Araştırma Makalesi
BibTex RIS Kaynak Göster

“Finansal Kaynak Laneti” Hipotezinin Analizi: BRICS Ülkeleri Örneği

Yıl 2021, Cilt: 6 Sayı: 3, 862 - 881, 30.12.2021
https://doi.org/10.30784/epfad.1009614

Öz

Doğal kaynaklara sahip olmanın, ekonomik büyümeyi ve finansal kalkınma düzeyini artırması beklenmektedir. Ancak bu beklentinin, kaynak açısından zengin bazı ülkeler için her zaman böyle olmadığı görülmektedir. Bu bağlamda çalışmanın amacı, doğal kaynak yönünden zengin BRICS ülkelerinde 1992-2018 dönemi için finansal kaynak laneti hipotezinin geçerliliğini sınamaktır. Çalışmada ampirik analiz için yatay kesit bağımlılığına ve heterojenliğe izin veren ikinci nesil analiz yöntemleri kullanılmıştır. Elde edilen ampirik bulgulara göre, Brezilya ve Rusya’da doğal kaynak gelirinin finansal kalkınma düzeyi üzerindeki etkisi pozitif, Güney Afrika’da negatiftir. Çin ve Hindistan’da ise doğal kaynak geliri ve finansal kalkınma arasında istatistiksel olarak anlamlı bir ilişki tespit edilememiştir. Sonuç olarak finansal kaynak laneti hipotezinin BRICS ülkelerinden sadece Güney Afrika’da geçerli olduğu belirlenmiştir. Güney Afrika’nın doğal kaynak bolluğunun getirdiği olumsuz etkileri azaltabilmek ve bu dezavantajdan kurtulabilmek için doğal kaynak gelirlerini verimli bir şekilde kullanarak ekonominin diğer sektörlerine de aktarması, teknolojik yenilikler ve beşerî sermayenin gelişimine odaklanması, politik istikrarı artıracak ve yoksulluğu azaltacak güçlü politika uygulamalarını hayata geçirmesi önem arz etmektedir.

Destekleyen Kurum

Çalışma herhangi bir kurum tarafından desteklenmemektedir.

