Economic Growth, Ten Forms of Economic Freedom, and Political Stability: An Empirical Study Using Panel Data, 2003-2007

Cebula, Richard J., Journal of Private Enterprise

Abstract

This study investigates the impact of the ten forms of economic freedom developed by the Heritage Foundation (2008), as well as a measure of political stability developed by the World Bank (2009), on economic growth in OECD nations. Both panel least squares estimations and panel two-stage least squares estimations find that the natural log of purchasing-power-parity adjusted per capita real GDP in OECD nations was positively impacted by monetary freedom, business freedom, investment freedom, labor freedom, fiscal freedom, property rights freedom, and freedom from corruption. Economic growth was also found to be positively impacted by political stability. Furthermore, …

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Publication information: Article title: Economic Growth, Ten Forms of Economic Freedom, and Political Stability: An Empirical Study Using Panel Data, 2003-2007. Contributors: Cebula, Richard J. - Author. Journal title: Journal of Private Enterprise. Volume: 26. Issue: 2 Publication date: Spring 2011. Page number: 61+. © 2009 Association of Private Enterprise Education. Provided by ProQuest LLC. All Rights Reserved.

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