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Gelişen Ülkelerde Ekonomik Özgürlük ve Ekonomik Büyüme İlişkisi: Bootstrap Panel Granger Nedensellik Testi

Year 2021, Volume: 35 Issue: 3, 865 - 878, 15.07.2021
https://doi.org/10.16951/atauniiibd.797849

Abstract

Neo Klasik iktisadın emek, sermaye ve teknolojiden oluşan ekonomik büyüme fonksiyonu ülkeler arası gelir farklılıklarını açıklamakta sınırlı kalmaktadır. Kurumsal iktisadın gelişimi ile kurumlar ve ekonomik performans arasında bir ilişki kurulmuş ve bu eksiklik giderilmeye çalışılmıştır. Ekonomik özgürlükler ekonomik kurumları temsilen ekonomik büyüme için önemli bir belirleyicidir. Bu çalışmada 1996-2019 döneminde gelişen sekiz ülkeden oluşan D8 ülkeleri için ekonomik özgürlük ile ekonomik büyüme arasındaki ilişki incelenmiştir. Bootstrap panel Granger nedensellik testi neticesinde yedi ülkede ekonomik özgürlüğün ekonomik büyümenin nedeni olduğu tespit edilmiştir. Bu ülkelerde daha yüksek ekonomik refah düzeyine ulaşmak için ekonomik özgürlüklerin genişletilmesinin önemli rolü vardır. Bangladeş’te ise iki yönlü bir nedensellik ilişkisi bulunmuştur. Bu sonuçlar daha yüksek ekonomik performans için politik düzenlemeler aracılığıyla ekonomik özgürlüklerin geliştirilmesinin önemini göstermektedir. Endonezya’da nedensellik ekonomik büyümeden ekonomik özgürlüğe doğrudur.

