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Constitutional Foundations of Economic Freedom: A Time-Series Cross-Section Analysis

Author

Listed:
  • Xavier Vanssay
  • Vincent Hildebrand
  • Zane Spindler

Abstract

Using time-series cross-section analysis, we provide additional empirical validation for the principal-agent model developed by Adserà et al. (2003). In our innovation, efficient economic policy is proxied by “economic freedom” from the Fraser Institute database and constitutional “political institutions” are proxied by variables from the Database of Political Institutions. Our results suggest that the more credible the threat of removal from office, the more government officials will pursue efficient economic policies. Copyright Springer Science+Business Media, Inc. 2005

Suggested Citation

  • Xavier Vanssay & Vincent Hildebrand & Zane Spindler, 2005. "Constitutional Foundations of Economic Freedom: A Time-Series Cross-Section Analysis," Constitutional Political Economy, Springer, vol. 16(4), pages 327-346, December.
    • Handle: RePEc:kap:copoec:v:16:y:2005:i:4:p:327-346
    DOI: 10.1007/s10602-005-4314-z
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    Citations

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    Cited by:

    1. Rode, Martin & Gwartney, James D., 2012. "Does democratization facilitate economic liberalization?," European Journal of Political Economy, Elsevier, vol. 28(4), pages 607-619.
    2. Sang-Heui Lee & Jay Wyk, 2015. "National institutions and logistic performance: a path analysis," Service Business, Springer;Pan-Pacific Business Association, vol. 9(4), pages 733-747, December.
    3. Eric Ip, 2015. "The constitution of economic liberty in Hong Kong," Constitutional Political Economy, Springer, vol. 26(3), pages 307-327, September.
    4. Antonio Saravia, 2008. "A note on the U-shaped relationship between political competition and economic freedom," Development Research Working Paper Series 07/2008, Institute for Advanced Development Studies.
    5. Hatice KÜÇÜKKAYA, 2017. "EUREFE’17 International Conference," Turkish Economic Review, KSP Journals, vol. 4(3), pages 343-344, September.
    6. Lee, Jeoung Yul & Jiménez, Alfredo & Choi, Seong-jin & Choi, Yun Hyeong, 2022. "Ideological polarization and corporate lobbying activity: The contingent impact of corruption distance," Journal of Business Research, Elsevier, vol. 141(C), pages 448-461.
    7. Francois Facchini, 2010. "Religion, law and development: Islam and Christianity—Why is it in Occident and not in the Orient that man invented the institutions of freedom?," European Journal of Law and Economics, Springer, vol. 29(1), pages 103-129, February.
    8. Kapás, Judit & Czeglédi, Pál, 2011. "Gazdasági szabadság, politikai szabadság és a társadalmi rendek [Economic freedom, political freedom, and social orders]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 485-510.
    9. Vatcharin Sirimaneetham, 2006. "What drives liberal policies in developing countries?," Bristol Economics Discussion Papers 06/587, School of Economics, University of Bristol, UK.
    10. Aslý YENÝPAZARLI, 2017. "Economic freedom and effects on economic growth: A time series analysis for Turkey," Turkish Economic Review, KSP Journals, vol. 4(3), pages 345-351, September.
    11. Jakob De Haan & Susanna Lundström & Jan‐Egbert Sturm, 2006. "Market‐oriented institutions and policies and economic growth: A critical survey," Journal of Economic Surveys, Wiley Blackwell, vol. 20(2), pages 157-191, April.
    12. Dzhumashev, Ratbek & Hailemariam, Abebe, 2021. "Foreign aid and the quality of economic institutions," European Journal of Political Economy, Elsevier, vol. 68(C).
    13. Justin Callais & Andrew T. Young, 2021. "Does constitutional entrenchment matter for economic freedom?," Contemporary Economic Policy, Western Economic Association International, vol. 39(4), pages 808-830, October.
    14. Jean-Jacques Rosa & Xavier Vanssay, 2012. "Information, organization, and freedom: Explaining the great reversal," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(4), pages 329-350, December.
    15. Robert A. Lawson & Ryan Murphy & Benjamin Powell, 2020. "The Determinants Of Economic Freedom: A Survey," Contemporary Economic Policy, Western Economic Association International, vol. 38(4), pages 622-642, October.

    More about this item

    Keywords

    good governance; economic freedom; principal-agent; political institutions; constitutions; D72; D78; H11; O57;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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