Natural Resources—Are They a Blessing or Curse? A Systematic Literature Review of Resource‐Finance Nexus

ABSTRACT The relationship between natural resources and financial development has been the focus of numerous studies, but there are unanswered questions that necessitate a thorough literature assessment. The objective of this study is to map the extensive field of resource‐finance nexus through a systematic literature review, identify key themes suggested by existing literature, and suggest future research avenues by answering the what, how, who, and why of the resource‐finance nexus for resource‐rich economies. The study establishes that the resource‐finance nexus is a multidisciplinary topic. Natural resource blessings depend on the price stability of resources, the governance system, democratization, sustainable finance, and building human capital through the Triple Helix Model. To achieve sustainable development goals, the study proposes incorporating digital financial inclusion, Fintech, green finance, and green technology as hotspot areas in the resource‐finance nexus. It provides insight into how these advancements can help resource‐based countries improve environmental, human, and economic development. Furthermore, a research gap exists in studying the nexus between natural resources and stock market development.