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HOW DOES ECONOMIC FREEDOM AND GOVERNANCE QUALITY AFFECT ECONOMIC GROWTH: A PANEL DATA ANALYSIS FOR 26 EUROPEAN COUNTRIES

Year 2023, Volume: 7 Issue: 2, 26 - 35, 31.12.2023
https://doi.org/10.30711/utead.1339652

Abstract

The purpose of this study is to examine the impact of economic freedom and governance quality on economic growth. Sustainable economic growth and the factors determining prosperity have long been of interest to researchers. Therefore, analyzing the impact of economic freedoms and governance quality on economic growth is crucial. This is particularly important in a region like the European Union, which has the world's largest economic network. Twenty six of the European Union countries were chosen for this purpose. The level of economic freedom by Fraser Institute, and the level of governance by Worldbank were used to analyze this relationship. The primary hypothesis of the study is that institutional factors will stimulate economic expansion. In order to examine this hypothesis, tests for cross-section dependency, heterogeneity, unit root, cointegration, and causality were conducted. Consequently, it has been determined that these factors contribute to economic growth throughout the period. It has been discovered that there are differences across nations, and the causes for these distinctions are discussed in the discussion section.

References

  • Absadykov, A. A. (2020). Does good governance matter? Kazakhstan’s economic growth and worldwide governance indicators. Otoritas: Jurnal Ilmu Pemerintahan, 10(1), 1–13. https://doi.org/10.26618/ojip.v10i1.2776
  • Ali, A. M., & Crain, W. M. (2002). Institutional distortions, economic freedom, and growth. Cato Journal, 21(3). https://www.cato.org/cato-journal/winter-2002
  • Asandului, L., Iacobuta, A., & Cautisanu, C. (2016). Modelling economic growth based on economic freedom and social progress. European Journal of Sustainable Development, 5(3), 229–238. https://doi.org/10.14207/ejsd.2016.v5n3p229
  • Ayal, E. B., & Karras, G. (1998). Components of economic freedom and growth: An empirical study. The Journal of Developing Areas, 32(3), 327–338. https://www.jstor.org/stable/4192775
  • Bayar, Y. (2016). Impact of openness and economic freedom on economic growth in the transition economies of the European Union. South-Eastern Europe Journal of Economics, 14(1), 7–19. http://www.asecu.gr/Seeje/issue26.html
  • Borović, Z. (2014). Does economic freedom impact economic growth: Evidence from two Western Balkan countries. Industrija, 42(2), 57–70. https://doi.org/10.5937/industrija42-5850
  • Boţa-Avram, C., Grosanu, A., Rachisan, P. R., & Berinde, S. R. (2021). Granger causal nexus between good public governance and unemployment: Evidence from Cross-Country panel data investigation. Journal of Risk and Financial Management, 14(2), 63. https://doi.org/10.3390/jrfm14020063
  • Brkić, I., Gradojevic, N., & Ignjatijević, S. (2020). The impact of economic freedom on economic growth? New European dynamic panel evidence. Journal of Risk and Financial Management, 13(2), 26. https://doi.org/10.3390/jrfm13020026
  • Bundă, N. R., Moise-Ţiţei, A., & Jaliu, D. D. (2012). A new institutional approach of the complex correlation between economic freedom and economic growth. European Journal of Science and Theology, 8(Supplement 1), 75–84. http://www.ejst.tuiasi.ro/
  • Caetano, J., & Caleiro, A. (2009). Economic freedom and foreign direct investment: How different are the MENA countries from the EU. Ibusiness, 1(2), 65–74. https://doi.org/10.4236/ib.2009.12010
  • De Haan, J., & Sturm, J. (2000). On the relationship between economic freedom and economic growth. European Journal of Political Economy, 16(2), 215–241. https://doi.org/10.1016/s0176-2680(99)00065-8
  • De Vanssay, X., & Spindler, Z. A. (1994). Freedom and growth: Do constitutions matter? Public Choice, 78(3–4), 359–372. https://doi.org/10.1007/bf01047764
