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The Relationship Between Economic Freedoms and Economic Growth: An Empirical Study on BRICS Countries

Yıl 2020, Cilt 13, Sayı 3, 546 - 558, 15.07.2020
https://doi.org/10.25287/ohuiibf.698949

Öz

The institutional structure has important effects on the macroeconomic performance of the country's economies. Institutional structure indicators are quite different and numerous. Economic freedoms are one of these indicators. In this study, the relationship between economic freedoms and economic growth, which is one of the institutional structure indicators, was analyzed by the panel cointegration test of BRICS countries for the period of 1995-2018. The long-term relationship between the variables was examined with the panel cointegration test, which takes into account the cross-sectional dependence and allows multiple structural breaks. In the analysis, the amount of GDP per capita used to represent economic growth is dependent variable and the index of economic freedom used to represent the institutional structure is independent variable. According to the analysis result of the study, cointegration relationship has been determined between economic freedoms and economic growth. In order to determine the direction and size of the relationship, the cointegration coefficient was estimated. According to the coefficient estimate, the effect of economic freedoms on economic growth across the panel is negatively, but statistically insignificant. However, economic freedoms effect economic growth positively in BRICS countries in China and negatively in Brazil and India. In Russia and South Africa, the effect of economic freedoms on economic growth is statistically insignificant.

