Follow the money: Does the financial sector intermediate natural resource windfalls?

被引：9

作者：

Beck, Thorsten ^{[1
,2
,5
]}

Poelhekke, Steven ^{[3
,4
,6
,7
,8
]}

机构：

[1] European Univ Inst, Florence, Italy

[2] CEPR, Florence, Italy

[3] Vrije Univ Amsterdam, Amsterdam, Netherlands

[4] CEPR, Amsterdam, Netherlands

[5] European Univ Inst, Robert Schuman Ctr Adv Studies, Via Giovanni Boccaccio 121, I-50133 Florence, Italy

[6] Tinbergen Inst, Boelelaan 1105, NL-1081 HV Amsterdam, Netherlands

[7] CESifo, Boelelaan 1105, NL-1081 HV Amsterdam, Netherlands

[8] Vrije Univ Amsterdam, Boelelaan 1105, NL-1081 HV Amsterdam, Netherlands

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2023年 / 130卷

关键词：

Natural resources; Financial development; Banking; INSTITUTIONS; GROWTH; WEALTH; CURSE; DISCOVERIES; VOLATILITY; DATABASE;

D O I：

10.1016/j.jimonfin.2022.102769

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Why is the financial sector underdeveloped in resource-rich economies? Using a large panel dataset, we find slower growth in both financial sector deposits and private sector lending in countries that experience an unexpected natural resource windfall as measured by shocks to exogenous world prices. This effect is driven by countries with repressed financial systems and weak governance structures. The smaller role for the financial sector is accompanied by a stronger role of governments in channeling financial capital into the economy. The lack of private financial intermediation of natural resource windfalls ham-pers the development of the financial sector, which we interpret as evidence for a resource curse in financial development.(c) 2022 The Author(s). Published by Elsevier Ltd. This is an open access article under the CCBY license (http://creativecommons.org/licenses/by/4.0/).

引用

页数：17

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