  • Economic Freedom of the World. (2022). Fraser Institute. Retrieved December 12, 2022, from https://www.fraserinstitute.org/economic-freedom/dataset?geozone=world&page=dataset&min-year=2&max-year=0&filter=0
  • Farr, W. K., Lord, R. A., & Wolfenbarger, J. L. (1998). Economic freedom, political freedom, and economic well-being: A causality analysis. Cato Journal, 18(2), 247–262. https://www.cato.org/cato-journal/fall-1998
  • Feruni, N., Hysa, E., Panait, M., Radulescu, I. R., & Brezoi, A. (2020). The impact of corruption, economic freedom and urbanization on economic development: Western Balkans versus EU-27. Sustainability, 12(22), 9743. https://doi.org/10.3390/su12229743
  • Fraser Institute. (2016, December 28). Economic Freedom of the World. Retrieved June 10, 2023, from https://www.fraserinstitute.org/economic-freedom/dataset?geozone=world&page=dataset&min-year=2&max-year=0&filter=0
  • Han, X., Khan, H. A., & Zhuang, J. (2014). Do governance indicators explain development performance? A Cross-Country analysis (November 2014). Asian Development Bank Economics Working Paper Series, No. 417. https://doi.org/10.2139/ssrn.2558894
  • Heckelman, J. C. (2000). Economic freedom and economic growth: A short-run causal investigation. Journal of Applied Economics, 3(1), 71–91. https://doi.org/10.1080/15140326.2000.12040546
  • Heckelman, J. C., & Stroup, M. D. (2000). Which economic freedoms contribute to growth? Kyklos, 53(4), 527–544. https://doi.org/10.1111/1467-6435.00132
  • Iacobuţă, A., & Gagea, M. (2010). Institutional quality, economic freedom and sustainable development. A comparative analysis of EU countries. Revista Economica, 3(50). http://economice.ulbsibiu.ro/revista.economica/
  • Iheonu, C. O. (2019). Governance and domestic investment in Africa. European Journal of Government and Economics, 8(1), 63–80. https://doi.org/10.17979/ejge.2019.8.1.4565
  • Jeroen, V. D. B. (2014). Evaluating alternatives to GDP as measures of social welfare/progress. WWWforEurope Working Paper, No. 56. http://hdl.handle.net/10419/125713
  • Kaufmann, D., Kraay, A., Zoido-Lobaton, P., & The World Bank. (1999). Governance matters. Policy Research Working Paper Series 2196, The World Bank.
  • Keser, A., & Gökmen, Y. (2018). Governance and human development: The impacts of governance indicators on human development. Journal of Public Administration and Governance, 8(1), 26–39. https://doi.org/10.5296/jpag.v8i1.12336
  • Kurtz, M. J., & Schrank, A. (2007). Growth and governance: Models, measures, and mechanisms. The Journal of Politics, 69(2), 538–554. https://doi.org/10.1111/j.1468-2508.2007.00549.x
  • Mandić, D., Borović, Z., & Jovićević, M. (2017). Economic freedom and entrepreneurial activity: Evidence from EU 11 countries. Economics (Bijeljina), 5(2), 11–17. https://doi.org/10.1515/eoik-2017-0020
  • Mira, R., & Hammadache, A. (2017). Good governance and economic growth: A contribution to the institutional debate about state failure in Middle East and North Africa. Asian Journal of Middle Eastern and Islamic Studies, 11(3), 107–120. https://doi.org/10.1080/25765949.2017.12023313
  • Nikzad, R. (2021). Governance, institutions, and economic development. International Journal of Innovation and Economic Development, 7(4), 7–22. https://doi.org/10.18775/ijied.1849-7551-7020.2015.74.2001
  • Peev, E. (2015). Institutions, economic liberalization and firm growth: Evidence from European transition economies. European Journal of Law and Economics, 40(1), 149–174. https://doi.org/10.1007/s10657-014-9450-3
  • Peev, E., & Mueller, D. C. (2012). Democracy, economic freedom and growth in transition economies. Kyklos, 65(3), 371–407. https://doi.org/10.1111/j.1467-6435.2012.00543.x
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Social Science Research Network. https://doi.org/10.2139/ssrn.572504
