The role of the level of development, geographical factors, and culture for the efficacy of economic freedom
DOI:
https://doi.org/10.12775/EQUIL.2015.036Keywords:
economic freedom, institutions, economic development, geopolitics, cultureAbstract
There are many studies focused on the role of economic freedom in creating conditions supportive for economic growth. Most of the recommendations in this area are based on the observations of the highly developed countries. But is it reasonable to generalize these findings to other countries, independently from their conditions? Contemporarily, the number of the research conducted for the countries outside the world's forefront is growing. Results are varied ? some elements of economic freedom seem to be effective unconditionally, some of them bring different results. The aim of the paper is to examine the role of such factors as a stage of economic development, geographical location, and culture in the context of the efficacy of economic freedom. The study was conducted with usage of regression models for panel data and based on the indicators connected with economic freedom and economic growth.
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References
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Zielenkiewicz M. (2015). The level of development and geographical factors in analysing the relationship between institutional changes and economic growth in developing and transition countries. International Journal of Academic Research (not published yet).
Berggren, N. (2003). The benefits of economic freedom: a survey. Independent Review-Oakland-, 8(2).
Brycz, M. (2013). Model zależności pomiędzy strukturą sfery realnej a dobrobytem w Unii Europejskiej. In: Uwarunkowania dobrobytu w sferze realnej, Gdańsk: Wydawnictwo Uniwersytetu Gdańskiego.
Cameron, A. C., & Trivedi, P. K. (2010). Microeconometrics Using Stata. Texas: StataCorp LP and College Station.
Carlsson, F., & Lundström, S. (2002). Economic freedom and growth: Decomposing the effects. Public Choice, 112(3).
Dawson, J. W. (2003). Causality in the freedom?growth relationship. European Journal of Political Economy, 19(3). DOI: http://dx.doi.org/10.1016/S0176-2680(03)00009-0.
De Haan, J., & Sturm, J. E. (2000). On the relationship between economic freedom and economic growth. European Journal of Political Economy, 16(2). DOI: http://dx.doi.org/10.1016/S0176-2680(99)00065-8.
Farr, W. K., Lord, R. A., & Wolfenbarger, J. L. (1998). Economic freedom, political freedom, and economic well-being: a causality analysis. Cato J., 18.
Gwartney, J., Lawson, R., & Hall, J. (2014). Economic Freedom of the World. 2014 Annual Report. Fraser Institute.
Hall, J. C., & Lawson, R. A. (2014). Economic freedom of the world: an accounting of the literature. Contemporary Economic Policy, 32(1), DOI: http://dx.doi.org/10.1111/coep.12010.
Hall, P. A., & Gingerich, D. W. (2009). Varieties of capitalism and institutional complementarities in the political economy: An empirical analysis. British Journal of Political Science, 39(03). DOI: http://dx.doi.org/10.1017 /S0007123409000672.
Heritage Foundation (2015). Index of Economic Freedom ? Methodology. Retrieved from http://www.heritage.org/index/book/methodology (March 2015).
Heybey, B., & Murrell, P. (1999). The relationship between economic growth and the speed of liberalization during transition. The Journal of Policy Reform, 3(2). DOI: http://dx.doi.org/10.1080/13841289908523400.
Huntington, S. P. (1993). The clash of civilizations? Foreign Affairs, 72(3). DOI: http://dx.doi.org/10.2307/20045621.
Kondratowicz A. (2013). Wolność gospodarcza. Pomiar, percepcja, zmiany instytucjonalne. Warsaw: Towarzystwo Ekonomistów Polskich.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1999). The quality of government. Journal of Law, Economics, and organization, 15(1).
Leblang D. A. (1996). Property Rights. Democracy and Economic Growth Political Research Quarterly, 49(1).
Miller T., & Kim, A. B. (2015). Principles of Economic Freedom. Heritage Foundation.
Nielsen, L. (2011). Classifications of countries based on their level of development: How it is done and how it could be done. IMF Working Papers, 11/31. DOI: http://dx.doi.org/10.1007/s11205-012-0191-9.
Piątek, D., Szarzec, K., & Pilc, M. (2013). Economic freedom, democracy and economic growth: a causal investigation in transition countries. Post-Communist Economies, 25(3). DOI: http://dx.doi.org/10.1080/14631377 .2013.813137.
Rodrik, D., Subramanian, A., & Trebbi F. (2004). Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development. Journal of Economic Growth, 9(2). DOI: http://dx.doi.org/10.1023/B :JOEG.0000031425.72248.85.
Sachs, J. D., Warner, A., ?slund, A., & Fischer, S. (1995). Economic reform and the process of global integration. Brookings papers on economic activity. DOI: http://dx.doi.org/10.2307/2534573.
Stankiewicz W. (2005). Ekonomika instytucjonalna. Zarys wykładu. Warsaw: Wydawnictwo Prywatnej Wyższej Szkoły Businessu i Administracji w Warszawie
Vega-Gordillo, M., & Alvarez-Arce, J. L. (2003). Economic growth and freedom: a causality study. Cato Journal, 23.
Website of Heritage Foundation (Index of Economic Freedom: http//www.heritage.org/index (March 2015).
Wright, L. M. (1982). A comparative survey of economic freedoms. Freedom in the World: Political Rights and Civil Liberties.
Zielenkiewicz M. (2014). Institutional environment in the context of development of sustainable society in the European Union countries. Equilibrium. Quarterly Journal of Economics and Economic Policy, 9(1).
DOI: http://dx.doi.org/10.12775/EQUIL.2014.002.
Zielenkiewicz M. (2015). The level of development and geographical factors in analysing the relationship between institutional changes and economic growth in developing and transition countries. International Journal of Academic Research (not published yet).
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Published
2015-12-31
How to Cite
Zielenkiewicz, M. (2015). The role of the level of development, geographical factors, and culture for the efficacy of economic freedom. Equilibrium. Quarterly Journal of Economics and Economic Policy, 10(4), 85–98. https://doi.org/10.12775/EQUIL.2015.036
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Section
Institutional determinants of macroeconomic effectiveness
