Does The Economy Of Freedom Effect Macroeconomic Performance In A Broken Economy? Empirical Evidence

Yıl 2024, Cilt: 5 Sayı: 2, 235 - 247, 31.12.2024

Nalan Kangal , İlhan Eroğlu

https://doi.org/10.62001/gsijses.1586762

Öz

The aim of this study is to provide evidence on whether the liberal economy has a significant impact on selected groups of countries (the 10 Freest Countries and the Fragile Five Countries). The study investigates the macroeconomic impact of economic freedom on price stability based on the consumer price index and Gross Domestic Product per capita.
According to the results of the analysis using Panel data analysis for the years 2005-2020, the findings reveal that economic freedoms positively affect economic growth but do not have the expected effect on price stability. These results confirm the Monetarist theory that "Inflation is always and everywhere a monetary phenomenon" and reveal the necessity of combating inflation with tight monetary and fiscal policies rather than regulations that expand economic freedoms. This suggests that policymakers should prioritize price stability in achieving the ultimate goal of economic growth and price stability and that economic growth can be achieved with economic freedoms after price stability is achieved. In the literature, there is no research on whether the macroeconomic performance of countries with fragile economies will be positively affected by economic freedom. This study contributes to literature in this respect.

Anahtar Kelimeler

Economic Freedom, Economic Growht, Price Stability, Panel Data Analysis

Kırılgan Bir Ekonomide Özgürlük Ekonomisi Makroekonomik Performansı Etkiler Mi? Deneysel Kanıtlar

Öz

Bu çalışmanın amacı, liberal ekonominin seçilmiş ülke grupları (En Özgür 10 Ülke ve Kırılgan Beş Ülke) üzerinde önemli bir etkiye sahip olup olmadığına dair kanıt sağlamaktır. Çalışma, ekonomik özgürlüğün fiyat istikrarı üzerindeki makroekonomik etkisini tüketici fiyat endeksi ve kişi başına Gayri Safi Yurtiçi Hâsıla temelinde araştırmaktadır.
2005-2020 yılları için Panel veri analizi kullanılarak yapılan analizin sonuçlarına göre, bulgular ekonomik özgürlüklerin ekonomik büyümeyi olumlu yönde etkilediğini ancak fiyat istikrarı üzerinde beklenen etkiye sahip olmadığını ortaya koymaktadır. Bu sonuçlar, “Enflasyon her zaman ve her yerde parasal bir olgudur” şeklindeki Monetarist teoriyi doğrulamakta ve enflasyonla mücadelenin ekonomik özgürlükleri genişleten düzenlemelerden ziyade sıkı para ve maliye politikaları ile yapılması gerekliliğini ortaya koymaktadır. Bu durum, politika yapıcıların ekonomik büyüme ve fiyat istikrarı nihai hedefine ulaşmada fiyat istikrarına öncelik vermeleri gerektiğini ve fiyat istikrarı sağlandıktan sonra ekonomik özgürlüklerle ekonomik büyümenin sağlanabileceğini göstermektedir. Literatürde kırılgan ekonomilere sahip ülkelerin makroekonomik performanslarının ekonomik özgürlükten olumlu etkilenip etkilenmeyeceğine dair bir araştırma bulunmamaktadır. Bu çalışma literatüre bu açıdan katkı sağlamaktadır.

Anahtar Kelimeler

Ekonomik Özgürlük, Ekonomik Büyüme, Fiyat İstikrarı, Panel Veri Analizi

Kaynakça

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