1. Show or hide comments about the document.

  2. Search over the document's text.

  3. Share the document through social networks or e-mail.

  4. After selecting an area on the page.

  5. ...you can:
    copy the text
    share the segment
    comment
    cite the document

Spring 2011
ISSN 0890-913X
Volume 26, Number 2

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

Richard J. Cebula, Jacksonville University
Download Share e-mail
  • << Back to editing
  • Previous version by
  • << Older
  • Newer >>
  • Revert to this one
  • Edit
  • Fullscreen
  • Show comments
  •  
  •  
  •  
  •  
  • Zoom:
     
     
  • Page:  / 4
  •  
  •  
  •  
  • Line spacing:
     
     
  • Word spacing:
     
     
  • Search:FindClose
 
search results
     
     
     
     
     
     
     
     
     
     
     
    612
    792
    1
    0
    /jpe/index.php?action=ajax&rs=GDMgetPage&rsargs[]=Spring2011 4.pdf&rsargs[]=0
    TheJournalofPrivateEnterprise26(2),2011,61-81EconomicGrowth,TenFormsofEconomicFreedom,andPoliticalStability:AnEmpiricalStudyUsingPanelData,20032007RichardJ.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
    GLIFOS-digital_archive