Document Type : Research Paper


1 Assistant Professor, Department of Economics, University of Kurdistan, Sanandaj, Iran.

2 Master of Economics, University of Kurdistan, Sanandaj, Iran.


The existence of efficient financial institutions, proper allocation of resources and financial development are the prerequisites for achieving desired economic growth and development. Therefore, it is necessary to identify the factors affecting the financial development of countries. This study examines the impact of natural resources and institutional quality on the financial development of developing countries over 2000-2016 using systemic GMM In this study, we used three indexes for financial development: the Financial Development Index (FDI) developed by IMF, the total credit provided by banks to the private sector as a share of GDP, and the Z-score index. The rent of natural resources is measured as a weighted average of income flows from oil, gas and minerals and Good Governance Indicators are used as measures of institutional quality. The results suggest that natural resources rents have a positive and significant effect on credit provided to the private sector and Financial Development Index, but threaten the stability of the banking sector. In addition, Institutional quality indicators also show a positive effect on three indicators of financial development.


اشرف زاده، حمیدرضا و مهرگان، نادر. (1393). اقتصادسنجی پانل دیتای پیشرفته. تهران: نشر نور علم.
اشرفی، یکتا؛ خداپرست مشهدی، مهدی و سلیمی فر، مصطفی. (1393). نقش دولت‌ها در توسعه مالی: مطالعه موردی کشورهای عضو اوپک، فصلنامه پژوهش‌ها و سیاست‌های اقتصادی، 70، 222-205.
حشمتی مولایی، حسین. (1383). عوامل موثر بر توسعه مالی در نظام بانکداری ایران، فصلنامه پژوهشنامه اقتصادی، دوره 4، شماره 13، شماره پیاپی 2، 88-55.
رجب‌زاده مغانی، ناهید؛ فلاحی، محمدعلی و خداپرست مشهدی، مهدی. (1396). بررسی اثرات حکمرانی خوب بر ارتباط بین وفور منابع و توسعه مالی در کشورهای نفتی، پژوهش‌های اقتصاد پولی، مالی (دانش و توسعه سابق) دوره جدید، 14، 114-90.
مهدوی عادلی، محمدحسین و روحانی، مریم. (1398). اثر وفور منابع طبیعی بر توسعه مالی در کشورهای منتخب اوپک نفت و گاز (با تاکید بر شاخص چندبعدی توسعه مالی در بازار سهام)،  نشریه علمی دانش مالی تحلیل اوراق بهادار، 42، 83-71.
مهر آرا، محسن؛ ابریشمی، حمید و زمان زاده نصرآبادی، حمید. (1390). تفسیری از فرضیه نفرین منابع در کشورهای صادرکننده نفت: تکانه‌های مثبت نفتی، از چه حد آستانه‌ای برای رشد اقتصادی مضر است؟، فصلنامه مطالعات اقتصاد انرژی، 8 (28)، 119-134.
میردامادی، محسن و نعیمی پور، محمدحسین. (1396). سیاست، اقتصاد و مسائل توسعه در سایه‌ی خشونت. نوشته دی. سی. نورث، جان‌جی. والیس، اس. بی. وب، آر. وینگاست. (2013). تهران: روزنه.
نظری، محسن و مبارک، اصغر. (1389). وفور منابع طبیعی، بیماری هلندی و رشد اقتصادی در کشورهای نفتی، فصلنامه مطالعات اقتصاد انرژی، 27، 68-47 .
Acemoglu, D. Johnson, S. & Robinson, J. A. (2001). The colonial origins of comparative development: An empirical investigation. American Economic Review, 91(5), 1369-1401. ‏
Auty, R. M. (1993). Sustaining DeNatural resource dependence and economic performance in the 1970–2000 development in Mineral Economies: The Resource Curse Thesis. Routledge, London.
Auty, R. M. (1994). Industrial policy reform in six large newly industrializing countries: The resource curse thesis. World Development, 22(1), 11-26. ‏
Auty, R. M. (Ed). (2001). Resource abundance and economic development. Oxford University Press. ‏
Boschini, A. D. Pettersson, J. & Roine, J. (2007). Resource curse or not: A question of appropriability. Scandinavian Journal of Economics, 109(3), 593-617. ‏
Corden, W. M. & Neary, J. P. (1982). Booming sector and de-industrialisation in a small open economy. The Economic Journal, 92(368), 825-848. ‏
