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2010•RePEc: Research Papers in EconomicsRequires access

ECONOMIC FREEDOM AND ECONOMIC WELL-BEING: A GRANGER CAUSALITY ANALYSIS OF 49 COUNTRIES, 1995-2004

Hakan Sarıbaş

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Abstract

Most studies show that nations which have fewer restrictions on private agents and transactions tend to have higher levels of economic growth. However, it is less clear which of the disaggregated categories of economic freedom determine growth and whether or not growth granger causes economic freedom. The aim of this paper is to address the issue concerning the direction of causation between measures of economic freedom and economic growth. We employ a panel of countries from the Heritage Foundation data set and conclude that economic well-being granger causes the average level of freedom as well as some underlying components of economic freedom.

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Most studies show that nations which have fewer restrictions on private agents and transactions tend to have higher levels of economic growth. However, it is less clear which of the disaggregated categories of economic freedom determine growth and whether or not growth granger causes economic freedom. The aim of this paper is to address the issue concerning the direction of causation between measures of economic freedom and economic growth. We employ a panel of countries from the Heritage Foundation data set and conclude that economic well-being granger causes the average level of freedom as well as some underlying components of economic freedom.

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Available abstract

Most studies show that nations which have fewer restrictions on private agents and transactions tend to have higher levels of economic growth. However, it is less clear which of the disaggregated categories of economic freedom determine growth and whether or not growth granger causes economic freedom. The aim of this paper is to address the issue concerning the direction of causation between measures of economic freedom and economic growth. We employ a panel of countries from the Heritage Foundation data set and conclude that economic well-being granger causes the average level of freedom as well as some underlying components of economic freedom.

Key concepts: Economic freedom, Granger causality, Index of Economic Freedom, Economics, Causation, Causality (physics), Economic model, Economic analysis

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ECONOMIC FREEDOM AND ECONOMIC WELL-BEING: A GRANGER CAUSALITY ANALYSIS OF 49 COUNTRIES, 1995-2004 — Research Paper | ScholarLens