Aim. To identify the channels of the “resource curse of the financial sector”.Objectives. Systematization of the main approaches to describing the relationship between the state of the financial sector and resource dependence; classification of the identified channels of the “resource curse of the financial sector”.Methods. This article is based on the analysis and systematization of existing empirical and theoretical studies in the field of “resource curse of the financial sector” and related areas. The author used the methods of synthesis, generalization, classification and system analysis.Results. The description of possible channels of resource dependence influence on financial development has been carried out. The channels of “resource curse”, investment and savings, “Dutch disease”, volatility, human and social capital, “interest groups”, institutional channels are considered. The identified channels of the “resource curse of the financial sector” (or channels of the influence of resource dependence on the state of the financial sector) include a different set of chains of cause-effect relations. Some channels (the “resource curse” channel, channels related to the “Dutch disease”, etc.) involve explanations of the “resource curse” affecting the processes of economic growth and the resource curse hypothesis itself. Such channels are classified as specific. Depending on the nature of the impact of resource endowment on the state of the financial sector, three groups of channels are identified: “resource curse”, “conditional resource curse” and “resource blessing”.Conclusions. The hypothesis of “resource curse of the financial sector” can be considered as an element of a comprehensive approach to analyzing the peculiarities of the functioning of the economy under conditions of resource dependence. One of the formulations of this hypothesis assumes a relatively lower level of financial development, at which structural changes occur in the financial sector of countries specializing in the production and export of natural resources. The nature of the channels identified allows us to argue that only under a certain set of conditions the “resource curse of the financial sector” can occur, in which the fact of resource dependence of the economy or its consequences is a constraint for the development of the financial sector. The introduced channels need empirical verification. The developed classification of channels of “resource curse of the financial sector” can serve as a starting point for such an analysis.
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