Arbeitspapier

Follow the money: Does the Financial Sector Intermediate Natural Resource Windfalls?

The need to absorb windfalls gains and manage them appropriately has been discussed extensively by academics and policy makers alike. We explore the role of the financial sector in intermediating these windfalls. Controlling for the level of financial development, inflation, GDP growth and country fixed-effects, we find a relative decline in financial sector deposits in countries that experience an unexpected natural resource windfall as measured by shocks to exogenous world prices. Moreover, we find a similar relative decline in lending, which is mostly due to the decrease in deposits. The smaller role for the financial sector in intermediating resource booms is accompanied by a stronger role of governments in channeling resources into the economy, mostly through higher government consumption.

Sprache
Englisch

Erschienen in
Series: Tinbergen Institute Discussion Paper ; No. 17-027/VIII

Klassifikation
Wirtschaft
Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)
Open Economy Macroeconomics
Financial Institutions and Services: General
Economic Development: General
Exhaustible Resources and Economic Development
Resource Booms
Thema
natural resources
financial development
banking

Ereignis
Geistige Schöpfung
(wer)
Beck, Thorsten
Poelhekke, Steven
Ereignis
Veröffentlichung
(wer)
Tinbergen Institute
(wo)
Amsterdam and Rotterdam
(wann)
2017

Handle
Letzte Aktualisierung
10.03.2025, 11:46 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Beck, Thorsten
  • Poelhekke, Steven
  • Tinbergen Institute

Entstanden

  • 2017

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