The Role of Institutional Quality in the Impact of Oil Rents on Financial Development in Brazil and Norway

Q4 Economics, Econometrics and Finance
Soheil Roudari, Hamid Jamshidi, Hamidreza Ghasemi, Davoud Ghoreshi
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引用次数: 0

Abstract

Present study investigates the effect of oil resource rent on financial development through the stock market. In this case, the analysis process has been accomplished in two different states: considering and ignoring the institutional quality index in oil resource rent at the values above and below the financial development threshold. The threshold structural vector autoregression (TSVAR) model has been employed to analyze the stock markets in Norway and Brazil from 1984 to 2019. In Brazil, by ignoring the institutional quality index, the resource curse hypothesis is confirmed at the values below the financial development threshold. If the institutional quality index increases, the positive oil rent shock leads to the increment of the financial development through the stock market. Therefore, the hypothesis of the resource curse is rejected in this country. In Norway, by ignoring the institutional quality, the resource curse hypothesis is confirmed at the values above the financial development threshold. If the institutional quality is considered in oil rent, a positive shock to oil rent reduces the financial development through the stock market in a short-term period. This situation increases the financial development through the stock market in a long-term period. As a result, an increase in the institutional quality contradicts the resource curse hypothesis at the values above the threshold level. In Norway, if the institutional quality in oil rent is considered, a positive shock to oil rent enhances financial development through the stock market at the values below the threshold.
巴西和挪威的制度质量在石油租金对金融发展影响中的作用
本文通过股票市场考察了石油资源租金对金融发展的影响。在这种情况下,分析过程在两种不同的状态下完成:考虑和忽略石油资源租金高于和低于金融发展阈值的制度质量指标。本文采用阈值结构向量自回归(TSVAR)模型对1984 - 2019年挪威和巴西的股票市场进行了分析。在巴西,忽略制度质量指标,资源诅咒假说在低于金融发展阈值的值下得到证实。如果制度质量指数增加,则正向油租冲击导致通过股票市场进行金融发展的增量。因此,资源诅咒的假说在这个国家被否定了。在挪威,通过忽略制度质量,资源诅咒假设在高于金融发展阈值的值上得到证实。如果考虑到石油租金的制度质量,石油租金的积极冲击在短期内减少了通过股票市场的金融发展。这种情况在长期内增加了金融通过股票市场的发展。因此,在高于阈值水平上,制度质量的提高与资源诅咒假说相矛盾。在挪威,如果考虑到石油租金的制度质量,对石油租金的积极冲击会通过低于阈值的股票市场促进金融发展。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Iranian Economic Review
Iranian Economic Review Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
0.70
自引率
0.00%
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0
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