Economic freedom and economic growth: Does specification make a difference?

Doucouliagos, Chris and Ulubasoglu, Mehmet Ali 2006, Economic freedom and economic growth: Does specification make a difference?, European Journal of Political Economy, vol. 22, no. 1, pp. 60-81.

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Title Economic freedom and economic growth: Does specification make a difference?
Author(s) Doucouliagos, Chris
Ulubasoglu, Mehmet Ali
Journal name European Journal of Political Economy
Volume number 22
Issue number 1
Start page 60
End page 81
Publisher Elsevier BV
Place of publication Netherlands
Publication date 2006-03
ISSN 0176-2680
1873-5703
Keyword(s) economic freedom
economic growth
investment
specification bias
meta-regression analysis
Summary In this paper we apply meta-analytic techniques to the literature on the impact of economic freedom on economic growth and find an overall positive direct association between economic freedom and economic growth. A positive indirect effect of economic freedom on economic growth through the stimulation of physical capital is also identified. However, the literature is affected by specification bias with respect to controls for physical capital. The omission of physical capital results in larger estimates of the economic freedom–economic growth association. Further, the use of panel data leads to smaller estimates of the impact of economic freedom on economic growth. The meta-analysis is confirmed by primary cross-sectional and panel data analysis of 82 countries for the period 1970–1999.
Language eng
Field of Research 140202 Economic Development and Growth
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2005 Elsevier B.V.
Persistent URL http://hdl.handle.net/10536/DRO/DU:30003495

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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