The DOI matches its Crossref record; 62 of the 62 references it cites were found in a registry or an index.
Natural resources, financial development and institutional quality in Africa: Is there a resource curse?
Abstract
Abstract We examine the resource curse hypothesis in the relationship between natural resources, financial development (FD) and institutional quality of 38 African countries from 2000 to 2012. We use the Arellano-Bond Generalized Method of Moments (GMM) estimator in our estimations. Our findings reveal that 32% of African countries are dependent on resource rents ranging from a low of 12.5% (in Zambia) to 52.6% (in Angola) share of GDP. We further find that in Africa, the impact of natural resource rents (Rents) on financial development is ambiguous. It largely depends on the FD indicator used. The resource curse is seen when a Z-score is used as FD indicator. Particularly, we find that the resource curse in FD is seen in Sub-Saharan Africa, Low Income Countries and Middle Income countries but not in the North African region. The impact of Rents on credit however is positive in all regions. In these relationships the quality of institutions can reduce the negative impact of Rents on FD. Our findings are robust to the use of different indicators of FD and institutional quality.
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Cites
Arellano, M., & Bond, S. (1991) · The Review of Economic Studies · doi:10.2307/2297968 · Cited by 33,272
Initial conditions and moment restrictions in dynamic panel data models
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Initial conditions and moment restrictions in dynamic panel data models
Blundell, R., & Bond, S. (1995) · Working Paper Series · doi:10.1920/wp.ifs.1995.9517 · Cited by 14,755
Legal Determinants of External Finance
LA PORTA, R., LOPEZ‐DE‐SILANES, F., SHLEIFER, A., & VISHNY, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb02727.x · Cited by 9,783
The colonial origins of comparative development: An empirical investigation
Acemoglu, D., Johnson, S., & Robinson, J. A. (2001) · American Economic Review · doi:10.1257/aer.91.5.1369 · Cited by 8,517
Investor protection and corporate governance
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The Colonial Origins of Comparative Development: An Empirical Investigation: Reply
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INSTITUTIONS AND ECONOMIC PERFORMANCE: CROSS‐COUNTRY TESTS USING ALTERNATIVE INSTITUTIONAL MEASURES
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Cited by
Rahim, S., Murshed, M., Umarbeyli, S., Kirikkaleli, D., Ahmad, M., Tufail, M., & Wahab, S. (2021) · Resources, Environment and Sustainability · doi:10.1016/j.resenv.2021.100018 · Cited by 369
Guan, J., Kirikkaleli, D., Bibi, A., & Zhang, W. (2020) · Resources Policy · doi:10.1016/j.resourpol.2020.101641 · Cited by 269
Asif, M., Khan, K. B., Anser, M. K., Nassani, A. A., Abro, M. M. Q., & Zaman, K. (2020) · Resources Policy · doi:10.1016/j.resourpol.2019.101566 · Cited by 267
Metadata
- Authors
- Dwumfour, R. A., & Ntow-Gyamfi, M.
- Venue
- Resources Policy
- Publisher
- Elsevier BV
- Published
- 2018-12
- Volume
- 59
- Pages
- 411-426
- ISSN
- 0301-4207 (ISSN-L)
- OpenAlex
- W2888841813
- Cited by
- 266
- References
- 62
- FWCI
- 34.52
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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