This study provides new insight into the resources curse hypothesis by introducing fiscal decentralization and political risk index and its impact on financial development. We collected data for thirty-one developed countries from 1984 to 2019. Usage of a multidimensional index for financial development, the empirical findings indicate the resource curse hypothesis's existence. Further, fiscal decentralization, GDP, and political risk index improvement promote the sampled countries' financial development. Moreover, the multiplicative term for fiscal decentralization with natural resources rent rejects the resource curse hypothesis. Based on the empirical findings from quantile regression, this study suggests promoting fiscal decentralization and further improving the political risk index scoring to achieve a high financial development level in these countries and avoid the resource curse hypothesis.

通过引入财政分权和政治风险指数及其对金融发展的影响，本研究为资源诅咒假设提供了新的见解。我们从1984年至2019年收集了31个发达国家的数据。将多维指标用于金融发展，实证研究结果表明资源诅咒假设的存在。此外，财政分权，GDP和政治风险指数的改善促进了被抽样国家的金融发展。此外，具有自然资源租金的财政分权乘数项拒绝了资源诅咒假设。根据分位数回归的经验发现，