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dc.contributor.authorBhattacharyya, Sambiten_US
dc.contributor.authorHodler, Rolanden_US
dc.date.accessioned2011-07-15T14:21:59Z-
dc.date.available2011-07-15T14:21:59Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/48356-
dc.description.abstractWe theoretically and empirically examine the relationship between natural resource revenues and financial development. In the theoretical part, we present a politico-economic model in which contract enforcement is low and decreasing in resource revenues when political institutions are poor, but high otherwise. As poor contract enforcement leads to low financial development, the model predicts that resource revenues hinder financial development in countries with poor political institutions, but not in countries with comparatively better political institutions. We test our theoretical predictions systematically using panel data covering the period 1970 to 2005 and 133 countries. Our estimates confirm our theoretical predictions. Our main results hold when we control country fixed effects, time varying common shocks, income and various additional covariates. They are also robust to alternative estimation techniques, various alternative measures of financial development and political institutions, as well as across different samples and data frequencies. We present further evidence using panel data covering the period 1870 to 1940 and 31 countries.en_US
dc.language.isoengen_US
dc.publisherZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel und Hamburgen_US
dc.relation.ispartofseriesProceedings of the German Development Economics Conference, Berlin 2011 11en_US
dc.subject.jelD7en_US
dc.subject.jelO1en_US
dc.subject.ddc330en_US
dc.subject.keywordNatural resourcesen_US
dc.subject.keywordpolitical institutionsen_US
dc.subject.keywordfinancial developmenten_US
dc.titleDo Natural Resource Revenues Hinder Financial Development? The Role of Political Institutionsen_US
dc.typeConference Paperen_US
dc.identifier.ppn665323964-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:gdec11:11-
Appears in Collections:Proceedings of the German Development Economics Conference, 2011 (Berlin)

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