Economic Freedom and Unemployment in Emerging Market Economies
Economic freedom has also increased in parallel with the accelerating globalization process as of mid-1980. This study investigates the relationship among unemployment, economic freedom and gross capital formation in 20 emerging market economies during 1995-2014 period using Westerlund-Durbin-Hausman (2008) cointegration test and Dumitrescu and Hurlin (2012) causality test. We found that economic freedom had no statistically significant impact on unemployment, but gross capital formation had negative impact on unemployment in the long run. Furthermore, we found a bidirectional causality between unemployment and economic freedom.
Volume (Year): 11 (2016)
Issue (Month): 1 (June)
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