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- W4381996984 abstract "There has been a worldwide increase in geopolitical risk and the need for a stable financial system. The effects of these two factors are felt in the economy and the natural world alike. Yet there is a lack of literature that fully explores how geopolitical risk affects financial development. In light of this, this paper evaluates the impact of geopolitical risk on financial development for BRICS economies from 1990 to 2022, together with other major control factors, such as natural resources, energy use, and research and development expenditures. To examine the situation of BRICS countries, we use panel data and one of the most appropriate econometric approaches for long run connection, like moment quantile regression to observe adjustment with time between the variables, which offers empirical evidence. The following are the key findings from the models. As a preliminary step, cross-section dependence tests indicated that the slopes are not constant throughout the distribution and that there is, in fact, variable dependence. Next, the various panel unit root test that is most appropriate is used. The cointegration of variables over the long run was then assessed using the Kao and Johansen Fisher cointegration tests. The moment's quantile regression method has been employed to observe the long-term effect of the variables of interest. The results show that geopolitical risk decreases financial development in BRICS economies. Additionally, spending on R&D and energy consumption supports financial development, but over-exploiting natural resources retards it in the BRICS countries. From a policy perspective, policymakers and academics should focus on understanding how geopolitical risk impacts grow nationally and worldwide and how to handle geopolitical actions to promote a positive, sustainable environment." @default.
- W4381996984 created "2023-06-26" @default.
- W4381996984 creator A5010755344 @default.
- W4381996984 creator A5052951127 @default.
- W4381996984 date "2023-08-01" @default.
- W4381996984 modified "2023-09-30" @default.
- W4381996984 title "Extraction of natural resources and geopolitical risk revisited: A novel perspective of research and development with financial development" @default.
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- W4381996984 doi "https://doi.org/10.1016/j.resourpol.2023.103799" @default.
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