Kaynakça

  • Acheampong, A. O. (2019). Modelling for insight: Does financial development improve environmental quality? Energy Economics, 83, 156-179. https://doi.org/10.1016/j.eneco.2019.06.025
  • Ahmed, K. (2017). Revisiting the role of financial development for energy-growth-trade nexus in BRICS economies. Energy, 128, 487-495. http://dx.doi.org/10.1016/j.energy.2017.04.055
  • Ang, J. B. (2009). Foreign direct investment and its impact on the Thai economy: The role of financial development. Journal of Economics and Finance, 33(3), 316-323. doi: 10.1007/s12197-008-9042-6
  • Arvanitis, Y. and Weigert, M. (2017). Turning resource curse into development dividends in Guinea-Bissau. Resources Policy, 53, 226-237. https://doi.org/10.1016/j.resourpol.2017.06.018
  • Asif, M., Khan, K. B., Anser, M. K., Nassani, A. A., Abro, M. M. Q. and Zaman, K. (2020). Dynamic interaction between financial development and natural resources: Evaluating the ‘Resource curse’ hypothesis. Resources Policy, 65, 101566. https://doi.org/10.1016/j.resourpol.2019.101566
  • Atil, A., Nawaz, K., Lahiani, A. and Roubaud, D. (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, 67, 101683. https://doi.org/10.1016/j.resourpol.2020.101683
  • Auty, R. (1993). Sustaining development in mineral economies: The resource curse thesis. London: Routledge. https://doi.org/10.4324/9780203422595
  • Auty, R. and Warhurst, A. (1993). Sustainable development in mineral exporting economies. Resources Policy, 19(1), 14-29. https://doi.org/10.1016/0301-4207(93)90049-S
  • Badeeb, R. A., Lean, H. H. and Clark, J. (2017). The evolution of the natural resource curse thesis: A critical literature survey. Resources Policy, 51, 123-134. https://doi.org/10.1016/j.resourpol.2016.10.015
  • Badeeb, R. A., Lean, H. H. and Smyth, R. (2016). Oil curse and finance–growth nexus in Malaysia: The role of investment. Energy Economics, 57, 154-165. https://doi.org/10.1016/j.eneco.2016.04.020
  • Baltagi, B. H., Demetriades, P. O. and Law, S. H. (2009). Financial development and openness: Evidence from panel data. Journal of Development Economics, 89(2), 285-296. https://doi.org/10.1016/j.jdeveco.2008.06.006
  • Bayer, C. and Hanck, C. (2013). Combining non‐cointegration tests. Journal of Time Series Analysis, 34(1), 83-95. https://doi.org/10.1111/j.1467-9892.2012.00814.x
  • Bhattacharyya, S. and Hodler, R. (2014). Do natural resource revenues hinder financial development? The role of political institutions. World Development, 57, 101-113. https://doi.org/10.1016/j.worlddev.2013.12.003
  • Breusch, T. S. and Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. Retrieved from https://www.jstor.org/
  • Collier, P. and Hoeffler, A. (2005). Resource rents, governance, and conflict. Journal of Conflict Resolution, 49(4). Retrieved from https://heinonline.org/
  • De Gregorio, J., Guidotti, P. E. and Knight, M. D. (1992). Financial development and economic growth (IMF Working Papers No. 1992-101). https://doi.org/10.5089/9781451852455.001
  • Dogan, E., Altinoz, B. and Tzeremes, P. (2020). The analysis of ‘Financial Resource Curse’ hypothesis for developed countries: Evidence from asymmetric effects with quantile regression. Resources Policy, 68, 101773. https://doi.org/10.1016/j.resourpol.2020.101773
  • Dumitrescu, E. I. and Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https://doi.org/10.1016/j.econmod.2012.02.014
  • Durham, J. B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth. European Economic Review, 48(2), 285-306. Retrieved from https://www.federalreserve.gov/
  • Dwumfour, R. A. and Ntow-Gyamfi, M. (2018). Natural resources, financial development and institutional quality in Africa: Is there a resource curse? Resources Policy, 59, 411-426. https://doi.org/10.1016/j.resourpol.2018.08.012
  • Eberhardt, M. and Bond, S. (2009). Cross-section dependence in nonstationary panel models: A novel estimator (MPRA Paper No. 17692). Retrieved from https://mpra.ub.uni-muenchen.de/17692/1/MPRA_paper_17692.pdf
