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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, Armstrong Atlantic State University
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    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
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