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Democracy, Investment and Economic Growth

  • Hadhek Zouhaier

    (Superior Institut of Gestion (ISG) of Gabès- Tunisia)

  • Kefi Mohamed Karim

    (ISTEC Business School, Paris, France.)

The main purpose of this paper is to identify the relationship between democracy, investment and economic growth for a sample of 11 countries from the MENA region during the period 2000-2009, by using a dynamic panel data model. The democracy’ effect on the contribution of investment to economic growth has been the subject of a second empirical study within the framework of this research paper. The main outcomes drawn by these two empirical tests prove that there is a significant link between on the one hand the democracy and investment and on the other hand between civil liberties and economic growth. The outcomes also highlight a positive interaction between political rights and investment.

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Article provided by Econjournals in its journal International Journal of Economics and Financial Issues.

Volume (Year): 2 (2012)
Issue (Month): 3 ()
Pages: 233-240

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Handle: RePEc:eco:journ1:2012-03-1
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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.
  2. Alfaro, Laura & Chanda, Areendam & Kalemli-Ozcan, Sebnem & Sayek, Selin, 2004. "FDI and economic growth: the role of local financial markets," Journal of International Economics, Elsevier, vol. 64(1), pages 89-112, October.
  3. Jean-Paul Azam & Jean-Claude Berthélemy & Stéphane Calipel, 1996. "Risque politique et croissance en Afrique," Revue Économique, Programme National Persée, vol. 47(3), pages 819-829.
  4. Stéphane Calipel & Jean-Paul Azam & Jean-Claude Berthélemy, 1996. "Risque politique et croissance en Afrique," Revue économique, Presses de Sciences-Po, vol. 0(3), pages 819-829.
  5. Isham, Jonathan & Kaufmann, Daniel & Pritchett, Lant H, 1997. "Civil Liberties, Democracy, and the Performance of Government Projects," World Bank Economic Review, World Bank Group, vol. 11(2), pages 219-42, May.
  6. Patrick GUILLAUMONT & Sylviane GUILLAUMONT JEANNENEY & Jean-François BRUN, 1997. "How Instability Lowers African Growth ?," Working Papers 199712, CERDI.
  7. de Haan, Jakob & Siermann, Clemens L J, 1998. " Further Evidence on the Relationship between Economic Freedom and Economic Growth," Public Choice, Springer, vol. 95(3-4), pages 363-80, June.
  8. John F. Helliwell, 1992. "Empirical Linkages Between Democracy and Economic Growth," NBER Working Papers 4066, National Bureau of Economic Research, Inc.
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