References

  • ACEMOGLU, D. (2012). The Origins of Power, Prosperity, and Poverty. Cato Policy Report, 34(4), 9-12.
  • ACEMOGLU, D. (2003). Root Causes: A Historical Approach to Assessing the Role of Institutions in Economic Development. Finance&Development, Haziran 2003: 27-30.
  • ACEMOGLU, D., JOHNSON, S. ve ROBINSON, J. (2000). The Colonial Origins of Comparative Development: An Empirical Investigation. NBER Working Paper, No. 7771.
  • AKINCI, M., YÜCE, G. ve YLMAZ, Ö. (2014). Ekonomik Özgürlüklerin İktisadi Büyüme Üzerindeki Etkileri: Bir Panel Veri Analizi. Anadolu Üniversitei Sosyal Bilimler Dergisi, 14(2), 81–96.
  • ANWAR, S. ve AKRAM, W. (2017). Economic Freedom and Growth Nexus in Selected South Asian Countries. J. Appl. Environ. Biol. Sci., 7(10), 40-47.
  • BAYRAMOĞLU, T. ve BOZ, F.Ç. (2017). Ekonomik Özgürlüklerin İktisadi Büyümeye Etkisi: İslam İşbirliği Teşkilatı Ülkeleri Üzerine Panel Veri Analizi. Ymnetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 24(3), 913-927.
  • BİROL, Y.E. ve DEMİRGİL, B. (2020). Ekonomik Özgürlükler ve Ekonomik Büyüme İlişkisi: BRICS Ülkeleri Üzerine Ampririk Bir Çalışma. Ömer Halisdemir İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(3), 545-558.
  • BREUSCH, T. ve PAGAN, A. (1980). The Lagrange multiplier test and its application to model specifications in econometrics. Reviews of Economics Studies, 47, 239–253.
  • CHONG, A. ve CALDERÓN, C. (2000). Causality and feedback between institutional measures and economic growth. Econ. Polit., 12 (1), 69-81.
  • COASE, R. S. (1937). The Nature of the Firm. Economica, New Series, 4(16), 386-405.
  • ÇETİN, R. (2011). Ekonomik Özgürlüğün Gelir Düzeyi Üzerindeki Etkisinin Panel Veri Analizi Yöntemiyle İncelenmesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 8(2), 37–47.
  • DAM, M.M. ve ŞANLI, O. (2019). Ekonomik Özgürlüklerin Büyüme Üzerindeki Etkisi: BRIC-T Ülkeleri Üzerine Bir Panel ARDL Analizi. İktisadi ve İdari Bilimler Dergisi, 33(4), 1027-1044.
  • FOLEY, M. ve CLARK, J. R. (2016). Economic freedom and real income. Journal of Regional Analysis and Policy, 46(1), 52–59.
  • GÓES, C. (2016). Institutions and growth: A GMM/IV Panel VAR approach. Economics Letters, 138: 85-91.
  • GWARTNEY, J.D., HOLCOMBE, R.G. ve LAWSON, R.A. (2004). Economic Freedom, Institutional Qualıty, and Cross-Country Differences in Income and Growth, Cato Journal, 24(3), 205-233.
  • HALL, J. C., LACOMBE, D. J. ve SHAUGHNESSY, T. M. (2019). Economic Freedom and Income Levels Across U.S. States: a Spatial Panel Data Analysis. Contemporary Economic Policy, 37(1), 40–49.
  • HANKE, S.H. ve WALTERS, S.J.K. (1997). Economic Freedom, Prosperity, and Equality: A Survey. Cato Journal, 17(2), 117-146.
  • HUSSAIN, M. ve HAQUE, M. (2016). Impact of Economic Freedom on the Growth Rate: A Panel Data Analysis. Economies, 4(2), 1-15.
  • KAR, M., NAZLIOGLU, S. ve AGİR, H. (2011). Financial development and economic growth nexus in the MENA countries: bootstrap panel granger causality analysis. Econ. Model., 28, 685–693.
  • KİSTİK, V., GÖCEN S., BAYHANAY, A. (2017). Economic Growth: How Better Institiutes Make A Difference, BERKSOY İ., DANE K., ve POPOVIC, M. içinde, Institutions & Economic Policies: Effects on Social Justice, Employment, Environmental Protection & Growth, 123-140, Londra: IJOPEC Publication.
  • KOÇAK, Emrah ve UZAY, N. (2018). Democracy, Economic Freedoms and Economic Growth: An Investigation on the Role of Institutions. Sosyoekonomi, 26(36), 81–102.
  • KÓNYA, L. (2006). Exports and growth: granger causality analysis on OECD countries with a panel data approach. Econ. Model., 23(6), 978–992.
  • MAHMOOD, K. ve AZID, T. (2011). Economic Freedom Verses Economic Growth: Cross-Cuntry Analysis in the form of ARDL Approach. Asian Economic and Financial Review, 1( 1 ), 14-25.
  • MENYAH, K., NAZLİOGLU, S. ve WOLDE-RUFAEL, Y. (2014). Financial development, trade openness and economic growth in African countries: new insights from a panel causality approach. Econ. Model., 37, 386–394.
  • NORTH, D.C. (1993). The New Institutional Economics and Development. St. Louis: Washington University.
  • PANAHI, H., REFAEI, Ramiar ve ASSADZADEH, A. (2014). Economic Freedom and Economic Growth in Mena Countries, Asian Economic and Financial Review, 4(1), 105-116.
  • PESARAN, M.H. (2004). General diagnostic tests for cross section dependence in panels. CESifo Working Paper 1229. IZA Discussion Paper, 1240.
  • PESARAN, M.H. ve YAMAGATA, T. (2008). Testing slope homogeneity in large panels. J. Econ., 142 (1), 50–93.
  • PESARAN, M.H., ULLAH, A. ve YAMAGATA, T. (2008). A bias-adjusted LM test of error crosssection independence. Econ. J., 11 (1), 105–127.
  • PIATEK, D., SZARZEC, K. ve PILC, M. (2013). Economic freedom, democracy and economic growth: a causal investigation in transition countries. Post-Communist Economies, 25(3), 267–288.
  • RODRIK, D. (2002). Institutions, Integration, and Geography: In Search of the Deep Determinants of Economic Growth,. 17.09.2020 tarihinde, sitesi: http://projects.iq.harvard.edu/files/wcfia/files/530_rodrik6.pdf adresinden alındı.
  • RODRIK, D. ve SUBRAMANIAN, A. (2003). The Primacy of Institutions (and what this does and does not mean. Finance & Development, Haziran 2003, 31-34.
  • SACHS, J. D. (2003) Institutions Don’t Rule: Direct Effects of Geography on Per Capita Income. NBER Working Paper, No. 9490.
  • SOLOW, R. M. (1956) A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70 (1), 65–94.
  • SUCU, M.B. (2017). Yükselen Piyasa Ekonomilerinde Ekonomik Özgürlük, Büyüme ve Kalkınma İlişkisi: Bir Panel Veri Analizi. Bulletin of Economic Theory and Analysis, 2(2), 135-167.
  • SWAMY, P.A.V.B. (1970). Efficient inference in a random coefficient regression model. Econometrica, 38 (2), 311-323.
  • ŞAHİN, İ. (2016). Türkiye’ de 1980 - 2015 Yılları Arası Demokrasi , Ekonomik Özgürlük Ve Yolsuzlukların Ekonomik Büyümeye Etkileri. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(2), 317-334.
  • TUNÇSİPER, B. ve BİÇEN, Ö. F. (2014). Ekonomik Özgürlükler ve Ekonomik Büyüme Arasındaki İlişkinin Panel Regresyon Yöntemiyle İncelenmesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 9(2), 25–45.

