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Which Economic Freedoms Contribute to Growth? A Comment

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  • Sturm, Jan-Egbert
  • Leertouwer, Erik
  • de Hann, Jakob

Abstract

Most studies on the relationship between economic freedom and growth employ a measure of economic freedom based on an (ad hoc) aggregation of various underlying components. We argue that the alternative aggregation procedure as recently suggested by Heckelman and Stroup (2000)--which aggregation is directly based upon the relevance of each component for growth, as determined by multivariate regression analysis--seriously flawed. We present an alternative index based on latent variable estimation techniques. Using standard robustness analyses we find that this index of economic freedom is not robustly related to economic growth. Copyright 2002 by WWZ and Helbing & Lichtenhahn Verlag AG

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Kyklos.

Volume (Year): 55 (2002)
Issue (Month): 3 ()
Pages: 403-16

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Handle: RePEc:bla:kyklos:v:55:y:2002:i:3:p:403-16

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Cited by:
  1. Boockmann, Bernhard & Dreher, Axel, 2003. "The contribution of the IMF and the World Bank to economic freedom," European Journal of Political Economy, Elsevier, vol. 19(3), pages 633-649, September.
  2. Christian Bjørnskov & Nicolai Foss, 2008. "Economic freedom and entrepreneurial activity: Some cross-country evidence," Public Choice, Springer, vol. 134(3), pages 307-328, March.
  3. Webster, A.L., 2013. "Is There Feed-Back Between Economic Freedom and Economic Growth: A Comparative Granger-Causality Test Based On Quartiles," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 13(1), pages 11-24.
  4. Jakob de Haan & Susanna Lundstroem & Jan-Egbert Sturm, 2005. "Market oriented institutions and policies and economic growth: A critical survey," TWI Research Paper Series 5, Thurgauer Wirtschaftsinstitut, Universität Konstanz.
  5. Judit Kapás & Pál Czeglédi, 2007. "Economic Freedom: Theory First, Empiricism After," ICER Working Papers 10-2007, ICER - International Centre for Economic Research.
  6. Martin Rode & Sebastian Coll, 2012. "Economic freedom and growth. Which policies matter the most?," Constitutional Political Economy, Springer, vol. 23(2), pages 95-133, June.
  7. Justesen, Mogens K., 2008. "The effect of economic freedom on growth revisited: New evidence on causality from a panel of countries 1970-1999," European Journal of Political Economy, Elsevier, vol. 24(3), pages 642-660, September.
  8. Doucouliagos, Chris & Ulubasoglu, Mehmet Ali, 2006. "Economic freedom and economic growth: Does specification make a difference?," European Journal of Political Economy, Elsevier, vol. 22(1), pages 60-81, March.
  9. Berggren, Niclas, 2003. "The Benefits of Economic Freedom: A Survey," Ratio Working Papers 4, The Ratio Institute.
  10. Heckelman, Jac C. & Stroup, Michael D., 2005. "A comparison of aggregation methods for measures of economic freedom," European Journal of Political Economy, Elsevier, vol. 21(4), pages 953-966, December.
  11. Jonathan Hopkin & Andrés Rodríguez-Pose, 2007. ""Grabbing hand" or "helping hand"? Corruption and the economic role of the state," LSE Research Online Documents on Economics 3526, London School of Economics and Political Science, LSE Library.

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