The impact of natural resources, economic growth, savings, and current account balance on financial sector development: Theory and empirical evidence

被引:35
作者
Cetin, Murat [1 ]
Sarigul, Sevgi Sumerli [2 ]
Isik, Cem [3 ]
Avci, Pinar [4 ]
Ahmad, Munir [5 ,6 ]
Alvarado, Rafael [7 ]
机构
[1] Tekirdag Namik Kemal Univ, Fac Econ & Adm Sci, Dept Econ, Tekirdag, Turkiye
[2] Kayseri Univ, Vocat Sch Tech Sci, Dept Mkt & Int Trade, Kayseri, Turkiye
[3] Anadolu Univ, Fac Tourism, Eskisehir, Turkiye
[4] Tekirdag Namik Kemal Univ, Sarkoy Vocat Sch, Dept Accounting & Taxat Applicat, Tekirdag, Turkiye
[5] Ningbo Univ Finance & Econ, Coll Int Econ & Trade, Ningbo 315175, Zhejiang, Peoples R China
[6] Ningbo Univ Finance & Econ, Belt & Rd Bulk Commod Res Ctr, Ningbo 315175, Zhejiang, Peoples R China
[7] Univ Espiritu Santo, Esai Business Sch, Samborondon 091650, Ecuador
关键词
Natural resources; Financial development; Developing countries; CS-ARDL; Dumitrescu-Hurlin causality; RENEWABLE ENERGY-CONSUMPTION; TESTING SLOPE HOMOGENEITY; TRADE OPENNESS; PANEL COINTEGRATION; CO2; EMISSIONS; CAUSALITY; NEXUS; GLOBALIZATION; DETERMINANTS; INEQUALITY;
D O I
10.1016/j.resourpol.2023.103300
中图分类号
X [环境科学、安全科学];
学科分类号
08 ; 0830 ;
摘要
The development of the financial sector is one of the main macroeconomic goals for developing countries as well as developed ones. The literature focusing on the determinants of financial sector development presents very diverse and inconsistent results. Therefore, the main aim of the study is to empirically investigate the long run and causal linkages between natural resources, economic growth, savings, current account balance and financial sector development for 33 developing countries. The study applies the cross-sectionally augmented autore-gressive distributed lag (CS-ARDL) and Dumitrescu-Hurlin panel causality tests, which are among the new panel data techniques. The results reveal that natural resources, economic growth, savings, current account balance and financial sector development are cointegrated. Natural resources, economic growth and current account balance negatively affect financial development while savings stimulate financial development. It is found that there exists a bi-directional causality between all the explanatory variables and financial development. Theo-retical and policy implications are discussed within the perspective of macroeconomics and financial sustain-ability for developing countries.
引用
收藏
页数:13
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