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The Impact of Economic Freedom upon Economic Growth: An Application on Different Income Groups

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  • Cemil Serhat AKIN
  • Cengiz AYTUN
  • Başak Gül AKTAKAS

Abstract

The objective of the study is to investigate the relationship between economic growth and economic freedom for different income groups. Therefore, the data were collected from 94 different countries belonging to five different income groups in order to cover the period from 2000 to 2010. In the study, relationship between the economic growth of the country and the level of freedom index which Fraser Institute measured and its sub-components constituting was questioned through the panel data analysis method. As a result of the analyses, it was found that there is a statistically significant positive relationship between the level of economic freedom for all income groups and economic growth. With the inclusion of sub-components of freedom index into the model, the effects of such sub-components vary depending on the income groups.

Suggested Citation

  • Cemil Serhat AKIN & Cengiz AYTUN & Başak Gül AKTAKAS, 2014. "The Impact of Economic Freedom upon Economic Growth: An Application on Different Income Groups," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(8), pages 1024-1039.
    • Handle: RePEc:asi:aeafrj:v:4:y:2014:i:8:p:1024-1039:id:1233
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    Citations

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    Cited by:

    1. Olena SOKOLOVSKA, 2016. "Trade freedom and revenue from trade taxes: a cross-country analysis," Vestnik of the St. Petersburg University. Series 5. Economics Вестник Санкт-Петербургского университета. Серия 5. Экономика, CyberLeninka;Федеральное государственное бюджетное образовательное учреждение высшего образования «Санкт-Петербургский государственный университет», issue 2, pages 52-67.
    2. Eunice Santos & Cristina I. Fernandes & João J. Ferreira & Carla Azevedo Lobo, 2021. "What Is the Impact of Informal Entrepreneurship on Venture Capital Flows?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(4), pages 2032-2049, December.
    3. Ivana Brkić & Nikola Gradojević & Svetlana Ignjatijević, 2020. "The Impact of Economic Freedom on Economic Growth? New European Dynamic Panel Evidence," JRFM, MDPI, vol. 13(2), pages 1-13, February.
    4. Donatella Saccone & Matteo Migheli, 2022. "Free to escape? Economic freedoms, growth and poverty traps," Review of Development Economics, Wiley Blackwell, vol. 26(3), pages 1518-1554, August.
    5. Jeffrey Kouton, 2019. "Relationship between economic freedom and inclusive growth: a dynamic panel analysis for sub-Saharan African countries," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 21(1), pages 143-165, June.
    6. Sayari, Naz & Sari, Ramazan & Hammoudeh, Shawkat, 2018. "The impact of value added components of GDP and FDI on economic freedom in Europe," Economic Systems, Elsevier, vol. 42(2), pages 282-294.

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