  • Pesaran, M. H. (2006). Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure. Econometrica, 74(4), 967–1012. https://doi.org/10.1111/j.1468-0262.2006.00692.x
  • Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. Econometrics Journal, 11(1), 105–127. https://doi.org/10.1111/j.1368-423x.2007.00227.x
  • Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Piątek, D., Szarzec, K., & Pilc, M. (2013). Economic freedom, democracy and economic growth: A causal investigation in transition countries. Post-communist Economies, 25(3), 267–288. https://doi.org/10.1080/14631377.2013.813137
  • Prasetyia, F. (2020). Good governance and economic growth: Empirical evidence from ASEAN 10. In Advances in Economics, Business and Management Research (Vol. 144). Atlantis Press. https://www.atlantis-press.com/proceedings/afbe-19
  • Rapsikevičius, J., Bruneckiene, J., Lukauskas, M., & Mikalonis, S. (2021). The impact of economic freedom on economic and environmental performance: Evidence from European countries. Sustainability, 13(4), 2380. https://doi.org/10.3390/su13042380
  • Reese, S., & Westerlund, J. (2016). PANICCA: Panic on cross-section averages. Journal of Applied Econometrics, 31(6), 961–981. https://doi.org/10.1002/jae.2487
  • Rusu, V. D., & Roman, A. (2019). Drivers of entrepreneurial motivations: The role of institutional quality. Ekonomický Časopis, 67(9). https://hdl.handle.net/11159/4242
  • Samarasinghe, T. (2018). Impact of governance on economic growth. MPRA Paper, No. 89834. https://mpra.ub.uni-muenchen.de/89834/
  • Sayari, N., Sari, R., & Hammoudeh, S. (2018). The impact of value added components of GDP and FDI on economic freedom in Europe. Economic Systems, 42(2), 282–294. https://doi.org/10.1016/j.ecosys.2017.03.003
  • Setyastuti, R., Adiningsih, S., & Widodo, T. (2018). The role of governance quality in increasing Intra-ASEAN trade. MPRA Paper, No. 85258. https://mpra.ub.uni-muenchen.de/85258/
  • Silve, F., & Plekhanov, A. (2015). Institutions, innovation and growth: Cross-country evidence. EBRD Working Paper, No. 177. https://doi.org/10.2139/ssrn.3119688
  • Silve, F., & Plekhanov, A. (2018). Institutions, innovation and growth. Economics of Transition, 26(3), 335–362. https://doi.org/10.1111/ecot.12148
  • Singh, B. P. (2019). Does governance matter? Evidence from BRICS. Global Business Review, 23(2), 408–425. https://doi.org/10.1177/0972150919861222
  • Spindler, Z. A. (1991). Liberty and development: A further empirical perspective. Public Choice, 69(2), 197–210. https://doi.org/10.1007/bf00123847
  • The Heritage Foundation. (n.d.). 2023 Index of Economic Freedom. Index of Ecnomic Freedom. Retrieved June 10, 2023, from https://www.heritage.org/index/about
  • Tiwari, A., & Bharadwaj, T. (2021). Assessing the impact of institutions on economic growth in the BRICS countries. BRICS Journal of Economics, 2(4), 30–46. https://doi.org/10.38050/2712-7508-2021-4-2
  • Vukotić, V., & Baćović, M. (2006). Economic freedom and economic growth in south east Europe. Transition Studies Review, 13(1), 81–91. https://doi.org/10.1007/s11300-006-0098-8
  • Westerlund, J. (2008). Panel cointegration tests of the Fisher effect. Journal of Applied Econometrics, 23(2), 193–233. https://doi.org/10.1002/jae.967
  • World Development Indicators. (2022). The World Bank IBRD-IDA. Retrieved December 12, 2022, from https://databank.worldbank.org/source/world-development-indicators
  • Worldbank. (2022). Worldwide Governance Indicators. The Worldbank. Retrieved December 12, 2022, from https://datacatalog.worldbank.org/search/dataset/0038026
  • Wu, W., & Davis, O. A. (1999). The two freedoms, economic growth and development: An empirical study. Public Choice, 100(1), 39–64. https://www.jstor.org/stable/30026079
  • Zubair, S. S., & Khan, M. A. (2014). Good governance: Pakistan’s economic growth and worldwide governance indicators. Pakistan Journal of Commerce and Social Sciences, 8(1), 274–287. http://jespk.net/publication_paper.php?publicationid=16