Economic Freedom and Economic Growth Relationship in Developing Countries: Bootstrap Panel Granger Causality Test

Year 2021, Volume: 35 Issue: 3, 865 - 878, 15.07.2021
https://doi.org/10.16951/atauniiibd.797849

Abstract

Neo-Classical economic growth function consisting of labor, capital, and technology is limited to explain the income difference across countries. With the development of institutional economics, a relationship has been established between institutions and economic performance, and this limitation has been tried to be overcome. Economic freedoms are an important determinant of economic growth as the representative of economic institutions. In this study, the relationship between economic freedom and economic growth was examined for D8 countries, consisting of eight developing countries, in the 1996-2019 period. As a result of the Bootstrap panel Granger causality test, it has been determined that economic freedom is the cause of economic growth in seven countries. Extending economic freedoms plays an important role in these countries to achieve higher levels of economic prosperity. These results show the importance of enhancing economic freedoms through political regulation for higher economic performance. In Bangladesh, a bidirectional causality relationship has been found. Causality in Indonesia is from economic growth to economic freedom.

References

  • ACEMOGLU, D. (2012). The Origins of Power, Prosperity, and Poverty. Cato Policy Report, 34(4), 9-12.
  • ACEMOGLU, D. (2003). Root Causes: A Historical Approach to Assessing the Role of Institutions in Economic Development. Finance&Development, Haziran 2003: 27-30.
  • ACEMOGLU, D., JOHNSON, S. ve ROBINSON, J. (2000). The Colonial Origins of Comparative Development: An Empirical Investigation. NBER Working Paper, No. 7771.
  • AKINCI, M., YÜCE, G. ve YLMAZ, Ö. (2014). Ekonomik Özgürlüklerin İktisadi Büyüme Üzerindeki Etkileri: Bir Panel Veri Analizi. Anadolu Üniversitei Sosyal Bilimler Dergisi, 14(2), 81–96.
  • ANWAR, S. ve AKRAM, W. (2017). Economic Freedom and Growth Nexus in Selected South Asian Countries. J. Appl. Environ. Biol. Sci., 7(10), 40-47.
  • BAYRAMOĞLU, T. ve BOZ, F.Ç. (2017). Ekonomik Özgürlüklerin İktisadi Büyümeye Etkisi: İslam İşbirliği Teşkilatı Ülkeleri Üzerine Panel Veri Analizi. Ymnetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 24(3), 913-927.
  • BİROL, Y.E. ve DEMİRGİL, B. (2020). Ekonomik Özgürlükler ve Ekonomik Büyüme İlişkisi: BRICS Ülkeleri Üzerine Ampririk Bir Çalışma. Ömer Halisdemir İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(3), 545-558.
  • BREUSCH, T. ve PAGAN, A. (1980). The Lagrange multiplier test and its application to model specifications in econometrics. Reviews of Economics Studies, 47, 239–253.
  • CHONG, A. ve CALDERÓN, C. (2000). Causality and feedback between institutional measures and economic growth. Econ. Polit., 12 (1), 69-81.
  • COASE, R. S. (1937). The Nature of the Firm. Economica, New Series, 4(16), 386-405.
  • ÇETİN, R. (2011). Ekonomik Özgürlüğün Gelir Düzeyi Üzerindeki Etkisinin Panel Veri Analizi Yöntemiyle İncelenmesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 8(2), 37–47.
  • DAM, M.M. ve ŞANLI, O. (2019). Ekonomik Özgürlüklerin Büyüme Üzerindeki Etkisi: BRIC-T Ülkeleri Üzerine Bir Panel ARDL Analizi. İktisadi ve İdari Bilimler Dergisi, 33(4), 1027-1044.
  • FOLEY, M. ve CLARK, J. R. (2016). Economic freedom and real income. Journal of Regional Analysis and Policy, 46(1), 52–59.
  • GÓES, C. (2016). Institutions and growth: A GMM/IV Panel VAR approach. Economics Letters, 138: 85-91.
  • GWARTNEY, J.D., HOLCOMBE, R.G. ve LAWSON, R.A. (2004). Economic Freedom, Institutional Qualıty, and Cross-Country Differences in Income and Growth, Cato Journal, 24(3), 205-233.
  • HALL, J. C., LACOMBE, D. J. ve SHAUGHNESSY, T. M. (2019). Economic Freedom and Income Levels Across U.S. States: a Spatial Panel Data Analysis. Contemporary Economic Policy, 37(1), 40–49.
