Araştırma Makalesi

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

Cilt: 8 22 Ekim 2026
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The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies

Öz

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%.

Anahtar Kelimeler

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

Destekleyen Kurum

This study was not funded by any institution or organization.

Etik Beyan

Ethics committee approval is not required for this study.

Kaynakça

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Kaynak Göster

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, ve 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 (Ekim): 501-26. https://doi.org/10.47103/bilturk.2028124.
EndNote
Mayekiso ZA, Dural F (01 Ekim 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 ve F. Dural, “The Impact of Natural Resource Rents on Human Capital: The Moderating Role of Financial Deepening in Emerging Economies”, BILTURK, c. 8, ss. 501–526, Eki. 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 (01 Ekim 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, ve 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, c. 8, Ekim 2026, ss. 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. 01 Ekim 2026;8:501-26. doi:10.47103/bilturk.2028124