This paper investigates how the level of democratic accountability in a country affects the relationship between oil prices and financial development. We argue that the ability of oil-exporting countries to mitigate the oil curse in finance rests on the quality of their institutions. We tested this argument using a panel of 21 oil-exporting countries over the period 1984−2016. Based on sophisticated panel threshold techniques, we provide relevant insights into financial curse hypothesis. Specifically, we found that proper democratic institutions are likely to neutralize the curse in the financial sector. Another central finding emphasized that financial globalization is beneficial to the financial sector. Overall, we suggest that oil exporters should be cautious about the optimal threshold level of democracy in order to avoid the harmful effects of oil price fluctuations. Therefore, we identified the threshold level of democracy able to reverse the resource curse in the financial sector.

本文研究了一个国家的民主问责制水平如何影响油价与金融发展之间的关系。我们认为，石油出口国减轻金融危机中石油诅咒的能力取决于其机构的质量。我们在1984-2016年期间由21个石油输出国组成的小组对这一论点进行了检验。基于复杂的面板阈值技术，我们提供有关金融诅咒假设的相关见解。具体而言，我们发现适当的民主制度可能会抵消金融部门的诅咒。另一个重要发现强调，金融全球化对金融部门有利。总体，我们建议石油出口商应谨慎对待民主的最佳门槛水平，以避免油价波动的不利影响。因此，我们确定了能够扭转金融部门资源诅咒的民主起点水平。