نوع مقاله : مقاله پژوهشی
نویسندگان
1 دانشیار اقتصاد مالی، دانشکده علوم اقتصادی و اداری، دانشگاه مازندران
2 دانشجوی دکتری اقتصاد مالی، دانشکده علوم اقتصادی و اداری، دانشگاه مازندران
3 دانشجوی دکتری اقتصاد توسعه، دانشکده علوم اقتصادی و اداری، دانشگاه مازندران
چکیده
در ادبیات نفرین منابع، بررسی اثر درآمدهای منابع طبیعی بر توسعه مالی امری پیچیده محسوب شده و پدیده نفرین منابع مالی مورد توجه بسیاری از محققان است. اثرگذاری درآمدهای منابع طبیعی بر توسعه مالی هر کشور می‌تواند تحت تأثیر عواملی نظیر پیشرفت تکنولوژی، ریسک بازار مالی و کیفیت نهادی کشور قرار گرفته و این عقیده وجود دارد که این عوامل می‌توانند بر موهبت بودن یا نفرین بودن منابع طبیعی اثرگذار باشند. با توجه به اهمیت این موضوع، در پژوهش حاضر تأثیر درآمدهای منابع طبیعی بر توسعه مالی، توسعه نهادهای مالی و توسعه بازارهای مالی با در نظر گرفتن نقش سه عامل پیشرفت تکنولوژی، ریسک مالی و کیفیت نهادی در منتخبی از کشورهای درحال‌توسعه برخوردار از منابع طبیعی طی دوره زمانی 2000-2021 با به‌کارگیری مدل حداقل مربعات کاملاً اصلاح شده (FMOLS) مورد بررسی قرار گرفته است. نتایج نشان می‌دهد که درآمدهای منابع طبیعی منجر به توسعه بازارهای مالی شده و پیشرفت تکنولوژی و کیفیت نهادی نیز موجب تقویت این تأثیر مثبت می‌شوند درحالی‌که ریسک بازارهای مالی منجر به تضعیف این تأثیرگذاری مثبت می‌شود. از سوی دیگر یافته‌ها بیان می‌دارد با وجود اینکه فرضیه نفرین منابع در تأثیرگذاری درآمدهای منابع طبیعی بر توسعه مالی و بر توسعه نهادهای مالی تأیید می‌شود اما پیشرفت تکنولوژی و کیفیت نهادی از مقدار این اثرگذاری منفی کاسته و لذا فرضیه نفرین منابع را تضعیف می‌کند و در مقابل، ریسک بازارهای مالی فرضیه نفرین منابع را تقویت می‌نماید.
کلیدواژه‌ها
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