EKONOMİK ÖZGÜRLÜK VE YÖNETİŞİM KALİTESİ EKONOMİK BÜYÜMEYİ NASIL ETKİLER: 26 AVRUPA ÜLKESİ İÇİN PANEL VERİ ANALİZİ

Year 2023, Volume: 7 Issue: 2, 26 - 35, 31.12.2023
https://doi.org/10.30711/utead.1339652

Abstract

Bu çalışmanın amacı, ekonomik özgürlük ve yönetişim kalitesinin ekonomik büyüme üzerindeki etkisini incelemektir. Sürdürülebilir ekonomik büyüme ve refahı belirleyen faktörler uzun zamandır araştırmacıların ilgisini çekmektedir. Bu nedenle, ekonomik özgürlüklerin ve yönetişim kalitesinin ekonomik büyüme üzerindeki etkisinin analiz edilmesi büyük önem taşımaktadır. Bu, Avrupa Birliği gibi dünyanın en büyük ekonomik ağına sahip bir bölgede özellikle önemlidir. Bu amaçla Avrupa Birliği ülkelerinden yirmi altısı seçilmiştir. Bu ilişkiyi analiz etmek için Fraser Enstitüsü'nün ekonomik özgürlük düzeyi ve Dünya Bankası'nın yönetişim düzeyi kullanılmıştır. Çalışmanın temel hipotezi, kurumsal faktörlerin ekonomik genişlemeyi teşvik edeceğidir. Bu hipotezi incelemek için yatay kesit bağımlılığı, heterojenlik, birim kök, eşbütünleşme ve nedensellik testleri yapılmıştır. Sonuç olarak, bu faktörlerin dönem boyunca ekonomik büyümeye katkıda bulunduğu tespit edilmiştir. Ülkeler arasında farklılıklar olduğu tespit edilmiş olup, bu farklılıkların nedenleri tartışma bölümünde ele alınmıştır.

