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Examining Friedman Hypothesis On Political,Civil And Economic Freedom For Saarc Countries: A Dynamic Panel Data Analysis

  • M. ZAKIR SAADULLAH KHAN

    ()

    (Comilla University)

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    This paper empirically examines the Friedman hypothesis on political, civil and economic freedom that, a country can have a high degree of civil freedom, and a high degree of economic freedom without any political freedom, but can not have any political freedom if it does not have some degree of civil and economic freedom. Using panel data of five SAARC countries over the period 1995-2011, the dynamic panel data econometric techniques and Granger-causality tests validated the Friedman hypothesis regarding economic and political freedom, but regarding civil and political freedom the reverse is found true. The estimates of the empirical model using UECM show that economic freedom has significant short-run and long-run effects in improving the political freedom in the SAARC region.

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    Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

    Volume (Year): 37 (2012)
    Issue (Month): 3 (September)
    Pages: 107-127

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    Handle: RePEc:jed:journl:v:37:y:2012:i:3:p:107-127
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    1. Lawson, Robert A. & Clark, J.R., 2010. "Examining the Hayek-Friedman hypothesis on economic and political freedom," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 230-239, June.
    2. Minier, Jenny A, 1998. " Democracy and Growth: Alternative Approaches," Journal of Economic Growth, Springer, vol. 3(3), pages 241-66, September.
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    6. Pasaran, M.H. & Im, K.S. & Shin, Y., 1995. "Testing for Unit Roots in Heterogeneous Panels," Cambridge Working Papers in Economics 9526, Faculty of Economics, University of Cambridge.
    7. Evren Erdogan Cosar, 2002. "Price and Income Elasticities of Turkish Export Demand : A Panel Data Application," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 2(2), pages 19-53.
    8. Choi, In, 2001. "Unit root tests for panel data," Journal of International Money and Finance, Elsevier, vol. 20(2), pages 249-272, April.
    9. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May.
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