  • HANKE, S.H. ve WALTERS, S.J.K. (1997). Economic Freedom, Prosperity, and Equality: A Survey. Cato Journal, 17(2), 117-146.
  • HUSSAIN, M. ve HAQUE, M. (2016). Impact of Economic Freedom on the Growth Rate: A Panel Data Analysis. Economies, 4(2), 1-15.
  • KAR, M., NAZLIOGLU, S. ve AGİR, H. (2011). Financial development and economic growth nexus in the MENA countries: bootstrap panel granger causality analysis. Econ. Model., 28, 685–693.
  • KİSTİK, V., GÖCEN S., BAYHANAY, A. (2017). Economic Growth: How Better Institiutes Make A Difference, BERKSOY İ., DANE K., ve POPOVIC, M. içinde, Institutions & Economic Policies: Effects on Social Justice, Employment, Environmental Protection & Growth, 123-140, Londra: IJOPEC Publication.
  • KOÇAK, Emrah ve UZAY, N. (2018). Democracy, Economic Freedoms and Economic Growth: An Investigation on the Role of Institutions. Sosyoekonomi, 26(36), 81–102.
  • KÓNYA, L. (2006). Exports and growth: granger causality analysis on OECD countries with a panel data approach. Econ. Model., 23(6), 978–992.
  • MAHMOOD, K. ve AZID, T. (2011). Economic Freedom Verses Economic Growth: Cross-Cuntry Analysis in the form of ARDL Approach. Asian Economic and Financial Review, 1( 1 ), 14-25.
  • MENYAH, K., NAZLİOGLU, S. ve WOLDE-RUFAEL, Y. (2014). Financial development, trade openness and economic growth in African countries: new insights from a panel causality approach. Econ. Model., 37, 386–394.
  • NORTH, D.C. (1993). The New Institutional Economics and Development. St. Louis: Washington University.
  • PANAHI, H., REFAEI, Ramiar ve ASSADZADEH, A. (2014). Economic Freedom and Economic Growth in Mena Countries, Asian Economic and Financial Review, 4(1), 105-116.
  • PESARAN, M.H. (2004). General diagnostic tests for cross section dependence in panels. CESifo Working Paper 1229. IZA Discussion Paper, 1240.
  • PESARAN, M.H. ve YAMAGATA, T. (2008). Testing slope homogeneity in large panels. J. Econ., 142 (1), 50–93.
  • PESARAN, M.H., ULLAH, A. ve YAMAGATA, T. (2008). A bias-adjusted LM test of error crosssection independence. Econ. J., 11 (1), 105–127.
  • PIATEK, D., SZARZEC, K. ve PILC, M. (2013). Economic freedom, democracy and economic growth: a causal investigation in transition countries. Post-Communist Economies, 25(3), 267–288.
  • RODRIK, D. (2002). Institutions, Integration, and Geography: In Search of the Deep Determinants of Economic Growth,. 17.09.2020 tarihinde, sitesi: http://projects.iq.harvard.edu/files/wcfia/files/530_rodrik6.pdf adresinden alındı.
  • RODRIK, D. ve SUBRAMANIAN, A. (2003). The Primacy of Institutions (and what this does and does not mean. Finance & Development, Haziran 2003, 31-34.
  • SACHS, J. D. (2003) Institutions Don’t Rule: Direct Effects of Geography on Per Capita Income. NBER Working Paper, No. 9490.
  • SOLOW, R. M. (1956) A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70 (1), 65–94.
  • SUCU, M.B. (2017). Yükselen Piyasa Ekonomilerinde Ekonomik Özgürlük, Büyüme ve Kalkınma İlişkisi: Bir Panel Veri Analizi. Bulletin of Economic Theory and Analysis, 2(2), 135-167.
  • SWAMY, P.A.V.B. (1970). Efficient inference in a random coefficient regression model. Econometrica, 38 (2), 311-323.
  • ŞAHİN, İ. (2016). Türkiye’ de 1980 - 2015 Yılları Arası Demokrasi , Ekonomik Özgürlük Ve Yolsuzlukların Ekonomik Büyümeye Etkileri. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(2), 317-334.
  • TUNÇSİPER, B. ve BİÇEN, Ö. F. (2014). Ekonomik Özgürlükler ve Ekonomik Büyüme Arasındaki İlişkinin Panel Regresyon Yöntemiyle İncelenmesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 9(2), 25–45.
There are 38 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Serdar Göcen 0000-0002-5742-191X

Publication Date July 15, 2021
Published in Issue Year 2021 Volume: 35 Issue: 3

Cite

APA Göcen, S. (2021). Gelişen Ülkelerde Ekonomik Özgürlük ve Ekonomik Büyüme İlişkisi: Bootstrap Panel Granger Nedensellik Testi. Atatürk Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 35(3), 865-878. https://doi.org/10.16951/atauniiibd.797849

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