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Democratization and Economic Growth in Emerging Market Economies

Author

Listed:
  • Naib Alakbarov

    (Uşak University)

  • Yılmaz Bayar

    (Uşak University)

Abstract

The globalization phenomenon has gained speed in various aspects especially since mid-1980s, this process in turn partially contributed to democratization of the many countries. This study researches the effect of democratization on economic growth in emerging markets over 2002-2015 period with panel cointegration test of Westerlund-Durbin-Hausman (2008) and panel causality test of Dumitrescu and Hurlin (2012). The results revealed a cointegrating relationship between economic growth and democratization, but the interaction between democratization and growth varies from country to country. However, no causality relationships were found between democratization and economic growth in the short run.

Suggested Citation

  • Naib Alakbarov & Yılmaz Bayar, 2018. "Democratization and Economic Growth in Emerging Market Economies," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 33(109), pages 165-180, April.
    • Handle: RePEc:acc:malfin:v:33:y:2018:i:109:p:165-180
    DOI: https://doi.org/10.33203/mfy.391698
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    More about this item

    Keywords

    Democratization; economic growth; panel data analysis;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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