Özet:

Natural resources are expected to increase economic growth and financial development. But it seems that this expectation is not always the same for some countries rich in resources. The aim of the study in this context is to test the validity of the financial resource curse hypothesis for the period 1992-2018 in the rich natural resources BRICS countries. The study used second-generation analysis methods that allow horizontal cutting dependency and heterogenity for empirical analysis. According to the empirical findings obtained, the impact of natural resource income in Brazil and Russia on the level of financial development is positive, and in South Africa is negative. In China and India, there is no statistically meaningful relationship between natural resource income and financial development. As a result, it has been determined that the hypothesis of the curse of financial resources is valid only in South Africa from the BRICS countries. It is important for South Africa to be able to reduce the negative effects of the abundance of natural resources and to get rid of this disadvantage, to transfer the economy to other sectors, to focus on technological innovations and the development of human capital, to implement strong policy practices that will enhance political stability and reduce poverty.

Özet:

Having natural resources is expected to increase the level of economic growth and financial development. This expectation does not seem to be the case, however, for some resource-rich countries. In this context, the aim of the study is to determine whether the "Financial Resource Curse" hypothesis is valid in the BRICS countries which are rich in natural resources for the 1992-2018 period. In the study, second generation test techniques that allow for cross-sectional dependence and heterogeneity were used for empirical analysis. According to the empirical findings, the effect of natural resource income on the level of financial development is positive in Brazil and Russia, and negative in South Africa. In China and India, however, no statistically significant relationship could be found between natural resource income and financial development. As a result, it has been determined that the “Financial Resource Curse” hypothesis is valid only for South Africa among the BRICS countries. In order to reduce the negative effects of South Africa's abundance of natural resources and to overcome this disadvantage, it is important to use natural resource revenues efficiently and transfer them to other sectors of the economy, to focus on technological innovations and human capital development.

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