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How Do Economic Freedom and Investment Affect Economic Growth?

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Author Info
KIMLONG CHHENG (Kobe University, Graduate School of International Cooperation Studies)

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Abstract

This paper studies whether and how capital investment and economic freedom jointly endogenize economic growth. The results produced by White’s heteroscedasticity-consistent matrix tests on a panel data of 50 countries over 1981-2000 support the crucial role of both domestic and foreign capital investment and economic freedom for rapid growth. Countries that improve economic freedom and that bolster capital investment tend to experience faster growth. The domestic investment rate _the breakdown of public and private investment_ and foreign direct investment are positively associated with economic growth, while the initial real per capita GDP is negatively correlated with subsequent growth rate.

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Paper provided by EconWPA in its series Macroeconomics with number 0509021.

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Length: 10 pages
Date of creation: 13 Sep 2005
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Handle: RePEc:wpa:wuwpma:0509021

Note: Type of Document - pdf; pages: 10
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Web page: http://129.3.20.41

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Keywords: Economic freedom investment growth

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E - Macroeconomics and Monetary Economics

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  1. Tavares, Jose & Wacziarg, Romain, 2001. "How democracy affects growth," European Economic Review, Elsevier, vol. 45(8), pages 1341-1378, August. [Downloadable!] (restricted)
  2. Jac C. Heckelman, 2000. "Economic Freedom and Economic Growth: A Short-run Causal Investigation," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 71-91, May. [Downloadable!]
  3. John W. Dawson, 2001. "Causality in the Freedom-Growth Relationship," Working Papers 01-04, Department of Economics, Appalachian State University.
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  4. Edward L. Glaeser & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2004. "Do Institutions Cause Growth?," Journal of Economic Growth, Springer, vol. 9(3), pages 271-303, 09. [Downloadable!]
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  5. Carlsson, Fredrik & Lundstrom, Susanna, 2002. " Economic Freedom and Growth: Decomposing the Effects," Public Choice, Springer, vol. 112(3-4), pages 335-44, September. [Downloadable!] (restricted)
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  6. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Sturm, Jan-Egbert & de Haan, Jakob, 2001. "How Robust is the Relationship between Economic Freedom and Economic Growth?," Applied Economics, Taylor and Francis Journals, vol. 33(7), pages 839-44, June. [Downloadable!] (restricted)
  8. Dollar, David & Kraay, Aart, 2003. "Institutions, trade, and growth," Journal of Monetary Economics, Elsevier, vol. 50(1), pages 133-162, January. [Downloadable!] (restricted)
  9. Minier, Jenny A, 1998. " Democracy and Growth: Alternative Approaches," Journal of Economic Growth, Springer, vol. 3(3), pages 241-66, September. [Downloadable!] (restricted)
  10. Gernot Doppelhofer & Ronald I. Miller & Xavier Sala-i-Martin, 2000. "Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach," NBER Working Papers 7750, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Barro, Robert J, 1996. " Democracy and Growth," Journal of Economic Growth, Springer, vol. 1(1), pages 1-27, March.
  12. De Long, J Bradford & Summers, Lawrence H, 1991. "Equipment Investment and Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 445-502, May. [Downloadable!] (restricted)
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