Research Journal of Recent Sciences, ( ISI ), Volume (2), No (12), Year (2013-5) , Pages (100-108)

Title : ( Oil Rents, Institutions and Financial Development: Case Study of selected Oil Exporting Countries )

Authors: Mahmood Hoshmand , S. M. Seyyed Agha Hosseini , Nahid Rajabzadeh moghani ,

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Abstract

Based on the empirical evidence and researches, the majority of oil dependent countries have the low level of financial development. So the aim of this study is to investigate whether the oil rents weakens the financial development in oil dependent economies? In this study, direct and indirect impact of the oil rent on financial development is examined using Generalized Method of Moments (GMM) for 17 selected oil exporting countries, over the period 2002-2010. The result suggests that oil rent has had a negative effect on financial development and has provided the context of the weakening financial markets in two direct and indirect (through institutional quality channel and weakening it) ways. Also the result indicates that there is a positive and significant relationship between institutional quality and financial development. So improving the institutional quality is a necessary and essential condition to enhance financial development.

Keywords

, Keywords: Financial development, institutional quality, oil rent, oil exporting countries, generalized method of moments (GMM).
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@article{paperid:1039067,
author = {Hoshmand, Mahmood and S. M. Seyyed Agha Hosseini and Rajabzadeh Moghani, Nahid},
title = {Oil Rents, Institutions and Financial Development: Case Study of selected Oil Exporting Countries},
journal = {Research Journal of Recent Sciences},
year = {2013},
volume = {2},
number = {12},
month = {May},
issn = {2277-2502},
pages = {100--108},
numpages = {8},
keywords = {Keywords: Financial development; institutional quality; oil rent; oil exporting countries; generalized method of moments (GMM).},
}

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%0 Journal Article
%T Oil Rents, Institutions and Financial Development: Case Study of selected Oil Exporting Countries
%A Hoshmand, Mahmood
%A S. M. Seyyed Agha Hosseini
%A Rajabzadeh Moghani, Nahid
%J Research Journal of Recent Sciences
%@ 2277-2502
%D 2013

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