation: The case of the Chinese Water Ecological Civilization City Pilot policy," Economic Systems, Elsevier, vol. 45(4).
  34. Çetin, Murat & Sarıgül, Sevgi Sümerli & Işık, Cem & Avcı, Pınar & Ahmad, Munir & Alvarado, Rafael, 2023. "The impact of natural resources, economic growth, savings, and current account balance on financial sector development: Theory and empirical evidence," Resources Policy, Elsevier, vol. 81(C).
  35. Mamo, Nemera & Bhattacharyya, Sambit & Moradi, Alexander, 2019. "Intensive and extensive margins of mining and development: Evidence from Sub-Saharan Africa," Journal of Development Economics, Elsevier, vol. 139(C), pages 28-49.
  36. Maryam Barzegar Marvasti & Somayeh Razzaghi, 2020. "Investigating the Determinants of Financial Development in OPEC Countries: An Application of Bayesian Model Averaging Approach," International Journal of Energy Economics and Policy, Econjournals, vol. 10(1), pages 342-352.
  37. Wang, Zhipeng & Zhang, Mei & Ageli, Mohammed Moosa, 2022. "Revisiting resource curse hypothesis and sustainable development: Evaluating the role of financial risk for USA," Resources Policy, Elsevier, vol. 79(C).
  38. Ruba Abdullah Aljarallah, 2020. "The Economic Impacts of Natural Resource Dependency in Gulf Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 10(6), pages 36-52.
  39. Badeeb, Ramez Abubakr & Lean, Hooi Hooi & Clark, Jeremy, 2017. "The evolution of the natural resource curse thesis: A critical literature survey," Resources Policy, Elsevier, vol. 51(C), pages 123-134.
  40. Bhattacharyya, Sambit, 2013. "Political origins of financial structure," Journal of Comparative Economics, Elsevier, vol. 41(4), pages 979-994.
  41. Adetutu, Morakinyo O. & Odusanya, Kayode A. & Ebireri, John E. & Murinde, Victor, 2020. "Oil booms, bank productivity and natural resource curse in finance," Economics Letters, Elsevier, vol. 186(C).
  42. Ruba Aljarallah, 2021. "An Analysis of the Impact of Rents from Non-renewable Natural Resources and Changes in Human Capital on Institutional Quality: A Case Study of Kuwait," International Journal of Energy Economics and Policy, Econjournals, vol. 11(5), pages 224-234.
  43. Ongo Nkoa, Bruno Emmanuel & Tadadjeu, Sosson & Njangang, Henri, 2023. "Rich in the dark: Natural resources and energy poverty in Sub-Saharan Africa," Resources Policy, Elsevier, vol. 80(C).
  44. Olatunji Abdul Shobande & Joseph Onuche Enemona, 2021. "A Multivariate VAR Model for Evaluating Sustainable Finance and Natural Resource Curse in West Africa: Evidence from Nigeria and Ghana," Sustainability, MDPI, vol. 13(5), pages 1-15, March.
  45. Colin O'Reilly & Ryan H. Murphy, 2017. "Do Institutions Mitigate The Risk Of Natural Resource Conflicts?," Contemporary Economic Policy, Western Economic Association International, vol. 35(3), pages 532-541, July.
  46. Huang, Xinpeng & Meng, Fanshi, 2023. "Digital finance mitigation of ' resource curse ' effect: Evidence from resource-based cities in China," Resources Policy, Elsevier, vol. 83(C).
  47. Mohammed, Jabir Ibrahim & Fiador, Vera Ogeh & Karimu, Amin & Abor, Joshua Yindenaba, 2022. "Ownership structure of oil revenues: Political institutions and financial markets in oil-producing countries," Journal of Multinational Financial Management, Elsevier, vol. 66(C).
  48. Nabamita Dutta & Deepraj Mukherjee, 2018. "Can financial development enhance transparency?," Economic Change and Restructuring, Springer, vol. 51(4), pages 279-302, November.
  49. Atil, Ahmed & Nawaz, Kishwar & Lahiani, Amine & Roubaud, David, 2020. "Are natural resources a blessing or a curse for financial development in Pakistan? The importance of oil prices, economic growth and economic globalization," Resources Policy, Elsevier, vol. 67(C).
  50. Rojas Cama, Freddy A. & Emara, Noha, 2022. "Financial inclusion and gross capital formation: A sectoral analysis approach for the MENA region and EMs," International Review of Financial Analysis, Elsevier, vol. 79(C).
  51. Johan Graafland, 2023. "On Rule of Law, Civic Virtues, Trust, and Happiness," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 18(4), pages 1799-1824, August.
  52. Stolbov, Mikhail, 2013. "The finance-growth nexus revisited: From origins to a modern theoretical landscape," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 7, pages 1-22.
