The Role of Financial Development in Converting Natural Resource Rents into Foreign Capital in Iran

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AHMADIAN YAZDI FARZANEH; ABOUTORABI MOHAMMAD ALI

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Journal: ECONOMIC RESEARCH REVIEW Year:2019 | Volume:19 | Issue:73 Page(s): 209-241

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Title

The Role of Financial Development in Converting Natural Resource Rents into Foreign Capital in Iran

Author(s)

AHMADIAN YAZDI FARZANEH | ABOUTORABI MOHAMMAD ALI | Issue Writer Certificate

Keywords

Financial DevelopmentQ2

Natural Resource RentsQ1

Foreign CapitalQ1

Rolling RegressionQ1

Abstract

Financial Development is a key determinant of economic growth and development. This is more important in the case of resource-rich developing countries; because if they achieve high level of Financial Development, they will get benefit from resources in order to access sustainable growth and development. With regard to importance of this issue, the impact of Financial Development on conversion of Natural Resource Rents into Foreign Capital in Iran has been studied during 1970-2014. The results of our ARDL model show that natural resources have positive effect on Foreign Capital in both short-run and long-run. Also, the results of rolling ARDL regression in the case of multi-dimension Financial Development index indicate that Financial Development has failed to materialize its potential effect to improve the impact of natural resources on Foreign Capital accumulation in both short-run and long-run. The outcome of regression based on single-dimension Financial Development indices suggests that some of these indices have been able to increase the positive effect of natural resources on Foreign Capital accumulation. However, there are no observable beneficial effects in the long-run. It seems that the lack of attention to Financial Development channels such as foreign financial liberalization, as well as financial repression during a long period of time, has been the main cause of this phenomenon in Iran.

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APA: Copy

AHMADIAN YAZDI, FARZANEH, & ABOUTORABI, MOHAMMAD ALI. (2019). The Role of Financial Development in Converting Natural Resource Rents into Foreign Capital in Iran. ECONOMIC RESEARCH REVIEW, 19(73 ), 209-241. SID. https://sid.ir/paper/369759/en

Vancouver: Copy

AHMADIAN YAZDI FARZANEH, ABOUTORABI MOHAMMAD ALI. The Role of Financial Development in Converting Natural Resource Rents into Foreign Capital in Iran. ECONOMIC RESEARCH REVIEW[Internet]. 2019;19(73 ):209-241. Available from: https://sid.ir/paper/369759/en

IEEE: Copy

FARZANEH AHMADIAN YAZDI, and MOHAMMAD ALI ABOUTORABI, “The Role of Financial Development in Converting Natural Resource Rents into Foreign Capital in Iran,” ECONOMIC RESEARCH REVIEW, vol. 19, no. 73 , pp. 209–241, 2019, [Online]. Available: https://sid.ir/paper/369759/en

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