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Revisiting natural resources and economic complexity nexus: Does financial development matter in developing countries?

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  • Valentine, Soumtang Bime
  • Itchoko Motande, Mondjeli Mwa Ndjokou
  • Salim Ahmed, Vessah Mbouombouo
Abstract
There is a large body of work documenting the non-consensual effects of natural resources on economic complexity. Despite this extensive literature, little is known about the mediating effect of financial development on the above relation. This paper focuses on assessing the effect of financial development on natural resources and economic complexity nexus. The study uses the System Generalized Method of Moments in a sample of one hundred (100) developing countries over the period of 1995–2020. The results show that natural resources reduce economic complexity; translating the curse of natural resources into economic complexity. However, financial development reduces this curse and thus improves the effect of natural resources on economic complexity. The results remain robust to several robustness and sensitivity tests.

Suggested Citation

  • Valentine, Soumtang Bime & Itchoko Motande, Mondjeli Mwa Ndjokou & Salim Ahmed, Vessah Mbouombouo, 2024. "Revisiting natural resources and economic complexity nexus: Does financial development matter in developing countries?," Resources Policy, Elsevier, vol. 93(C).
    • Handle: RePEc:eee:jrpoli:v:93:y:2024:i:c:s0301420724004483
    DOI: 10.1016/j.resourpol.2024.105081
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    Keywords

    Economic complexity; Natural resources; Financial development; Developing countries;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • P28 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Natural Resources; Environment
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General

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