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Economic freedom and economic growth: Does specification make a difference?
journal contribution
posted on 2006-03-01, 00:00 authored by Chris DoucouliagosChris Doucouliagos, Mehmet UlubasogluMehmet UlubasogluIn 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.
History
Journal
European Journal of Political EconomyVolume
22Issue
1Pagination
60 - 81Publisher
Elsevier BVLocation
NetherlandsISSN
0176-2680eISSN
1873-5703Language
engPublication classification
C1 Refereed article in a scholarly journalCopyright notice
2005 Elsevier B.V.Usage metrics
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