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Financialization, globalization, and Dutch disease: Is Dutch disease exist for resources rich countries?
Resources Policy ( IF 10.2 ) Pub Date : 2021-03-05 , DOI: 10.1016/j.resourpol.2021.102048
Yechi Ma , Zhiguo Chen , Riazullah Shinwari , Zeeshan Khan

This empirical study provides new insight into the nexus between Dutch disease, globalization, and financialization for resources-rich economies from 1990 to 2018. This study uses a novel index for financial development developed by an international monetary fund (IMF). Moreover, remittances inflow, if it negatively affects financial development, is indicated as Dutch disease. Further, the effect of economic globalization on financial development is also tested. This study employed advanced panel data econometric techniques. The empirical outcomes suggest that increasing inflow of remittances mainly contributes to the non-real sector of the economy, causing to lower financial development. Moreover, economic globalization is found to promote financial development. The effect of gross domestic product and human capital on financial development is positive. This study suggests that these resource-rich countries should regulate the inflow of remittances in such that it contributes to financial development. Further, the promotion of human capital and openness is considered a helpful factor for avoiding Dutch disease.



中文翻译:

金融化,全球化和荷兰病:资源丰富的国家是否存在荷兰病?

这项实证研究为1990年至2018年间荷兰疾病,全球化和资源丰富的经济体的金融化之间的联系提供了新的见解。该研究使用了由国际货币基金组织(IMF)开发的新颖的金融发展指数。此外,汇款流入如果对金融发展产生负面影响,则被视为荷兰疾病。此外,还测试了经济全球化对金融发展的影响。这项研究采用了先进的面板数据计量经济学技术。实证结果表明,汇款流入的增加主要是造成非实体经济部门的发展,从而导致金融发展速度下降。此外,发现经济全球化可以促进金融发展。国内生产总值和人力资本对金融发展的影响是积极的。这项研究表明,这些资源丰富的国家应规范汇款流入,以促进金融发展。此外,促进人力资本和开放被认为是避免荷兰疾病的有用因素。

更新日期:2021-03-07
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