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Evaluating the resource curse hypothesis and the interplay of financial development, human development, and political stability in seven emerging economies

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Abstract

The present study empirically confabulates the authenticity of the “resource curse hypothesis” in selected emerging nations. Furthermore, we also assessed the interconnections of three essential economic indicators with financial development, i.e., human development, political stability, and gross domestic product. To effectuate these objectives, we used annual data for the time frame 1990 to 2020 and advanced panel estimation techniques for getting the empirical outcomes. The study’s empirical outcomes illustrate the existence of the “resource curse hypothesis” in sample nations. In addition, human development index and gross domestic product play an essential part in the furtherance of financial development in the long-run. The human development index is upsurging the financial development. Furthermore, political stability is also exerting a favorable influence on financial development. A similar interconnection is observed in the short-time period; nonetheless, the amplitude of the short-run impacts is smaller if we have a look at the long-run impacts. The empirical analysis offers a few pertinent policy insights for policymakers to improve the situation in the selected sample.

Graphical abstract

Note: Financial development positively interconnected with human development, GDP and political stability while negatively associated with natural resources, respectively.

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Data availability

The datasets used and/or analyzed during the current study are available from the corresponding author upon reasonable request.

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Authors and Affiliations

  1. School of Economics, Zhongnan University of Economics and Law, Wuhan, 430073, Hubei, China

    Wenxing Cui

  2. Department of Economics and Management, Lyuliang University, Lyuliang, 033000, Shanxi, China

    Yanwu Yang

  3. School of Business, UOW Malaysia KDU University College, Shah Alam, 40150, Malaysia

    Jiapeng Dai

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Creation of an idea and modeled: Wenxing Cui and Yanwu Yang. Data analysis and writing of the complete draft: Wenxing Cui, Yanwu Yang, and Jiapeng Dai. Spelling, grammar, and language of the manuscript: Wenxing Cui, Yanwu Yang, and Jiapeng Dai.

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Cui, ., Yang, Y. & Dai, J. Evaluating the resource curse hypothesis and the interplay of financial development, human development, and political stability in seven emerging economies. Environ Sci Pollut Res 30, 109559–109570 (2023). https://doi.org/10.1007/s11356-023-29907-6

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