Creane, S. Mobarak, A. M. Goyal, R. & Sab, R. (2004). Financial sector development in the Middle East and North Africa.
Dwumfour, R. A. & Ntow-Gyamfi, M. (2018). Natural resources, financial development and institutional quality in Africa: Is there a resource curse? Resources Policy, 59, 411-426. ‏
Gylfason, T. & Zoega, G. (2006). Natural resources and economic growth: The role of investment. World Economy, 29(8), 1091-1115. ‏
Gylfason, T. (2001). Natural resources, education, and economic development. European Economic Review, 45(4-6), 847-859. ‏
Khan, M. A. Khan, M. A. Abdulahi, M. E. Liaqat, I. & Shah, S. S. H. (2019). Institutional quality and financial development: The United States perspective. Journal of Multinational Financial Management, 49, 67-80. ‏
La Porta, R. Lopez‐de‐Silanes, F. Shleifer, A. & Vishny, R. W. (1997). Legal determinants of external finance. The Journal of Finance, 52(3), 1131-1150. ‏
Mehlum, H. Moene, K. & Torvik, R. (2006). Institutions and the resource curse. The Economic Journal, 116(508), 1-20. ‏
Mlachila, M. & Ouedraogo, R. (2019). Financial development curse in resource-rich countries: The role of commodity price shocks. The Quarterly Review of Economics and Finance. ‏
Porta, R. L. Lopez-de-Silanes, F. Shleifer, A. & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155. ‏
Roodman, D. , 2007. The anarchy of numbers: aid, development, and cross-country empirics.
Ross, M. L. (2001). Does oil hinder democracy? World Politics, 53(3), 325-361.
Sachs, J. D. & Warner, A. M. (1995). Natural resource abundance and economic growth (No. w5398). National Bureau of Economic Research. ‏
Shahbaz, M. Naeem, M. Ahad, M. & Tahir, I. (2018). Is natural resource abundance a stimulus for financial development in the USA? Resources Policy, 55, 223-232. ‏
Stiglitz, J. E. & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393-410.
Ashrafi, Y. Khodaparast Mashhadi, M & Salimifar, M. (2014). The Government Role of Financial Development: A Case Study of OPEC Countries, Journal of Economic Research and Policies, 22, 70, 205-222. [In Persian].
Ashrafzadeh, H & Mehregan, N. (2014). Advanced panel data econometrics. Tehran: Noore elm. [In Persian].
Heshmati Moulaei, H. (2004). Effective Factors on Financial Development in IRAN’s Banking System, Economic Research Review, 4, 2, 55-88. [In Persian].
Mahdavi Adeli, M.H & Rohani, M. (2019). The Effect of the Abundance of Natural Resources on Financial Development in selected OPEC Countries of Oil and Gas (with Emphasis on the Multi-Dimensional Index of Financial Market Development in the Stock Market). Financial Knowledge of Security Analysis (Financial Studies), 12, 42, 71-83. [In Persian].
Mehrara, M. Abrishami, H & Zamanzadeh Nasrabadi, H. (2011). A new Interpretation of Resource Corse in Oil Exporting Countries, Energy Economics Review, 8, 28, 119-134. [In Persian].
Mirdamadi, M & Naeimipoor, M. (2018). In the Shadow of Violence: Politics, economics, and the Problem of Development. (2013). North, D. C., Wallis, J. J., Webb, S. B., & Weingast, B. R. (Eds.). Tehran: Rowzanehnasher. [In Persian].
Nazari, M & Mobarak, A. (2011). Natural Resource Abundance, Dutch Disease and Economic Growth in Oil Economies, Energy Economics Review, 7, 27, 47-68. [In Persian].
Rajabzadeh Moghani, N. Falahi, M & Khodaparast Mashhadi, M. (2018). The Impact of Good Governance on the Relationship between Resource Abundance and Financial Development in Oil Countries, Monetary & Financial Economics (Previously Knowledge & Development), 24, 14, 90-114. [In Persian].