Financial Development, Resource Curse and Economic Growth

doi:10.16382/j.cnki.1000-5579.2019.06.015

Abstract

Abstract:

For a long time, the "resource curse" is an important issue that plagues the economic growth of developing countries. Can financial development effectively solve China's "resource curse" problem? It is necessary to explore whether financial development is an important transmission mechanism for "resource curse" to influence economic growth. To this end, we must explore the relationship between natural resource abundance and economic growth at different levels of financial development on a theoretical level by constructing a four-sector endogenous economic growth model that includes financial and resource elements; through the use of linear models and non-dynamic panel threshold models, it is confirmed that there is a "resource curse" phenomenon and its financial development threshold effect. The conclusions of theoretical and empirical studies show that there is a significant non-linear relationship between resource abundance and economic growth in China. Only when the level of financial development tends to be reasonable, the "resource curse" can be turned into "resource gospel". In view of this, if China's resource-based regions want to promote high-quality economic growth, they must commit to the rational development of finance.

Key words: financial development level, resource curse, economic growth, resource-based region, panel threshold model

YUE Hua, ZHANG Hai-jun. Financial Development, Resource Curse and Economic Growth[J]. Journal of East China Normal University (Philosoph, 2019, 51(6): 138-150.

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