References

  • Absadykov, A. A. (2020). Does good governance matter? Kazakhstan’s economic growth and worldwide governance indicators. Otoritas: Jurnal Ilmu Pemerintahan, 10(1), 1–13. https://doi.org/10.26618/ojip.v10i1.2776
  • Ali, A. M., & Crain, W. M. (2002). Institutional distortions, economic freedom, and growth. Cato Journal, 21(3). https://www.cato.org/cato-journal/winter-2002
  • Asandului, L., Iacobuta, A., & Cautisanu, C. (2016). Modelling economic growth based on economic freedom and social progress. European Journal of Sustainable Development, 5(3), 229–238. https://doi.org/10.14207/ejsd.2016.v5n3p229
  • Ayal, E. B., & Karras, G. (1998). Components of economic freedom and growth: An empirical study. The Journal of Developing Areas, 32(3), 327–338. https://www.jstor.org/stable/4192775
  • Bayar, Y. (2016). Impact of openness and economic freedom on economic growth in the transition economies of the European Union. South-Eastern Europe Journal of Economics, 14(1), 7–19. http://www.asecu.gr/Seeje/issue26.html
  • Borović, Z. (2014). Does economic freedom impact economic growth: Evidence from two Western Balkan countries. Industrija, 42(2), 57–70. https://doi.org/10.5937/industrija42-5850
  • Boţa-Avram, C., Grosanu, A., Rachisan, P. R., & Berinde, S. R. (2021). Granger causal nexus between good public governance and unemployment: Evidence from Cross-Country panel data investigation. Journal of Risk and Financial Management, 14(2), 63. https://doi.org/10.3390/jrfm14020063
  • Brkić, I., Gradojevic, N., & Ignjatijević, S. (2020). The impact of economic freedom on economic growth? New European dynamic panel evidence. Journal of Risk and Financial Management, 13(2), 26. https://doi.org/10.3390/jrfm13020026
  • Bundă, N. R., Moise-Ţiţei, A., & Jaliu, D. D. (2012). A new institutional approach of the complex correlation between economic freedom and economic growth. European Journal of Science and Theology, 8(Supplement 1), 75–84. http://www.ejst.tuiasi.ro/
  • Caetano, J., & Caleiro, A. (2009). Economic freedom and foreign direct investment: How different are the MENA countries from the EU. Ibusiness, 1(2), 65–74. https://doi.org/10.4236/ib.2009.12010
  • De Haan, J., & Sturm, J. (2000). On the relationship between economic freedom and economic growth. European Journal of Political Economy, 16(2), 215–241. https://doi.org/10.1016/s0176-2680(99)00065-8
  • De Vanssay, X., & Spindler, Z. A. (1994). Freedom and growth: Do constitutions matter? Public Choice, 78(3–4), 359–372. https://doi.org/10.1007/bf01047764
  • Economic Freedom of the World. (2022). Fraser Institute. Retrieved December 12, 2022, from https://www.fraserinstitute.org/economic-freedom/dataset?geozone=world&page=dataset&min-year=2&max-year=0&filter=0
  • Farr, W. K., Lord, R. A., & Wolfenbarger, J. L. (1998). Economic freedom, political freedom, and economic well-being: A causality analysis. Cato Journal, 18(2), 247–262. https://www.cato.org/cato-journal/fall-1998
  • Feruni, N., Hysa, E., Panait, M., Radulescu, I. R., & Brezoi, A. (2020). The impact of corruption, economic freedom and urbanization on economic development: Western Balkans versus EU-27. Sustainability, 12(22), 9743. https://doi.org/10.3390/su12229743
  • Fraser Institute. (2016, December 28). Economic Freedom of the World. Retrieved June 10, 2023, from https://www.fraserinstitute.org/economic-freedom/dataset?geozone=world&page=dataset&min-year=2&max-year=0&filter=0
  • Han, X., Khan, H. A., & Zhuang, J. (2014). Do governance indicators explain development performance? A Cross-Country analysis (November 2014). Asian Development Bank Economics Working Paper Series, No. 417. https://doi.org/10.2139/ssrn.2558894
  • Heckelman, J. C. (2000). Economic freedom and economic growth: A short-run causal investigation. Journal of Applied Economics, 3(1), 71–91. https://doi.org/10.1080/15140326.2000.12040546
  • Heckelman, J. C., & Stroup, M. D. (2000). Which economic freedoms contribute to growth? Kyklos, 53(4), 527–544. https://doi.org/10.1111/1467-6435.00132
  • Iacobuţă, A., & Gagea, M. (2010). Institutional quality, economic freedom and sustainable development. A comparative analysis of EU countries. Revista Economica, 3(50). http://economice.ulbsibiu.ro/revista.economica/
  • Iheonu, C. O. (2019). Governance and domestic investment in Africa. European Journal of Government and Economics, 8(1), 63–80. https://doi.org/10.17979/ejge.2019.8.1.4565
  • Jeroen, V. D. B. (2014). Evaluating alternatives to GDP as measures of social welfare/progress. WWWforEurope Working Paper, No. 56. http://hdl.handle.net/10419/125713
  • Kaufmann, D., Kraay, A., Zoido-Lobaton, P., & The World Bank. (1999). Governance matters. Policy Research Working Paper Series 2196, The World Bank.
  • Keser, A., & Gökmen, Y. (2018). Governance and human development: The impacts of governance indicators on human development. Journal of Public Administration and Governance, 8(1), 26–39. https://doi.org/10.5296/jpag.v8i1.12336
  • Kurtz, M. J., & Schrank, A. (2007). Growth and governance: Models, measures, and mechanisms. The Journal of Politics, 69(2), 538–554. https://doi.org/10.1111/j.1468-2508.2007.00549.x
  • Mandić, D., Borović, Z., & Jovićević, M. (2017). Economic freedom and entrepreneurial activity: Evidence from EU 11 countries. Economics (Bijeljina), 5(2), 11–17. https://doi.org/10.1515/eoik-2017-0020
  • Mira, R., & Hammadache, A. (2017). Good governance and economic growth: A contribution to the institutional debate about state failure in Middle East and North Africa. Asian Journal of Middle Eastern and Islamic Studies, 11(3), 107–120. https://doi.org/10.1080/25765949.2017.12023313