  • Eberhardt, M. and Teal, F. (2010). Aggregation versus heterogeneity in cross-country growth empirics (Credit Research Paper No. 11/08). Retrieved from https://www.econstor.eu/bitstream/10419/65461/1/683936816.pdf
  • Elbra, A. D. (2013). The forgotten resource curse: South Africa's poor experience with mineral extraction. Resources Policy, 38(4), 549-557. https://doi.org/10.1016/j.resourpol.2013.09.004
  • Giuliano, P. and Ruiz-Arranz, M. (2009). Remittances, financial development, and growth. Journal of Development Economics, 90(1), 144-152. doi:10.1016/j.jdeveco.2008.10.005
  • Guan, J., Kirikkaleli, D., Bibi, A. and Zhang, W. (2020). Natural resources rents nexus with financial development in the presence of globalization: Is the “resource curse” exist or myth? Resources Policy, 66, 101641. https://doi.org/10.1016/j.resourpol.2020.101641
  • Guiso, L., Sapienza, P. and Zingales, L. (2004). The role of social capital in financial development. American Economic Review, 94(3), 526-556. Retrieved from https://www.jstor.org/
  • Hasanov, F. J., Khan, Z., Hussain, M. and Tufail, M. (2021). Theoretical framework for the carbon emissions effects of technological progress and renewable energy consumption. Sustainable Development, 29(5), 810-822. https://doi.org/10.1002/sd.2175
  • Hattendorff, C. (2014). Natural resources, export concentration and financial development (Diskussionsbeiträge No. 34). Retrieved from https://www.econstor.eu/bitstream/10419/104548/1/806879858.pdf
  • Henri, P. A. O. (2019). Natural resources curse: A reality in Africa. Resources Policy, 63, 101406. https://doi.org/10.1016/j.resourpol.2019.101406
  • Hermes, N. and Lensink, R. (2003). Foreign direct investment, financial development and economic growth. The Journal of Development Studies, 40(1), 142-163. https://doi.org/10.1080/00220380412331293707
  • Iamsiraroj, S. (2016). The foreign direct investment–economic growth nexus. International Review of Economics & Finance, 42, 116-133. https://doi.org/10.1016/j.iref.2015.10.044
  • Jiang, C., Zhang, Y., Kamran, H. W. and Afshan, S. (2021). Understanding the dynamics of the resource curse and financial development in China? A novel evidence based on QARDL model. Resources Policy, 72, 102091. https://doi.org/10.1016/j.resourpol.2021.102091
  • Khan, Z., Hussain, M., Shahbaz, M., Yang, S. and Jiao, Z. (2020). Natural resource abundance, technological innovation, and human capital nexus with financial development: A case study of China. Resources Policy, 65, 101585. https://doi.org/10.1016/j.resourpol.2020.101585
  • Levine, R. (1999). Law, finance, and economic growth. Journal of Financial Intermediation, 8(1-2), 8-35. https://doi.org/10.1006/jfin.1998.0255
  • Li, Y., Naqvi, B., Caglar, E. and Chu, C. C. (2020). N-11 countries: Are the new victims of resource-curse? Resources Policy, 67, 101697. https://doi.org/10.1016/j.resourpol.2020.101697
  • Maskus, K. E., Neumann, R. and Seidel, T. (2012). How national and international financial development affect industrial R&D. European Economic Review, 56(1), 72-83. https://doi.org/10.1016/j.euroecorev.2011.06.002
  • McCoskey, S. and Kao, C. (1998). A residual-based test of the null of cointegration in panel data. Econometric Reviews, 17(1), 57-84. doi:10.1080/07474939808800403
  • Menyah, K., Nazlioglu, S. and Wolde-Rufael, Y. (2014). Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach. Economic Modelling, 37, 386-394. https://doi.org/10.1016/j.econmod.2013.11.044
  • Mlachila, M. and Ouedraogo, R. (2020). Financial development curse in resource-rich countries: The role of commodity price shocks. The Quarterly Review of Economics and Finance, 76, 84-96. https://doi.org/10.1016/j.qref.2019.04.011
