Department of Economics, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana.
College of Economics and Management, Nanjing Forestry University, Jiangsu, 210037, China.
Environ Sci Pollut Res Int. 2022 Dec;29(59):89340-89357. doi: 10.1007/s11356-022-21948-7. Epub 2022 Jul 18.
Institutions are important in analyzing the relationship between natural resource rents and financial sector development. The existing research has not unanimously established the role played by the quality of institutions on the impact of natural resource rents on financial sector development. The financial-resource nexus literature has largely ignored the role of institutions and the sensitivity of the relationship to the choice of proxies for financial sector development. This study provides new empirical evidence on the interactive role of institutions in the relationship between natural resource rents and financial sector development for 25 Sub-Saharan African countries from 1996 to 2017. To that end, we employ a dynamic system GMM estimator with endogeneity-purging efficiency. Our results show that a huge improvement in legal and political institutions is required to boost the impact of natural resource rents on Sub-Saharan Africa's financial sector development. Our results are robust to the use of alternative measures of institutions. We also found that the impact of natural resource rents on financial sector development is unclear as this depends on how financial sector development is measured. Implications of the findings for academics, policymakers and regulators are provided.
在分析自然资源租金与金融部门发展之间的关系时，制度至关重要。现有研究并未一致确定制度质量对自然资源租金对金融部门发展的影响所起的作用。金融-资源关系文献在很大程度上忽视了制度的作用以及关系对金融部门发展代理指标选择的敏感性。本研究为 2017 年期间撒哈拉以南非洲 25 个国家的自然资源租金与金融部门发展之间的制度互动关系提供了新的实证证据。为此，我们采用了具有内秉性净化效率的动态系统 GMM 估计量。结果表明，需要极大地改善法律和政治制度，以增强自然资源租金对撒哈拉以南非洲金融部门发展的影响。我们的结果对制度的替代衡量标准具有稳健性。我们还发现，自然资源租金对金融部门发展的影响尚不清楚，因为这取决于如何衡量金融部门发展。研究结果为学者、政策制定者和监管者提供了启示。