  53. Avom, Désiré & Keneck-Massil, Joseph & Njangang, Henri & Nvuh-Njoya, Youssouf, 2022. "Why are some resource-rich countries more sophisticated than others? The role of the regime type and political ideology," Resources Policy, Elsevier, vol. 79(C).
  54. Lashitew, Addisu A. & Werker, Eric, 2020. "Do natural resources help or hinder development? Resource abundance, dependence, and the role of institutions," Resource and Energy Economics, Elsevier, vol. 61(C).
  55. Nurmakhanova, Mira & Elheddad, Mohamed & Alfar, Abdelrahman J.K. & Egbulonu, Alloysius & Zoynul Abedin, Mohammad, 2023. "Does natural resource curse in finance exist in Africa? Evidence from spatial techniques," Resources Policy, Elsevier, vol. 80(C).
  56. Badeeb, Ramez Abubakr & Szulczyk, Kenneth R. & Zahra, Samia & Mukherjee, Tanusree Chakravarty, 2023. "Innovation dynamics in the natural resource curse hypothesis: A new perspective from BRICS countries," Resources Policy, Elsevier, vol. 81(C).
  57. Xu, Yongfeng & Zhao, Xia, 2023. "Financial market risk, technology and natural resources nexus: Evidence from China," Resources Policy, Elsevier, vol. 81(C).
  58. Ali M. Kutan & Nahla Samargandi & Kazi Sohag, 2017. "Does Institutional Quality Matter for Financial Development and Growth? Further Evidence from MENA Countries," Australian Economic Papers, Wiley Blackwell, vol. 56(3), pages 228-248, September.
  59. Amiri, Hossein & Samadian, Farzaneh & Yahoo, Masoud & Jamali, Seyed Jafar, 2019. "Natural resource abundance, institutional quality and manufacturing development: Evidence from resource-rich countries," Resources Policy, Elsevier, vol. 62(C), pages 550-560.
  60. Ha, Le Thanh, 2023. "The role of financial development in enhancing trades in environmental goods: International insights from 119 countries," Journal of Commodity Markets, Elsevier, vol. 29(C).
  61. Boubakri, Narjess & El Ghoul, Sadok & Saffar, Walid, 2015. "Firm growth and political institutions," Journal of Multinational Financial Management, Elsevier, vol. 31(C), pages 104-125.
  62. Sambit Bhattacharyya & Michael Keller, 2021. "Resource Discovery and the Political Fortunes of National Leaders," Economica, London School of Economics and Political Science, vol. 88(349), pages 129-166, January.
  63. Madsen, Jakob B., 2016. "Barriers to Prosperity: Parasitic and Infectious Diseases, IQ, and Economic Development," World Development, Elsevier, vol. 78(C), pages 172-187.
  64. Khan, Muhammad Atif & Gu, Lulu & Khan, Muhammad Asif & Oláh, Judit, 2020. "Natural resources and financial development: The role of institutional quality," Journal of Multinational Financial Management, Elsevier, vol. 56(C).
  65. Thorsten Beck & Steven Poelhekke, 2017. "Follow the money: Does the Financial Sector Intermediate Natural Resource Windfalls?," Tinbergen Institute Discussion Papers 17-027/VIII, Tinbergen Institute.
  66. Shahin Javadi & Mahmood Motevaseli & Shahin Javadi & Jahangir Yadolahi Farsi, 2017. "Oil Rent and Financial Environment: A Cross-country Examination," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 298-302.
  67. Namahoro, Jean Pierre & Qiaosheng, Wu & Hui, Su, 2022. "The copper production and economic growth nexus across the regional and global levels," Resources Policy, Elsevier, vol. 76(C).
  68. Zhang, Jialin & Shi, Shaodong, 2023. "Extraction of natural resources and geopolitical risk revisited: A novel perspective of research and development with financial development," Resources Policy, Elsevier, vol. 85(PA).
  69. Hussain, Muzzammil & Ye, ZhiWei & Usman, Muhammad & Mir, Ghulam Mustafa & Usman, Ahmad & Abbas Rizvi, Syed Kumail, 2020. "Re-investigation of the resource curse hypothesis: The role of political institutions and energy prices in BRIC countries," Resources Policy, Elsevier, vol. 69(C).
  70. Graafland, Johan & de Jong, Eelke, 2022. "The moderating role of culture on the benefits of economic freedom: Cross-country analysis," Journal of Comparative Economics, Elsevier, vol. 50(1), pages 280-292.
  71. Keller, Michael, 2022. "Oil revenues vs domestic taxation: Deeper insights into the crowding-out effect," Resources Policy, Elsevier, vol. 76(C).
  72. Chandan Sharma & Debdatta Pal, 2021. "Revisiting resource curse puzzle: new evidence from heterogeneous panel analysis," Applied Economics, Taylor & Francis Journals, vol. 53(8), pages 897-912, February.