  • Mlachila, M. M. and Ouedraogo, R. (2017). Financial resource curse in resource-rich countries (IMF Working Paper No. 163). Retrieved from https://www.tralac.org/images/docs/11914/financial-resource-curse-in-resource-rich-countries-imf-july-2017.pdf
  • Moradbeigi, M. and Law, S. H. (2017). The role of financial development in the oil-growth nexus. Resources Policy, 53, 164-172. https://doi.org/10.1016/j.resourpol.2017.06.016
  • Müller, U. K. and Watson, M. W. (2018). Long‐run covariability. Econometrica, 86(3), 775-804. https://doi.org/10.3982/ECTA15047
  • Murari, K. (2017). Financial development–economic growth nexus: Evidence from South Asian middle-income countries. Global Business Review, 18(4), 924-935. doi:10.1177/0972150917692245
  • Musah, M., Kong, Y., Mensah, I. A., Antwi, S. K. and Donkor, M. (2020). The link between carbon emissions, renewable energy consumption, and economic growth: A heterogeneous panel evidence from West Africa. Environmental Science and Pollution Research, 27(23). https://doi.org/10.1007/s11356-020-08488-8
  • Nawaz, K., Lahiani, A. and Roubaud, D. (2019). Natural resources as blessings and finance-growth nexus: A bootstrap ARDL approach in an emerging economy. Resources Policy, 60, 277-287. https://doi.org/10.1016/j.resourpol.2019.01.007
  • O'Connell, P. G. (1998). The overvaluation of purchasing power parity. Journal of International Economics, 44(1), 1-19. https://doi.org/10.1016/S0022-1996(97)00017-2
  • Odeniran, S. O. and Udeaja, E. A. (2010). Financial sector development and economic growth: Empirical evidence from Nigeria. Economic and Financial Review, 48(3), 91-124. Retrieved from https://www.cbn.gov.ng/
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Empirical Economics, 60, 13-50. https://doi.org/10.1007/s00181-020-01875-7
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
  • Pesaran, M. H. and Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Pesaran, M. H., Ullah, A. and Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127. doi:10.1111/j.1368-423X.2007.00227.x
  • Sachs, J. D. and Warner, A. M. (2001). The curse of natural resources. European Economic Review, 45(4-6), 827-838. https://doi.org/10.1016/S0014-2921(01)00125-8
  • Shahbaz, M., Naeem, M., Ahad, M. and Tahir, I. (2018). Is natural resource abundance a stimulus for financial development in the USA? Resources Policy, 55, 223-232. https://doi.org/10.1016/j.resourpol.2017.12.006
  • Stuenkel, O. (2020). The BRICS and the future of global order (2. ed.). UK: Lexington Books.
  • Sun, Y., Ak, A., Serener, B. and Xiong, D. (2020). Natural resource abundance and financial development: A case study of emerging seven (E− 7) economies. Resources Policy, 67, 101660. https://doi.org/10.1016/j.resourpol.2020.101660
  • Svirydzenka, K. (2016). Introducing a new broad-based index of financial development (IMF Working Paper No. 5). Retrieved from https://www.elibrary.imf.org/view/journals/001/2016/005/article-A999-en.xml
  • Swamy, P. A. (1970). Efficient inference in a random coefficient regression model. Econometrica: Journal of the Econometric Society, 38(2), 311-323. Retrieved from https://www.jstor.org/
  • Wang, Z. (2019). Does biomass energy consumption help to control environmental pollution? Evidence from BRICS countries. Science of The Total Environment, 670, 1075-1083. https://doi.org/10.1016/j.scitotenv.2019.03.268
  • Westerlund, J. and Edgerton, D. L. (2007). A panel bootstrap cointegration test. Economics Letters, 97(3), 185-190. https://doi.org/10.1016/j.econlet.2007.03.003
  • Yuxiang, K. and Chen, Z. (2011). Resource abundance and financial development: Evidence from China. Resources Policy, 36(1), 72-79. https://doi.org/10.1016/j.resourpol.2010.05.002
  • Zaidi, S. A. H., Wei, Z., Gedikli, A., Zafar, M. W., Hou, F. and Iftikhar, Y. (2019). The impact of globalization, natural resources abundance, and human capital on financial development: Evidence from thirty-one OECD countries. Resources Policy, 64, 101476. https://doi.org/10.1016/j.resourpol.2019.101476

