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The Impact Of The Political Liberalization-Economic Freedom Nexus On Economic Growth, 1970-2000

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  • CHU, Yun-Peng
  • KONG, Tuan-Yuen
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    Abstract

    The role of institutions in economic growth has recently begun to receive greater attention in academic circles. Although the impact of institutions has been acknowledged by most, definitive conclusions still remain a question, particularly given the problem of endogeneity. We use panel least squares estimation to consider the nexus between political liberalization and economic freedom. We seek to avoid the problem of endogeneity as well as examine the different aspects of institutional roles. We find conclusions for different aspects when controlling political liberalization or economic freedom.

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    Bibliographic Info

    Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

    Volume (Year): 9 (2009)
    Issue (Month): 2 ()
    Pages:

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    Handle: RePEc:eaa:aeinde:v:9:y:2009:i:2_2

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    Related research

    Keywords: Political liberalization; Economic freedom; Economic growth;

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    1. Francesco Giavazzi & Guido Tabellini, 2004. "Economic and Political Liberalizations," Working Papers 264, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    2. Dawson, John W, 1998. "Institutions, Investment, and Growth: New Cross-Country and Panel Data Evidence," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 36(4), pages 603-19, October.
    3. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(5), pages S71-102, October.
    4. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output Per Worker Than Others?," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 114(1), pages 83-116, February.
    5. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
    6. Dawson, John W., 2003. "Causality in the freedom-growth relationship," European Journal of Political Economy, Elsevier, vol. 19(3), pages 479-495, September.
    7. Wu, Wenbo & Davis, Otto A, 1999. " The Two Freedoms, Economic Growth and Development: An Empirical Study," Public Choice, Springer, Springer, vol. 100(1-2), pages 39-64, July.
    8. de Haan, Jakob & Sturm, Jan-Egbert, 2000. "On the relationship between economic freedom and economic growth," European Journal of Political Economy, Elsevier, vol. 16(2), pages 215-241, June.
    9. James D . Gwartney & Randall G . Holcombe & Robert A . Lawson, 2006. "Institutions and the Impact of Investment on Growth," Kyklos, Wiley Blackwell, vol. 59(2), pages 255-273, 05.
    10. James D. Gwartney & Robert A. Lawson & Randall G. Holcombe, 1999. "Economic Freedom and the Environment for Economic Growth," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, Mohr Siebeck, Tübingen, vol. 155(4), pages 643-, December.
    11. Adam Przeworski & Fernando Limongi, 1993. "Political Regimes and Economic Growth," Journal of Economic Perspectives, American Economic Association, vol. 7(3), pages 51-69, Summer.
    12. Jeffrey D. Sachs, 2003. "Institutions Don't Rule: Direct Effects of Geography on Per Capita Income," NBER Working Papers 9490, National Bureau of Economic Research, Inc.
    13. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
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