Kaynakça

  • Abrams, B. A., & Lewis, K. A. (1993). Cultural and institutional determinants of economic growth: A cross section analysis. Public Choice, 83, 273–289. https://doi.org/10.1007/BF01047747
  • Ali, A., & Crain, W. M. (2002). Institutional distortions, economics freedom, and growth. Cato Journal, 21(3), 415–426. Retrieved from https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2002/1/cj21n3-4.pdf
  • Balcı, E., & Özcan, S. (2019). İnsani gelişmişlik ve büyüme arasındaki ilişki: OIC ülkeleri üzerinde bir analiz. Sakarya İktisat Dergisi, 8(3), 222–235. Erişim adresi: https://dergipark.org.tr/en/pub/sid/issue/48908/535909
  • Basher, S. A., & Westerlund, J. (2009). Panel cointegration and the monetary exchange rate model. Economic Modelling, 26(2), 506–513. https://doi.org/10.1016/j.econmod.2008.10.006
  • Beach, W. W., & Miles, M. A. (2006). Explaining the factors of the index of economic freedom. In M. A. Miles, K. R. Holmes, & M. A. O’Grady (Eds.), 2006 index of economic freedom (pp. 55–76). Washington, USA: The Heritage Foundaditon. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.457.2539&rep=rep1&type=pdf
  • Bengoa, M., & Sanchez-Robles, B. (2003). Foreign direct investment, economic freedom and growth: New evidence from Latin America. European Journal of Political Economy, 19(3), 529–545. https://doi.org/10.1016/S0176-2680(03)00011-9
  • Berggren, N. (1999). Economic freedom and equality: Friends or foes?. Public Choice, 100(3-4), 203–223. https://doi.org/10.1023/A:1018343912743
  • Breuer, J. B., Mcnown, R., & Wallace, M. S. (2001). Misleading inferences from panel unit-root tests with an illustration from purchasing power parity. Review of International Economics, 9(3), 482–493. https://doi.org/10.1111/1467-9396.00294
  • Breusch, T. S., & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. Review of Economic Studies, 47(1), 239–253. https://doi.org/10.2307/2297111
  • Çetin, R. (2013). Ekonomik özgürlüğün gelir düzeyi üzerindeki etkisinin panel veri analizi yöntemiyle incelenmesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 8(2), 37–47. Erişim adresi: https://dergipark.org.tr/en/pub/oguiibf/issue/5714/76487
  • Dam, M. M., & Şanlı, O. (2019). Ekonomik özgürlüğün büyüme üzerindeki etkisi: BRIC-T ülkeleri üzerine bir panel ARDL analizi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 33(4), 1027–1044. Erişim adresi: https://dergipark.org.tr/en/pub/atauniiibd/issue/49762/426798
  • Dawson, J. W. (2003). Causality in the freedom–growth relationship. European Journal of Political Economy, 19(3), 479–495. https://doi.org/10.1016/S0176-2680(03)00009-0
  • De Vanssay, X., & Spindler, Z. A. (1994). Freedom and growth: Do constitutions matter?. Public Choice, 78(3-4), 359–372. https://doi.org/10.1007/BF01047764
  • Demirgil, B., & Şenol, Z. (2019). The effect of institutional factors on economic growth: An empirical study. Equinox Journal of Economics Business and Political Studies, 6(3), 181–196. Erişim adresi: https://dergipark.org.tr/tr/pub/equinox/issue/50425/652510
  • Eberhardt, M., & Bond, S. (2009). Cross-section dependence in nonstationary panel models: A novel estimator. MPRA Paper 17870, University Library of Munich. Retrieved from https://mpra.ub.uni-muenchen.de/17870/
  • Eberhardt, M., & Teal, F. (2010). Productivity analysis in global manufacturing production. Discussion Paper 515, Department of Economics, University of Oxford. Retrieved from http://www.economics.ox.ac.uk/materials/papers/4729/paper515.pdf
  • Eğilmez, M. (2020). Türkiye ekonomisi. İstanbul, Türkiye: Remzi Kitabevi.
  • Erdem, E., & Tugcu C. T. (2012). New evidence on the relationship between economic freedom and growth: A panel cointegration analysis for the case of OECD. Global Economy Journal, 12(3), 1–18. https://doi.org/10.1515/1524-5861.1796 Erilli, N. A. (2018). Economic freedom index calculation using FCM. Alphanumeric Journal, 6(1), 93–116. https://doi.org/10.17093/alphanumeric.337322
  • Heritage Foundation (2020a, February 19). 2018 index of economic freedom. Retrieved from https://www.heritage.org/international-economies/commentary/2018-index-economic-freedom/
  • Heritage Foundation (2020b, February 19). 2020 index of economic freedom. Retrieved from https://www.heritage.org/index/
  • Heritage Foundation (2020c, February 19). About the index. Retrieved from https://www.heritage.org/index/about/
  • Islam, S. (1996). Economic freedom, per capita income and economic growth. Applied Economics Letters, 3(9), 595–597. https://doi.org/10.1080/135048596356032
  • North, D. (2010). Kurumlar, kurumsal değişim ve ekonomik performans. İstanbul, Türkiye: Sabancı Üniversitesi Yayınları.
  • Oral, İ. O. (2020). The effect of democratization and economic freedom on economic growth. In I. Akansel (Eds.), Comparative approaches to old and new institutional economics (pp. 171–184). Hershey, PA, USA: IGI Global. https://doi.org/10.4018/978-1-7998-0333-1.ch010
  • Öner, H. (2017). Türkiye ile BRICS ülke döviz kurları arasındaki nedensellik ilişkisi. Mehmet Akif Ersoy Sosyal Bilimler Enstitüsü Dergisi, 9(22), 44–54. https://doi.org/10.20875/makusobed.293412
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics No. 0435, Faculty of Economics, University of Cambridge. Retrieved from http://www.econ.cam.ac.uk/research-files/repec/cam/pdf/cwpe0435.pdf
  • Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. Econometrics Journal, 11(1), 105–127. https://doi.org/10.1111/j.1368-423X.2007.00227.x
  • Santhirasegaram, S. (2007). The impact of democratic and economic freedom on economic growth in developing countries: Pooled cross country data evidence. Journal of Applied Sciences, 7(11), 1484–1489. https://doi.org/10.3923/jas.2007.1484.1489
  • Santiago, R., Alberto, F. J., & Cardoso, M. A. (2020). The impact of globalization and economic freedom on economic growth: The case of Latin America and Caribbean countries. Economic Change and Restructuring, 53(1), 61–85. https://doi.org/10.1007/s10644-018-9239-4
  • Sarıbaş, H. (2009). Ekonomik özgürlükler ve ekonomik büyüme ilişkisi: Bir panel veri analizi. Finans Politik & Ekonomik Yorumlar, 46(538), 7–16. Erişim adresi: https://www.ekonomikyorumlar.com.tr/files/articles/152820004491_1.pdf
  • Scully, G. W. (2002). Economic freedom, government policy and the trade-off between equity and economic growth. Public Choice, 113, 77–96. https://doi.org/10.1023/A:1020308831424
  • Şahin, D. (2018). MENA ülkelerinde kurumsal kalite ve ekonomik büyüme ilişkisinin analizi. İktisadi Yenilik Dergisi, 5(1), 1–9. Erişim adresi: https://dergipark.org.tr/en/pub/iy/issue/34264/338655
  • Tunçsiper, B., & Biçen, Ö. F. (2014). Ekonomik özgürlükler ve ekonomik büyüme arasındaki ilişkinin panel regresyon yöntemiyle incelenmesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 9(2), 25–46. Erişim adresi: https://dergipark.org.tr/en/pub/oguiibf/issue/5711/76456
  • Türkay, H. (2015). Seçilmiş bazı geçiş ekonomilerinde iktisadi özgürlükler ve iktisadi büyüme ilişkisi: Bir panel veri analizi. International Conference on Eurasian Economies, 825–829. Erişim adresi: https://www.avekon.org/papers/1368.pdf
  • Ulubaşoğlu, M. A., & Doucouliagos, C. (2004). Institutions and economic growth: A systems approach. Econometric Society 2004, Australasian Meetings Paper, 63, 1–33. Retrieved from http://repec.org/esAUSM04/up.29323.1076501864.pdf
  • Veblen, T. (1909). The limitations of marginal utility. Journal of Political Economy, 17(9), 620–636. https://doi.org/10.1086/251614
  • Weede, E. (2006). Economic freedom and development: New calculations and interpretations. Cato Journal, 26(3), 511–524. Retrieved from https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2006/11/cj26n3-6.pdf
  • Westerlund, J. (2006). Testing for panel cointegration with multiple structural breaks. Oxford Bulletin of Economics and Statistics, 68(1), 101–132. https://doi.org/10.1111/j.1468-0084.2006.00154.x
  • Westerlund, J., & Edgerton, D. (2007). A panel bootstrap cointegration test. Economics Letters, 97(3), 185–190. https://doi.org/10.1016/j.econlet.2007.03.003
  • World Bank (2020, February 19). World Bank open data. Retrieved from https://data.worldbank.org/

