The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies

Zenab Abdullah Mayekiso; Fatma Dural

doi:10.47103/bilturk.2028124

EN TR

The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies

Abstract

Focusing on emerging markets, this study examines the moderating effect of the monetary dimension of financial deepening on the relationship between resource rents and human capital accumulation. Utilizing a macro-panel dataset of 15 emerging economies spanning the period 2002–2021, the study employs a Fixed Effects estimation with Driscoll–Kraay standard errors to address cross-sectional dependence, and heteroskedasticity. The Human Capital Index serves as the dependent variable, while natural resource rents act as the main explanatory variable, and Broad Money-to-GDP is used as a proxy for the monetary dimension of financial deepening. The empirical outcomes reveal that natural resource rents alone exhibit a positive but statistically weak association with human capital accumulation. Conversely, there is a statistically significant negative interaction between resource abundance and financial deepening, suggesting that higher levels of the monetary dimension of financial deepening strengthen the adverse effect of resource rents on human capital. Marginal effects analysis further reveals that this adverse moderating effect becomes statistically significant when the Broad Money-to-GDP ratio reaches approximately 70%. Overall, the results imply that expanding the monetary dimension of financial deepening does not alleviate the negative influence of natural resource rents on human capital development; rather, the adverse effect becomes stronger when the Broad Money-to-GDP ratio exceeds approximately 70%.

Keywords

Natural Resource Rents, Human Capital, Financial Deepening, Resource Curse, Emerging Economies

Supporting Institution

This study was not funded by any institution or organization.

Ethical Statement

Ethics committee approval is not required for this study.

Doğal Kaynak Rantlarının Beşeri Sermaye Üzerindeki Etkisi: Yükselen Ekonomilerde Finansal Derinleşmenin Düzenleyici Rolü

Abstract

Bu çalışma, yükselen ekonomilerde finansal derinleşmenin doğal kaynak rantları ile beşeri sermaye birikimi arasındaki ilişkide düzenleyici rolünü incelemektedir. Çalışma, 2002–2021 dönemini kapsayan 15 yükselen ekonomiye ait dengeli bir makro panel veri seti kullanmakta; yatay kesit bağımlılığı ve değişen varyans sorunlarını dikkate almak amacıyla Driscoll–Kraay standart hatalı Sabit Etkiler tahmincisini uygulamaktadır. Beşeri Sermaye Endeksi bağımlı değişken olarak kullanılırken, doğal kaynak rantları temel açıklayıcı değişken, geniş para arzı (M2/GSYH) ise finansal derinleşmenin parasal boyutunun göstergesi olarak modele dâhil edilmiştir. Ampirik bulgular, doğal kaynak rantlarının tek başına beşeri sermaye birikimi üzerinde pozitif ancak istatistiksel olarak zayıf bir etkiye sahip olduğunu göstermektedir. Buna karşılık, doğal kaynak rantları ile finansal derinleşme arasındaki etkileşim terimi negatif ve istatistiksel olarak anlamlıdır. Bu bulgu, finansal derinleşmenin parasal ve likidite boyutu arttıkça doğal kaynak rantlarının beşeri sermaye birikimi üzerindeki olumsuz etkisinin güçlendiğine işaret etmektedir. Marjinal etki analizleri, söz konusu olumsuz düzenleyici etkinin Broad Money/GSYH oranı yaklaşık %70 düzeyine ulaştığında istatistiksel olarak anlamlı hale geldiğini ortaya koymaktadır. Genel olarak elde edilen bulgular, finansal derinleşmenin parasal genişleme boyutunun doğal kaynak rantlarının beşeri sermaye üzerindeki olumsuz etkisini hafifletmediğini; aksine, Broad Money/GSYH oranının daha yüksek düzeylerinde bu olumsuz etkinin güçlendiğini ortaya koymaktadır.

Keywords

Doğal Kaynak Rantları, Beşeri Sermaye, Finansal Derinleşme, Kaynak Laneti, Yükselen Ekonomiler

Supporting Institution

Bu çalışma için herhangi bir kurum veya kuruluştan finansal destek alınmamıştır.

Ethical Statement

Bu çalışma için etik kurul onayına gerek bulunmamaktadır.

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Details

Primary Language

English

Subjects

Panel Data Analysis, Monetary-Banking, Development Economics

Journal Section

Research Article

Authors

Zenab Abdullah Mayekiso
0009-0000-3926-1441
Türkiye

Fatma Dural ^*
0000-0003-4039-0130
Türkiye

Publication Date

October 22, 2026

Submission Date

August 29, 2026

Acceptance Date

October 19, 2026

Published in Issue

Year 2026 Volume: 8

DOI

https://doi.org/10.47103/bilturk.2028124

IZ

https://izlik.org/JA94HW94ME

APA

Mayekiso, Z. A., & Dural, F. (2026). The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies. BİLTÜRK Journal of Economics and Related Studies, 8, 501-526. https://doi.org/10.47103/bilturk.2028124

AMA

1.Mayekiso ZA, Dural F. The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies. BILTURK. 2026;8:501-526. doi:10.47103/bilturk.2028124

Chicago

Mayekiso, Zenab Abdullah, and Fatma Dural. 2026. “The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies”. BİLTÜRK Journal of Economics and Related Studies 8 (October): 501-26. https://doi.org/10.47103/bilturk.2028124.

EndNote

Mayekiso ZA, Dural F (October 1, 2026) The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies. BİLTÜRK Journal of Economics and Related Studies 8 501–526.

IEEE

[1]Z. A. Mayekiso and F. Dural, “The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies”, BILTURK, vol. 8, pp. 501–526, Oct. 2026, doi: 10.47103/bilturk.2028124.

ISNAD

Mayekiso, Zenab Abdullah - Dural, Fatma. “The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies”. BİLTÜRK Journal of Economics and Related Studies 8 (October 1, 2026): 501-526. https://doi.org/10.47103/bilturk.2028124.

JAMA

1.Mayekiso ZA, Dural F. The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies. BILTURK. 2026;8:501–526.

MLA

Mayekiso, Zenab Abdullah, and Fatma Dural. “The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies”. BİLTÜRK Journal of Economics and Related Studies, vol. 8, Oct. 2026, pp. 501-26, doi:10.47103/bilturk.2028124.

Vancouver

1.Zenab Abdullah Mayekiso, Fatma Dural. The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies. BILTURK. 2026 Oct. 1;8:501-26. doi:10.47103/bilturk.2028124

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Etem Hakan ERGEÇ

Political Economy Theory, Monetary-Banking, Islamic Finance

Yaprak TAVMAN

Cyclical Fluctuations, Policy of Treasury, Monetary Policy, Monetary-Banking

BILTURK Journal of Economics and Related Studies Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) altında çalışmaktadır.

The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies

The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies

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Doğal Kaynak Rantlarının Beşeri Sermaye Üzerindeki Etkisi: Yükselen Ekonomilerde Finansal Derinleşmenin Düzenleyici Rolü

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