Analysis of the “Financial Resource Curse” Hypothesis: The Case of BRICS Countries

Yıl 2021, Cilt: 6 Sayı: 3, 862 - 881, 30.12.2021
https://doi.org/10.30784/epfad.1009614

Öz

Having natural resources is expected to increase the level of economic growth and financial development. This expectation does not seem to be the case, however, for some resource-rich countries. In this context, the aim of the study is to determine whether the "Financial Resource Curse" hypothesis is valid in the BRICS countries which are rich in natural resources for the 1992-2018 period. In the study, second generation test techniques that allow for cross-sectional dependence and heterogeneity were used for empirical analysis. According to the empirical findings, the effect of natural resource income on the level of financial development is positive in Brazil and Russia, and negative in South Africa. In China and India, however, no statistically significant relationship could be found between natural resource income and financial development. As a result, it has been determined that the “Financial Resource Curse” hypothesis is valid only for South Africa among the BRICS countries. In order to reduce the negative effects of South Africa's abundance of natural resources and to overcome this disadvantage, it is important to use natural resource revenues efficiently and transfer them to other sectors of the economy, to focus on technological innovations and human capital development.

Kaynakça

  • Acheampong, A. O. (2019). Modelling for insight: Does financial development improve environmental quality? Energy Economics, 83, 156-179. https://doi.org/10.1016/j.eneco.2019.06.025
  • Ahmed, K. (2017). Revisiting the role of financial development for energy-growth-trade nexus in BRICS economies. Energy, 128, 487-495. http://dx.doi.org/10.1016/j.energy.2017.04.055
  • Ang, J. B. (2009). Foreign direct investment and its impact on the Thai economy: The role of financial development. Journal of Economics and Finance, 33(3), 316-323. doi: 10.1007/s12197-008-9042-6
  • Arvanitis, Y. and Weigert, M. (2017). Turning resource curse into development dividends in Guinea-Bissau. Resources Policy, 53, 226-237. https://doi.org/10.1016/j.resourpol.2017.06.018
  • Asif, M., Khan, K. B., Anser, M. K., Nassani, A. A., Abro, M. M. Q. and Zaman, K. (2020). Dynamic interaction between financial development and natural resources: Evaluating the ‘Resource curse’ hypothesis. Resources Policy, 65, 101566. https://doi.org/10.1016/j.resourpol.2019.101566
  • Atil, A., Nawaz, K., Lahiani, A. and Roubaud, D. (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, 67, 101683. https://doi.org/10.1016/j.resourpol.2020.101683
  • Auty, R. (1993). Sustaining development in mineral economies: The resource curse thesis. London: Routledge. https://doi.org/10.4324/9780203422595
  • Auty, R. and Warhurst, A. (1993). Sustainable development in mineral exporting economies. Resources Policy, 19(1), 14-29. https://doi.org/10.1016/0301-4207(93)90049-S
  • Badeeb, R. A., Lean, H. H. and Clark, J. (2017). The evolution of the natural resource curse thesis: A critical literature survey. Resources Policy, 51, 123-134. https://doi.org/10.1016/j.resourpol.2016.10.015
  • Badeeb, R. A., Lean, H. H. and Smyth, R. (2016). Oil curse and finance–growth nexus in Malaysia: The role of investment. Energy Economics, 57, 154-165. https://doi.org/10.1016/j.eneco.2016.04.020
  • Baltagi, B. H., Demetriades, P. O. and Law, S. H. (2009). Financial development and openness: Evidence from panel data. Journal of Development Economics, 89(2), 285-296. https://doi.org/10.1016/j.jdeveco.2008.06.006
  • Bayer, C. and Hanck, C. (2013). Combining non‐cointegration tests. Journal of Time Series Analysis, 34(1), 83-95. https://doi.org/10.1111/j.1467-9892.2012.00814.x
  • Bhattacharyya, S. and Hodler, R. (2014). Do natural resource revenues hinder financial development? The role of political institutions. World Development, 57, 101-113. https://doi.org/10.1016/j.worlddev.2013.12.003
  • Breusch, T. S. and Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. Retrieved from https://www.jstor.org/
  • Collier, P. and Hoeffler, A. (2005). Resource rents, governance, and conflict. Journal of Conflict Resolution, 49(4). Retrieved from https://heinonline.org/
  • De Gregorio, J., Guidotti, P. E. and Knight, M. D. (1992). Financial development and economic growth (IMF Working Papers No. 1992-101). https://doi.org/10.5089/9781451852455.001
