Empirical research has shown that both more economic freedom and a higher stability of policy variables are supportive for economic growth. Thus, the path of policy liberalization may have a considerable influence on a nation's growth performance. Using the Fraser-index of economic freedom, this article shows empirically that policy volatility proves to be growth depressing, even if the state liberalizes the economy in the long-run. Growth is significantly higher if liberalization occurs on a smoother path. Copyright 2002 by WWZ and Helbing & Lichtenhahn Verlag AG
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Article provided by Blackwell Publishing in its journal Kyklos.
Volume (Year): 55 (2002) Issue (Month): 1 () Pages: 57-79 Download reference. The following formats are available: HTML,
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