An empirical assessment of the effect of natural resources and financial technologies on sustainable development in resource abundant developing countries: Evidence using MMQR estimation

The present study aims to estimate the role of natural resources and financial technologies in sustainable development under the STIRPAT framework in seven resource abundant developing countries (Brazil, China, Russia, Saudi Arabia, Botswana, Morocco, and Turkey) over 2000 to 2020 period. To conduct empirical analysis, the study applies Fully Modified OLS (FMOLS), Dynamic OLS (DOLS) and Method of Moments Quantile Regression (MMQR). The findings of FMOLS and DOLS indicate the significant positive effect of natural resources and financial technologies on sustainable development in selected countries. These findings are robust in MMQR estimation (with significance of the coefficients varying at different quantiles). Based on these findings, the study recommends the policy makers and governments in these countries to implement effective policies aimed at the continual use and diffusion of financial technologies and efficient extraction and consumption of natural resources.