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Direct and Indirect Effects of Economic and Political Freedom on Economic Growth

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  • Gema Fabro
  • Jos Aixal
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    Abstract

    This paper examines the relative impact of economic freedom, civil liberties, and political rights on growth. A system of three simultaneous equations is used to unearth the channels through which these institutional dimensions affect economic growth. These include greater efficiency and enlarged investment in physical and human capital. The sample contains 79 countries and six periods covering the years from 1976 to 2005. The results show that the three dimensions of institutional quality are important for economic growth either through a better allocation of resources or, indirectly, through the stimulation of investment in physical and human capital.

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    Bibliographic Info

    Article provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.

    Volume (Year): 46 (2012)
    Issue (Month): 4 (December)
    Pages: 1059-1080

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    Handle: RePEc:mes:jeciss:v:46:y:2012:i:4:p:1059-1080

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    Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei

    Related research

    Keywords: civil liberties; economic growth; economic freedom; political rights;

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