IMPACT OF ECONOMIC FREEDOM ON GROWTH: A PANEL ARDL ANALYSIS ON BRIC-T COUNTRIES

Yıl 2019, Cilt: 33 Sayı: 4, 1027 - 1044, 25.10.2019

Mehmet Metin Dam , Orhan Şanlı

Öz

In this study, the effect of economic freedoms on
economic growth is tested with panel data analysis methods using annual data
for the period 1995-2016 for BRIC-T countries (Brazil, Russia, India, China and
Turkey). Model is estimated using economic growth, business freedom, monetary
freedom, public expenditures, inflation and total trade (%, GDP) variables.
According to the empirical analysis results obtained by panel data method, in
the long run, the effect of economic freedoms on growth is positive whereas the
effect of public expenditures and inflation on growth is negative. In the
short-run analysis, the error correction term of model works so the short-term
deviations between the series’ are disappearing in the long run.

Anahtar Kelimeler

Economic Freedom, Economic Growth, PMG, BRIC-T

EKONOMİK ÖZGÜRLÜĞÜN BÜYÜME ÜZERİNDEKİ ETKİSİ: BRIC-T ÜLKELERİ ÜZERİNE BİR PANEL ARDL ANALİZİ

Öz

Bu
çalışmada, BRIC-T ülkeleri (Brezilya, Rusya, Hindistan, Çin ve Türkiye) için
ekonomik özgürlük faaliyetlerinin ekonomik büyüme üzerindeki etkisi panel veri
analizi yöntemiyle 1995-2016 dönemi yıllık veriler kullanılarak test
edilmiştir. Değişken olarak ekonomik büyüme, özel sektör iş özgürlüğü, parasal
özgürlük, kamu harcamaları, enflasyon ve ticari açıklık serileri kullanılarak
model tahmin edilmiştir. Panel veri yöntemi ile elde edilen ampirik analiz
sonuçlarına göre, uzun dönemde, ekonomik özgürlüklerin büyüme üzerindeki etkisi
pozitif iken kamu harcamaları ve enflasyonun etkisi negatiftir. Kısa dönem
analizinde, modelin hata düzeltme terimleri çalışmakta, yani seriler arasında
kısa dönemde meydana gelen sapmalar, uzun dönemde ortadan kalkmaktadır.

Anahtar Kelimeler

Ekonomik Özgürlük, Ekonomik Büyüme, PMG, BRIC-T

Kaynakça

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