EFFECTS OF THE ECONOMIC FREEDOMS ON THE ECONOMIC GROWTH: EVIDENCE FROM THE EU AND COMCEC COUNTRIES (1996-2015)
In this research, the effects of the economic freedoms on the economic growth for EU and COMCEC countries at different development/income level are econometrically analyzed via panel data analysis for the period of 1996- 2014 by being considered the improvement of economic growth theories for the...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Academica Brâncuşi
2017-06-01
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| Series: | Analele Universităţii Constantin Brâncuşi din Târgu Jiu : Seria Economie |
| Subjects: | |
| Online Access: | http://www.utgjiu.ro/revista/ec/pdf/2017-03/02_HALIL%20IBRAHIM%20AYDIN,%20OMER%20YALCINKAYA.pdf |
| Summary: | In this research, the effects of the economic freedoms on the economic growth for EU and COMCEC countries
at different development/income level are econometrically analyzed via panel data analysis for the period of 1996-
2014 by being considered the improvement of economic growth theories for the key determinants of economic growth.
From this aspect, it is aimed at this research that to evaluate the effects of the economic freedoms on the long termed
economic growth performances and income level differences of EU and COMCEC countries which have different
statuses in terms of economic freedoms and income level indicators. It is determined at the end of the study that the
economic freedoms have a positive and statistically significant effect on the economic growth of EU countries in
investigation period, on the other hand, these freedoms have not any effect on the economic growth of COMCEC
countries. Moreover, the existence of a one-way causality relation operates from economic freedoms to the economic
growth in EU countries is specified while there is any causality link found between these freedoms and the economic
growth for the countries in COMCEC group. All these results indicate that also the economic freedoms besides the
physical human capital accumulation, in other words, whether the EU and COMCEC countries have a market
economy adopts outward-oriented liberal fiscal policies plays a major role in differentiating the income levels or the
economic growth performances. |
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| ISSN: | 1844-7007 1844-7007 |