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Unravelling triad: examining the role of natural resources abundance, technological innovation, and human capital on financial development in emerging economies

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  • Saqib Mehmood
  • Rudsada Kaewsaeng-On

Abstract

Financialization in developing and developed markets dominates progression and resource policy, which is investigated in the framework of emerging economies. This study examines the resource-curse hypothesis by recruiting natural resource abundance, innovation, and human capital from 32 emerging economies from 2007 to 2021. However, a dynamic panel-data estimation, a two-step system-generalized method-of-moment (SGMM) approach, is used, whose robustness is also evaluated via various tests. Findings indicate that resources are blessings, technological innovation, and human capital all lead to the financial development of emerging economies. The empirical findings are also robust to policy recommendations.

Suggested Citation

  • Saqib Mehmood & Rudsada Kaewsaeng-On, 2026. "Unravelling triad: examining the role of natural resources abundance, technological innovation, and human capital on financial development in emerging economies," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 19(2), pages 320-341, May.
    • Handle: RePEc:taf:macfem:v:19:y:2026:i:2:p:320-341
    DOI: 10.1080/17520843.2024.2363593
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