Data Preface: Energy Investments: An adaptive approach to profiti...
On the question of oil price volatility, you may consider examining my new book - Energy Investments: An adaptive approach to profiting from uncertainties - published by Palgrave Macmillan.
You can take a look at Chapter 2 for a discussion on price and volume volatilities, energy transitions and how they impact volatilities. The link to financial sector development is less clear to me. A possible way of addressing the latter is to examine how energy options or financial instruments are developed to insure investors against the adverse effects of price or volume volatilities.
You can access pages of my book at www.amazon.co.uk by searching for ricardo g barcelona.
I am interested in what sort of relationship you think may exist between these two factors. While the volatility of oil price is easily measured in a particular currency, 'financial sector development' is not so readily quantified. Do you mean the total amount of money it turns over - per hour, day week etc, do you mean how many people it employs, do you mean how many organisations or entities are involved in it, do you have some other means of measuring it like the computational capacity involved in financial transactions around the world, the level of sophistication of software algorithms used in it - and so on. Once a clear idea of what the second factor means then surely you can start to relate it to the first factor. I would recommend however that you start your work by defining the second factor and rigorously justifying that definition. Best wishes with your research!
As Tony mentioned, two things require definition in the topic you have chosen. One is the type of relationship & period of study. The second is specific definition of the term 'financial sector development' & how you propose to measure the same. Whether you want to study index volatility & oil price volatility or relate oil prices with macroeconomic factors as a measure of financial sector development needs to be defined clearly. Only then a suitable framework can be evolved.