  • Dogan, E., Altinoz, B. and Tzeremes, P. (2020). The analysis of ‘Financial Resource Curse’ hypothesis for developed countries: Evidence from asymmetric effects with quantile regression. Resources Policy, 68, 101773. https://doi.org/10.1016/j.resourpol.2020.101773
  • Dumitrescu, E. I. and Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https://doi.org/10.1016/j.econmod.2012.02.014
  • Durham, J. B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth. European Economic Review, 48(2), 285-306. Retrieved from https://www.federalreserve.gov/
  • Dwumfour, R. A. and Ntow-Gyamfi, M. (2018). Natural resources, financial development and institutional quality in Africa: Is there a resource curse? Resources Policy, 59, 411-426. https://doi.org/10.1016/j.resourpol.2018.08.012
  • Eberhardt, M. and Bond, S. (2009). Cross-section dependence in nonstationary panel models: A novel estimator (MPRA Paper No. 17692). Retrieved from https://mpra.ub.uni-muenchen.de/17692/1/MPRA_paper_17692.pdf
  • Eberhardt, M. and Teal, F. (2010). Aggregation versus heterogeneity in cross-country growth empirics (Credit Research Paper No. 11/08). Retrieved from https://www.econstor.eu/bitstream/10419/65461/1/683936816.pdf
  • Elbra, A. D. (2013). The forgotten resource curse: South Africa's poor experience with mineral extraction. Resources Policy, 38(4), 549-557. https://doi.org/10.1016/j.resourpol.2013.09.004
  • Giuliano, P. and Ruiz-Arranz, M. (2009). Remittances, financial development, and growth. Journal of Development Economics, 90(1), 144-152. doi:10.1016/j.jdeveco.2008.10.005
  • Guan, J., Kirikkaleli, D., Bibi, A. and Zhang, W. (2020). Natural resources rents nexus with financial development in the presence of globalization: Is the “resource curse” exist or myth? Resources Policy, 66, 101641. https://doi.org/10.1016/j.resourpol.2020.101641
  • Guiso, L., Sapienza, P. and Zingales, L. (2004). The role of social capital in financial development. American Economic Review, 94(3), 526-556. Retrieved from https://www.jstor.org/
  • Hasanov, F. J., Khan, Z., Hussain, M. and Tufail, M. (2021). Theoretical framework for the carbon emissions effects of technological progress and renewable energy consumption. Sustainable Development, 29(5), 810-822. https://doi.org/10.1002/sd.2175
  • Hattendorff, C. (2014). Natural resources, export concentration and financial development (Diskussionsbeiträge No. 34). Retrieved from https://www.econstor.eu/bitstream/10419/104548/1/806879858.pdf
  • Henri, P. A. O. (2019). Natural resources curse: A reality in Africa. Resources Policy, 63, 101406. https://doi.org/10.1016/j.resourpol.2019.101406
  • Hermes, N. and Lensink, R. (2003). Foreign direct investment, financial development and economic growth. The Journal of Development Studies, 40(1), 142-163. https://doi.org/10.1080/00220380412331293707
  • Iamsiraroj, S. (2016). The foreign direct investment–economic growth nexus. International Review of Economics & Finance, 42, 116-133. https://doi.org/10.1016/j.iref.2015.10.044
  • Jiang, C., Zhang, Y., Kamran, H. W. and Afshan, S. (2021). Understanding the dynamics of the resource curse and financial development in China? A novel evidence based on QARDL model. Resources Policy, 72, 102091. https://doi.org/10.1016/j.resourpol.2021.102091
  • Khan, Z., Hussain, M., Shahbaz, M., Yang, S. and Jiao, Z. (2020). Natural resource abundance, technological innovation, and human capital nexus with financial development: A case study of China. Resources Policy, 65, 101585. https://doi.org/10.1016/j.resourpol.2020.101585
  • Levine, R. (1999). Law, finance, and economic growth. Journal of Financial Intermediation, 8(1-2), 8-35. https://doi.org/10.1006/jfin.1998.0255
  • Li, Y., Naqvi, B., Caglar, E. and Chu, C. C. (2020). N-11 countries: Are the new victims of resource-curse? Resources Policy, 67, 101697. https://doi.org/10.1016/j.resourpol.2020.101697
  • Maskus, K. E., Neumann, R. and Seidel, T. (2012). How national and international financial development affect industrial R&D. European Economic Review, 56(1), 72-83. https://doi.org/10.1016/j.euroecorev.2011.06.002
  • McCoskey, S. and Kao, C. (1998). A residual-based test of the null of cointegration in panel data. Econometric Reviews, 17(1), 57-84. doi:10.1080/07474939808800403
  • Menyah, K., Nazlioglu, S. and Wolde-Rufael, Y. (2014). Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach. Economic Modelling, 37, 386-394. https://doi.org/10.1016/j.econmod.2013.11.044
  • Mlachila, M. and Ouedraogo, R. (2020). Financial development curse in resource-rich countries: The role of commodity price shocks. The Quarterly Review of Economics and Finance, 76, 84-96. https://doi.org/10.1016/j.qref.2019.04.011
