Ítem
Acceso Abierto
Essays on Oil abundance, Financial development and Climate Resilience
Título de la revista
Autores
Pérez Becerra, Roberto Rafael
Fecha
2025-11-28
Directores
García Suaza, Andrés Felipe
Rodríguez Acosta, Mauricio Andrés
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Título del volumen
Editor
Universidad del Rosario
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Resumen
Esta tesis examina cómo la abundancia de combustibles fósiles y los arreglos institucionales que privilegian el control del Estado sobre las riquezas petroleras inciden en el desarrollo financiero, y cómo su interacción reduce la resiliencia macroeconómica de los Estados y la capacidad de los países para avanzar en la transición energética. El estudio muestra que, si bien la riqueza en recursos fósiles puede incentivar intervenciones estatales que reprimen los sistemas financieros, dichas políticas debilitan un mecanismo clave para el desarrollo económico y para el financiamiento de un crecimiento bajo en carbono y resiliente al cambio climático.
Abstract
This thesis investigates how fossil fuel abundance, financial development, and climate-related shocks interact to shape macroeconomic resilience and environmental outcomes. Using dynamic panel data methods, the first two studies show that oil-rich countries with dominant national oil companies are more likely to adopt interest rate controls as a form of financial repression. While such policies may temporarily expand credit, they ultimately constrain private credit in the long run, reinforcing a financial curse in resource-rich economies. The second study examines whether financial development can mitigate the carbon curse—the tendency of fossil fuel–rich countries to exhibit high carbon intensity—and finds that stronger financial systems are associated with lower emissions per unit of GDP, particularly when they support structural transformation toward the service sector and reduce reliance on fossil fuel subsidies. The third study assesses the impact of extreme weather events on financial development using a staggered Difference-in-Differences approach. The results show that climate shocks significantly weaken financial systems, especially in low- and middle-income countries, highlighting the vulnerability of shallow financial sectors to climate stress. Together, these findings emphasize the central role of financial development in promoting macroeconomic resilience and supporting the transition toward low-carbon growth.
Palabras clave
Empresas petroleras nacionales , Represión financiera , Crédito , Desarrollo financiero , Intensidad de carbón , Eventos climatológicos extremos
Keywords
National oil companies , Financial repression , Credit , Financial development , Carbon intensity , Extreme weather events