  • Nikzad, R. (2021). Governance, institutions, and economic development. International Journal of Innovation and Economic Development, 7(4), 7–22. https://doi.org/10.18775/ijied.1849-7551-7020.2015.74.2001
  • Peev, E. (2015). Institutions, economic liberalization and firm growth: Evidence from European transition economies. European Journal of Law and Economics, 40(1), 149–174. https://doi.org/10.1007/s10657-014-9450-3
  • Peev, E., & Mueller, D. C. (2012). Democracy, economic freedom and growth in transition economies. Kyklos, 65(3), 371–407. https://doi.org/10.1111/j.1467-6435.2012.00543.x
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Social Science Research Network. https://doi.org/10.2139/ssrn.572504
  • Pesaran, M. H. (2006). Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure. Econometrica, 74(4), 967–1012. https://doi.org/10.1111/j.1468-0262.2006.00692.x
  • Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. Econometrics Journal, 11(1), 105–127. https://doi.org/10.1111/j.1368-423x.2007.00227.x
  • Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Piątek, D., Szarzec, K., & Pilc, M. (2013). Economic freedom, democracy and economic growth: A causal investigation in transition countries. Post-communist Economies, 25(3), 267–288. https://doi.org/10.1080/14631377.2013.813137
  • Prasetyia, F. (2020). Good governance and economic growth: Empirical evidence from ASEAN 10. In Advances in Economics, Business and Management Research (Vol. 144). Atlantis Press. https://www.atlantis-press.com/proceedings/afbe-19
  • Rapsikevičius, J., Bruneckiene, J., Lukauskas, M., & Mikalonis, S. (2021). The impact of economic freedom on economic and environmental performance: Evidence from European countries. Sustainability, 13(4), 2380. https://doi.org/10.3390/su13042380
  • Reese, S., & Westerlund, J. (2016). PANICCA: Panic on cross-section averages. Journal of Applied Econometrics, 31(6), 961–981. https://doi.org/10.1002/jae.2487
  • Rusu, V. D., & Roman, A. (2019). Drivers of entrepreneurial motivations: The role of institutional quality. Ekonomický Časopis, 67(9). https://hdl.handle.net/11159/4242
  • Samarasinghe, T. (2018). Impact of governance on economic growth. MPRA Paper, No. 89834. https://mpra.ub.uni-muenchen.de/89834/
  • Sayari, N., Sari, R., & Hammoudeh, S. (2018). The impact of value added components of GDP and FDI on economic freedom in Europe. Economic Systems, 42(2), 282–294. https://doi.org/10.1016/j.ecosys.2017.03.003
  • Setyastuti, R., Adiningsih, S., & Widodo, T. (2018). The role of governance quality in increasing Intra-ASEAN trade. MPRA Paper, No. 85258. https://mpra.ub.uni-muenchen.de/85258/
  • Silve, F., & Plekhanov, A. (2015). Institutions, innovation and growth: Cross-country evidence. EBRD Working Paper, No. 177. https://doi.org/10.2139/ssrn.3119688
  • Silve, F., & Plekhanov, A. (2018). Institutions, innovation and growth. Economics of Transition, 26(3), 335–362. https://doi.org/10.1111/ecot.12148
  • Singh, B. P. (2019). Does governance matter? Evidence from BRICS. Global Business Review, 23(2), 408–425. https://doi.org/10.1177/0972150919861222
  • Spindler, Z. A. (1991). Liberty and development: A further empirical perspective. Public Choice, 69(2), 197–210. https://doi.org/10.1007/bf00123847
  • The Heritage Foundation. (n.d.). 2023 Index of Economic Freedom. Index of Ecnomic Freedom. Retrieved June 10, 2023, from https://www.heritage.org/index/about
  • Tiwari, A., & Bharadwaj, T. (2021). Assessing the impact of institutions on economic growth in the BRICS countries. BRICS Journal of Economics, 2(4), 30–46. https://doi.org/10.38050/2712-7508-2021-4-2
  • Vukotić, V., & Baćović, M. (2006). Economic freedom and economic growth in south east Europe. Transition Studies Review, 13(1), 81–91. https://doi.org/10.1007/s11300-006-0098-8
  • Westerlund, J. (2008). Panel cointegration tests of the Fisher effect. Journal of Applied Econometrics, 23(2), 193–233. https://doi.org/10.1002/jae.967
  • World Development Indicators. (2022). The World Bank IBRD-IDA. Retrieved December 12, 2022, from https://databank.worldbank.org/source/world-development-indicators
  • Worldbank. (2022). Worldwide Governance Indicators. The Worldbank. Retrieved December 12, 2022, from https://datacatalog.worldbank.org/search/dataset/0038026
  • Wu, W., & Davis, O. A. (1999). The two freedoms, economic growth and development: An empirical study. Public Choice, 100(1), 39–64. https://www.jstor.org/stable/30026079
  • Zubair, S. S., & Khan, M. A. (2014). Good governance: Pakistan’s economic growth and worldwide governance indicators. Pakistan Journal of Commerce and Social Sciences, 8(1), 274–287. http://jespk.net/publication_paper.php?publicationid=16
There are 54 citations in total.

Details

Primary Language English
Subjects Cross-Sectional Analysis, Macroeconomic Theory, Growth, Development Economics - Macro, Macroeconomics (Other), Institutional Economics, Welfare Economics
Journal Section Articles
Authors

Muhammet Fatih Coşkun 0000-0002-7174-6550

Ali Şen 0000-0001-9456-2220

Publication Date December 31, 2023
Published in Issue Year 2023 Volume: 7 Issue: 2

Cite

APA Coşkun, M. F., & Şen, A. (2023). HOW DOES ECONOMIC FREEDOM AND GOVERNANCE QUALITY AFFECT ECONOMIC GROWTH: A PANEL DATA ANALYSIS FOR 26 EUROPEAN COUNTRIES. Uluslararası Ticaret Ve Ekonomi Araştırmaları Dergisi, 7(2), 26-35. https://doi.org/10.30711/utead.1339652