  • Mlachila, M. M. and Ouedraogo, R. (2017). Financial resource curse in resource-rich countries (IMF Working Paper No. 163). Retrieved from https://www.tralac.org/images/docs/11914/financial-resource-curse-in-resource-rich-countries-imf-july-2017.pdf
  • Moradbeigi, M. and Law, S. H. (2017). The role of financial development in the oil-growth nexus. Resources Policy, 53, 164-172. https://doi.org/10.1016/j.resourpol.2017.06.016
  • Müller, U. K. and Watson, M. W. (2018). Long‐run covariability. Econometrica, 86(3), 775-804. https://doi.org/10.3982/ECTA15047
  • Murari, K. (2017). Financial development–economic growth nexus: Evidence from South Asian middle-income countries. Global Business Review, 18(4), 924-935. doi:10.1177/0972150917692245
  • Musah, M., Kong, Y., Mensah, I. A., Antwi, S. K. and Donkor, M. (2020). The link between carbon emissions, renewable energy consumption, and economic growth: A heterogeneous panel evidence from West Africa. Environmental Science and Pollution Research, 27(23). https://doi.org/10.1007/s11356-020-08488-8
  • Nawaz, K., Lahiani, A. and Roubaud, D. (2019). Natural resources as blessings and finance-growth nexus: A bootstrap ARDL approach in an emerging economy. Resources Policy, 60, 277-287. https://doi.org/10.1016/j.resourpol.2019.01.007
  • O'Connell, P. G. (1998). The overvaluation of purchasing power parity. Journal of International Economics, 44(1), 1-19. https://doi.org/10.1016/S0022-1996(97)00017-2
  • Odeniran, S. O. and Udeaja, E. A. (2010). Financial sector development and economic growth: Empirical evidence from Nigeria. Economic and Financial Review, 48(3), 91-124. Retrieved from https://www.cbn.gov.ng/
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Empirical Economics, 60, 13-50. https://doi.org/10.1007/s00181-020-01875-7
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
  • Pesaran, M. H. and Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Pesaran, M. H., Ullah, A. and Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127. doi:10.1111/j.1368-423X.2007.00227.x
  • Sachs, J. D. and Warner, A. M. (2001). The curse of natural resources. European Economic Review, 45(4-6), 827-838. https://doi.org/10.1016/S0014-2921(01)00125-8
  • Shahbaz, M., Naeem, M., Ahad, M. and Tahir, I. (2018). Is natural resource abundance a stimulus for financial development in the USA? Resources Policy, 55, 223-232. https://doi.org/10.1016/j.resourpol.2017.12.006
  • Stuenkel, O. (2020). The BRICS and the future of global order (2. ed.). UK: Lexington Books.
  • Sun, Y., Ak, A., Serener, B. and Xiong, D. (2020). Natural resource abundance and financial development: A case study of emerging seven (E− 7) economies. Resources Policy, 67, 101660. https://doi.org/10.1016/j.resourpol.2020.101660
  • Svirydzenka, K. (2016). Introducing a new broad-based index of financial development (IMF Working Paper No. 5). Retrieved from https://www.elibrary.imf.org/view/journals/001/2016/005/article-A999-en.xml
  • Swamy, P. A. (1970). Efficient inference in a random coefficient regression model. Econometrica: Journal of the Econometric Society, 38(2), 311-323. Retrieved from https://www.jstor.org/
  • Wang, Z. (2019). Does biomass energy consumption help to control environmental pollution? Evidence from BRICS countries. Science of The Total Environment, 670, 1075-1083. https://doi.org/10.1016/j.scitotenv.2019.03.268
  • Westerlund, J. and Edgerton, D. L. (2007). A panel bootstrap cointegration test. Economics Letters, 97(3), 185-190. https://doi.org/10.1016/j.econlet.2007.03.003
  • Yuxiang, K. and Chen, Z. (2011). Resource abundance and financial development: Evidence from China. Resources Policy, 36(1), 72-79. https://doi.org/10.1016/j.resourpol.2010.05.002
  • Zaidi, S. A. H., Wei, Z., Gedikli, A., Zafar, M. W., Hou, F. and Iftikhar, Y. (2019). The impact of globalization, natural resources abundance, and human capital on financial development: Evidence from thirty-one OECD countries. Resources Policy, 64, 101476. https://doi.org/10.1016/j.resourpol.2019.101476
Toplam 61 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Ekonomi
Bölüm Makaleler
Yazarlar

Tunahan Hacıimamoğlu 0000-0003-1474-8506

Yayımlanma Tarihi 30 Aralık 2021
Kabul Tarihi 25 Aralık 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 6 Sayı: 3

Kaynak Göster

APA Hacıimamoğlu, T. (2021). “Finansal Kaynak Laneti” Hipotezinin Analizi: BRICS Ülkeleri Örneği. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 6(3), 862-881. https://doi.org/10.30784/epfad.1009614