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Does natural resource curse in finance exist in Africa? Evidence from spatial techniques

Mira Nurmakhanova Orcid Logo, Mohamed Elheddad Orcid Logo, Abdelrahman J.K. Alfar, Alloysius Egbulonu Orcid Logo, Mohammad Abedin Orcid Logo

Resources Policy, Volume: 80, Start page: 103151

Swansea University Author: Mohammad Abedin Orcid Logo

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DOI (Published version): 10.1016/j.resourpol.2022.103151

Abstract

This paper aims to examine the relationship between financial development and natural resources. By using panel data of 20 selected African countries from 1995 to 2020, we investigate whether all types of financial development have the same relationship with natural resources. In doing so, a recentl...

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Published in: Resources Policy
ISSN: 0301-4207 1873-7641
Published: Elsevier BV 2023
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URI: https://cronfa.swan.ac.uk/Record/cronfa64248
first_indexed 2023-09-19T12:51:07Z
last_indexed 2024-11-25T14:13:42Z
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spelling 2023-09-20T10:51:23.4064362 v2 64248 2023-08-31 Does natural resource curse in finance exist in Africa? Evidence from spatial techniques 4ed8c020eae0c9bec4f5d9495d86d415 0000-0002-4688-0619 Mohammad Abedin Mohammad Abedin true false 2023-08-31 CBAE This paper aims to examine the relationship between financial development and natural resources. By using panel data of 20 selected African countries from 1995 to 2020, we investigate whether all types of financial development have the same relationship with natural resources. In doing so, a recently developed novel estimation technique, spatial econometric, is employed for the first time to estimate the FD-NR relationship and account for the possible spillover effect of financial development in one country on the neighbouring countries. The novelty of this methodology is to consider structural breaks and the heterogeneity issues that are common in panel data. The main findings of this paper are that there is a robust negative effect of natural resource rents on both stock market capitalization ratio and available private credit. Furthermore, the empirical evidence suggests new insights for policymakers to use appropriate and sophisticated policies to boost the development of the financial sector in African countries over the long term. More policy implications are further discussed in this study. Journal Article Resources Policy 80 103151 Elsevier BV 0301-4207 1873-7641 Natural resources, Financial development, Panel data, Spatial econometric techniques, Africa 31 1 2023 2023-01-31 10.1016/j.resourpol.2022.103151 http://dx.doi.org/10.1016/j.resourpol.2022.103151 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University 2023-09-20T10:51:23.4064362 2023-08-31T17:48:56.7958193 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Mira Nurmakhanova 0000-0002-1399-7773 1 Mohamed Elheddad 0000-0002-4175-4808 2 Abdelrahman J.K. Alfar 3 Alloysius Egbulonu 0000-0001-9277-1870 4 Mohammad Abedin 0000-0002-4688-0619 5 64248__28581__e3a2565bf9c24a38a91b3792e211f55d.pdf 64248.VOR.pdf 2023-09-19T13:50:34.1458737 Output 919491 application/pdf Version of Record true © 2022 The Authors. Published by Elsevier Ltd. Distributed under the terms of a Creative Commons Attribution 4.0 License (CC BY 4.0). true eng https://creativecommons.org/licenses/by/4.0/
title Does natural resource curse in finance exist in Africa? Evidence from spatial techniques
spellingShingle Does natural resource curse in finance exist in Africa? Evidence from spatial techniques
Mohammad Abedin
title_short Does natural resource curse in finance exist in Africa? Evidence from spatial techniques
title_full Does natural resource curse in finance exist in Africa? Evidence from spatial techniques
title_fullStr Does natural resource curse in finance exist in Africa? Evidence from spatial techniques
title_full_unstemmed Does natural resource curse in finance exist in Africa? Evidence from spatial techniques
title_sort Does natural resource curse in finance exist in Africa? Evidence from spatial techniques
author_id_str_mv 4ed8c020eae0c9bec4f5d9495d86d415
author_id_fullname_str_mv 4ed8c020eae0c9bec4f5d9495d86d415_***_Mohammad Abedin
author Mohammad Abedin
author2 Mira Nurmakhanova
Mohamed Elheddad
Abdelrahman J.K. Alfar
Alloysius Egbulonu
Mohammad Abedin
format Journal article
container_title Resources Policy
container_volume 80
container_start_page 103151
publishDate 2023
institution Swansea University
issn 0301-4207
1873-7641
doi_str_mv 10.1016/j.resourpol.2022.103151
publisher Elsevier BV
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
url http://dx.doi.org/10.1016/j.resourpol.2022.103151
document_store_str 1
active_str 0
description This paper aims to examine the relationship between financial development and natural resources. By using panel data of 20 selected African countries from 1995 to 2020, we investigate whether all types of financial development have the same relationship with natural resources. In doing so, a recently developed novel estimation technique, spatial econometric, is employed for the first time to estimate the FD-NR relationship and account for the possible spillover effect of financial development in one country on the neighbouring countries. The novelty of this methodology is to consider structural breaks and the heterogeneity issues that are common in panel data. The main findings of this paper are that there is a robust negative effect of natural resource rents on both stock market capitalization ratio and available private credit. Furthermore, the empirical evidence suggests new insights for policymakers to use appropriate and sophisticated policies to boost the development of the financial sector in African countries over the long term. More policy implications are further discussed in this study.
published_date 2023-01-31T05:12:38Z
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