Journal article

The role of financial development in natural resource abundant economies: Does the nature of the resource matter?


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Publication Details

Author list: Bakwena, M
Bodman,P

Publication year: 2010

Journal: Botswana Journal of Economics

Volume number: 7

Issue number: 11

Start page: 16

End page: 31

Number of pages: 16

URL: file:///C:/Users/mampeg/Documents/REPORTS/RMS/ajol-file-journals_433_articles_64201_submission_proof_64201-5137-125397-1-10-20110308.pdf



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 ins


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Last updated on 2024-25-11 at 12:51