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The Role of Financial Development in Natural Resource Abundant Economies: Does the Nature of the Resource Matter?

Botswana Journal of Economics

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Title The Role of Financial Development in Natural Resource Abundant Economies: Does the Nature of the Resource Matter?
 
Creator Bakwena, M
Bodman, P
 
Subject world economic growth, dynamic panel
 
Description Abstract The paper evaluates the role played by financial development in oil vis-à-vis non-oil (mining) economies using a panel data set for the period 1984-2003. A novel two-step, variance corrected system Generalized Method of Moments (GMM) estimator proposed by Windmeijer (2005) is applied to a dynamic panel of 44 developing economies. The data reveals that financial development plays a crucial role in influencing the efficiency of investment, thus economic performance of these economies. However, the potency of financial institutions is highly dependent on whether the economy is an oil or non-oil (mining) producer.

Keywords: world economic growth, dynamic panel
JEL classification: Q32, O11, O13, O16, C32, C33
 
Publisher The Botswana Economics Association
 
Contributor
 
Date 2011-03-08
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier https://www.ajol.info/index.php/boje/article/view/64201
10.4314/boje.v7i11.64201
 
Source Botswana Journal of Economics; Vol 7, No 11 (2010); 16-31
1810-0163
1810-0163
 
Language eng
 
Relation https://www.ajol.info/index.php/boje/article/view/64201/51996
 
Rights Copyright for content published in the journal is held by The Botswana Economics Association