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Spring 2011

ISSN 0890-913X

Volume 26, Number 2

Categories: Economics | Spring 2011

Economic Growth, Ten Forms of Economic Freedom, and Political Stability: An Empirical Study Using Panel Data, 2003–2007

Richard J. Cebula, Jacksonville University

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TheJournalofPrivateEnterprise26(2),2011,61-81EconomicGrowth,TenFormsofEconomicFreedom,andPoliticalStability:AnEmpiricalStudyUsingPanelData,2003–2007RichardJ.CebulaJacksonvilleUniversityAbstractThisstudyinvestigatestheimpactofthetenformsofeconomicfreedomdevelopedbytheHeritageFoundation(2008),aswellasameasureofpoliticalstabilitydevelopedbytheWorldBank(2009),oneconomicgrowthinOECDnations.Bothpanelleastsquaresestimationsandpaneltwo-stageleastsquaresestimationsfindthatthenaturallogofpurchasing-powerparityadjustedpercapitarealGDPinOECDnationswaspositivelyimpactedbymonetaryfreedom,businessfreedom,investmentfreedom,laborfreedom,fiscalfreedom,propertyrightsfreedom,andfreedomfromcorruption.Economicgrowthwasalsofoundtobepositivelyimpactedbypoliticalstability.Furthermore,economicgrowthwasnegativelyimpactedbyhigherlong-termnominalinterestrates.Thus,policiesconsistentwithmaintainingtheseeconomicfreedomsandpoliticalstabilityshouldhelppromoteeconomicexpansion,especiallywhencoupledwithgovernmentpoliciesthatdonotelevatelong-termnominalinterestrates.Interestingly,inestimatingthemodelusingthecompositeindexofthelevelofeconomicfreedomdevelopedbyGwartneyandLawson(2008),itisshownthatthelatterresultsparallelthosederivedusingtheHeritageFoundationdata,implyingthatbothsetsofeconomicfreedommeasuresarepotentiallyusefulsubstitutesindemonstratingtheroleofeconomicfreedominrealeconomicgrowth.JELCodes:O43,O47,O50,P14Keywords:Economicgrowth;Teneconomicfreedoms;PoliticalstabilityI.IntroductionTheprocessofeconomicgrowthhasbeenformallystudiedfordecades.Duringthepast15years,numerousstudieshavebeenconductedtoinvestigatethelinkagebetweeneconomicgrowthandeconomicfreedom.Mostofthesestudiesconcludethatthereexistsapositiveimpactofvariousmeasuresofeconomicfreedomontherate61

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Title	Economic Growth, Ten Forms of Economic Freedom, and Political Stability: An Empirical Study Using Panel Data, 2003–2007
Authors/Creators:	Richard J. Cebula, Jacksonville University
Year:	2011
Volume:	26
Number:	2
Pages:	61 - 81
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Economic development, Ten economic freedoms, Political stability, OECD, Economic freedom

Citation:
Cebula, Richard J. / 2011. "Economic Growth, Ten Forms of Economic Freedom, and Political Stability: An Empirical Study Using Panel Data, 2003–2007." The Journal of Private Enterprise, 26(2): 61-81.