  73. Ali, Adnan & Ramakrishnan, Suresh & Faisal,, 2022. "Financial development and natural resources. Is there a stock market resource curse?," Resources Policy, Elsevier, vol. 75(C).
  74. Bhattacharyya, Sambit & Conradie, Louis & Arezki, Rabah, 2017. "Resource discovery and the politics of fiscal decentralization," Journal of Comparative Economics, Elsevier, vol. 45(2), pages 366-382.
  75. Gokmenoglu, Korhan K. & Rustamov, Bezhan, 2019. "Examining the World Bank Group lending and natural resource abundance induced financial development in KART countries," Resources Policy, Elsevier, vol. 63(C), pages 1-1.
  76. Ugurlu, Esra Nur & Razmi, Arslan, 2023. "Political economy of real exchange rate levels," Journal of Comparative Economics, Elsevier, vol. 51(3), pages 918-940.
  77. Roman Horvath, 2020. "Natural Catastrophes and Financial Development: An Empirical Analysis," Working Papers IES 2020/14, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised May 2020.
  78. Littke, Helge C. N., 2018. "Channeling the Iron Ore Super-Cycle: The role of regional bank branch networks in emerging markets," IWH Discussion Papers 11/2018, Halle Institute for Economic Research (IWH).
  79. Silvana Sandonato & Henry Willebald, 2018. "Natural Capital, Domestic Product and Proximate Causes of Economic Growth: Uruguay in the Long Run, 1870–2014," Sustainability, MDPI, vol. 10(3), pages 1-26, March.
  80. Libman, Alexander, 2013. "Natural resources and sub-national economic performance: Does sub-national democracy matter?," Energy Economics, Elsevier, vol. 37(C), pages 82-99.
  81. Al Mamun, Md & Sohag, Kazi & Hassan, M. Kabir, 2017. "Governance, resources and growth," Economic Modelling, Elsevier, vol. 63(C), pages 238-261.
  82. Alssadek, Marwan & Benhin, James, 2023. "Natural resource curse: A literature survey and comparative assessment of regional groupings of oil-rich countries," Resources Policy, Elsevier, vol. 84(C).
  83. Badeeb, Ramez Abubakr & Lean, Hooi Hooi & Shahbaz, Muhammad, 2020. "Are too many natural resources to blame for the shape of the Environmental Kuznets Curve in resource-based economies?," Resources Policy, Elsevier, vol. 68(C).
  84. Ogundari, Kolawole & Awokuse, Titus, 2016. "Assessing the Contribution of Agricultural Productivity to Food Security levels in Sub-Saharan African countries," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235730, Agricultural and Applied Economics Association.
  85. Naseer, Ahsan & Su, Chi-Wei & Mirza, Nawazish & Li, Jing-Ping, 2020. "Double jeopardy of resources and investment curse in South Asia: Is technology the only way out?," Resources Policy, Elsevier, vol. 68(C).
  86. Bruno Emmanuel Ongo Nkoa & Thierry Mamadou Asngar & Charles Christian Atangana Zambo & Donald Ferdinand Okere Atanga, 2023. "Does institutional quality accelerate the growth of financial markets in Africa?," SN Business & Economics, Springer, vol. 3(4), pages 1-26, April.
  87. Nouf Alsharif & Sambit Bhattacharyya, 2019. "Oil Discovery, Political Institutions and Economic Diversification," Scottish Journal of Political Economy, Scottish Economic Society, vol. 66(3), pages 459-488, July.
  88. Chris Doucouliagos & Jakob de Haan & Jan-Egbert Sturm, 2022. "What drives financial development? A Meta-regression analysis [A new database of financial reforms]," Oxford Economic Papers, Oxford University Press, vol. 74(3), pages 840-868.
  89. Gokmenoglu, Korhan K. & Rustamov, Bezhan, 2022. "The role of the natural resource abundance in the short and long run: The case of the Kingdom of Saudi Arabia," Resources Policy, Elsevier, vol. 77(C).
  90. Seda Yıldırım & Durmuş Çağrı Yıldırım & Seda H. Bostancı & Elif Nur Tarı, 2022. "Winner or loser? The asymmetric role of natural resource rents on financial development among resource‐rich countries," Sustainable Development, John Wiley & Sons, Ltd., vol. 30(6), pages 1921-1933, December.
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  92. Asif, Muhammad & Khan, Khan Burhan & Anser, Muhammad Khalid & Nassani, Abdelmohsen A. & Abro, Muhammad Moinuddin Qazi & Zaman, Khalid, 2020. "Dynamic interaction between financial development and natural resources: Evaluating the ‘Resource curse’ hypothesis," Resources Policy, Elsevier, vol. 65(C).
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  95. Sambit Bhattacharyya & Paul Collier, 2014. "Public capital in resource rich economies: is there a curse?," Oxford Economic Papers, Oxford University Press, vol. 66(1), pages 1-24, January.
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