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Economic Freedom and Economic Growth in Mena Countries

Author

Listed:
  • Hossein Panahi
  • Ahmad Assadzadeh
  • Ramiar Refaei

Abstract

Most studies of the relationship between economic freedom and growth of GDP have found a positive correlation. One problem in this area is the choice of measure of economic freedom. A single measurement does not reflect the complex economic environment and a highly aggregated index makes it difficult to draw policy conclusions. This paper attempts to answer the question: How does economic freedom impact economic growth? Using data from 13 selected MENA countries over the period of 2000 to 2009, this paper investigates the relationship between economic freedom and economic growth. The results of panel data analysis show that economic institutions, specifically economic freedom, play a significant role in economic development independently and the overall index of economic freedom is positively correlated with growth. It is found that economic freedom does matter for growth. This does not mean that increasing economic freedom, defined in general terms, is good for economic growth since some of the categories in the index are insignificant and some of the significant variables have negative effects.

Suggested Citation

  • Hossein Panahi & Ahmad Assadzadeh & Ramiar Refaei, 2014. "Economic Freedom and Economic Growth in Mena Countries," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(1), pages 105-116.
    • Handle: RePEc:asi:aeafrj:v:4:y:2014:i:1:p:105-116:id:1146
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    Cited by:

    1. Gouider, Abdessalem & Nouira, Ridha & Saafi, Sami, 2022. "Re-Exploring the Nexus Between Economic Freedom and Growth: Is There a Threshold Effect?," Journal of Economic Development, The Economic Research Institute, Chung-Ang University, vol. 47(3), pages 147-167, September.
    2. Renato Santiago & José Alberto Fuinhas & António Cardoso Marques, 2020. "The impact of globalization and economic freedom on economic growth: the case of the Latin America and Caribbean countries," Economic Change and Restructuring, Springer, vol. 53(1), pages 61-85, February.
    3. Tolcha, Tassew Dufera & Tchouamou Njoya, Eric & Bråthen, Svein & Holmgren, Johan, 2021. "Effects of African aviation liberalisation on economic freedom, air connectivity and related economic consequences," Transport Policy, Elsevier, vol. 110(C), pages 204-214.

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