Ekonomik Özgürlükler ve Ekonomik Büyüme İlişkisi: BRICS Ülkeleri Üzerine Ampirik Bir Çalışma

Yıl 2020, Cilt 13, Sayı 3, 546 - 558, 15.07.2020
https://doi.org/10.25287/ohuiibf.698949

Öz

Kurumsal yapı ülke ekonomilerinin makroekonomik performansları üzerinde önemli etkiler meydana getirmektedir. Kurumsal yapı göstergeleri oldukça farklı ve çok sayıdadır. Ekonomik özgürlükler bu göstergelerin biridir. Bu çalışmada kurumsal yapı göstergelerinden ekonomik özgürlükler ile ekonomik büyüme ilişkisi BRICS ülkelerinin 1995-2018 dönemi için panel eşbütünleşme testi ile analiz edilmiştir. Yatay kesit bağımlılığını dikkate alan ve çoklu yapısal kırılmaya olanak veren panel eşbütünleşme testi ile değişkenler arasındaki uzun dönem ilişkisi incelenmiştir. Yapılan analizde ekonomik büyümeyi temsilen kullanılan kişi başına düşen GSYİH miktarı bağımlı değişken ve kurumsal yapıyı temsilen kullanılan ekonomik özgürlükler endeksi ise bağımsız değişkendir. Çalışmanın analiz sonucuna göre ekonomik özgürlükler ile ekonomik büyüme arasında eşbütünleşme ilişkisi tespit edilmiştir. Eşbütünleşme ilişkisinin yönünün ve boyutunun ortaya konulabilmesi için katsayı tahmini yapılmıştır. Katsayı tahminine göre panel genelinde ekonomik özgürlüklerin ekonomik büyümeye etkisi negatif ancak istatistiksel olarak anlamsızdır. Bununla beraber, ekonomik özgürlükler ekonomik büyümeyi BRICS ülkelerinden Çin’de pozitif, Brezilya ve Hindistan’da negatif olarak etkilemektedir. Rusya ve Güney Afrika’da ise ekonomik özgürlüklerin ekonomik büyümeye etkisi istatistiksel olarak anlamsız bulunmuştur.

Kaynakça

  • Abrams, B. A., & Lewis, K. A. (1993). Cultural and institutional determinants of economic growth: A cross section analysis. Public Choice, 83, 273–289. https://doi.org/10.1007/BF01047747
  • Ali, A., & Crain, W. M. (2002). Institutional distortions, economics freedom, and growth. Cato Journal, 21(3), 415–426. Retrieved from https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2002/1/cj21n3-4.pdf
  • Balcı, E., & Özcan, S. (2019). İnsani gelişmişlik ve büyüme arasındaki ilişki: OIC ülkeleri üzerinde bir analiz. Sakarya İktisat Dergisi, 8(3), 222–235. Erişim adresi: https://dergipark.org.tr/en/pub/sid/issue/48908/535909
  • Basher, S. A., & Westerlund, J. (2009). Panel cointegration and the monetary exchange rate model. Economic Modelling, 26(2), 506–513. https://doi.org/10.1016/j.econmod.2008.10.006
  • Beach, W. W., & Miles, M. A. (2006). Explaining the factors of the index of economic freedom. In M. A. Miles, K. R. Holmes, & M. A. O’Grady (Eds.), 2006 index of economic freedom (pp. 55–76). Washington, USA: The Heritage Foundaditon. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.457.2539&rep=rep1&type=pdf
  • Bengoa, M., & Sanchez-Robles, B. (2003). Foreign direct investment, economic freedom and growth: New evidence from Latin America. European Journal of Political Economy, 19(3), 529–545. https://doi.org/10.1016/S0176-2680(03)00011-9
  • Berggren, N. (1999). Economic freedom and equality: Friends or foes?. Public Choice, 100(3-4), 203–223. https://doi.org/10.1023/A:1018343912743
  • Breuer, J. B., Mcnown, R., & Wallace, M. S. (2001). Misleading inferences from panel unit-root tests with an illustration from purchasing power parity. Review of International Economics, 9(3), 482–493. https://doi.org/10.1111/1467-9396.00294
  • Breusch, T. S., & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. Review of Economic Studies, 47(1), 239–253. https://doi.org/10.2307/2297111
  • Çetin, R. (2013). Ekonomik özgürlüğün gelir düzeyi üzerindeki etkisinin panel veri analizi yöntemiyle incelenmesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 8(2), 37–47. Erişim adresi: https://dergipark.org.tr/en/pub/oguiibf/issue/5714/76487
  • Dam, M. M., & Şanlı, O. (2019). Ekonomik özgürlüğün büyüme üzerindeki etkisi: BRIC-T ülkeleri üzerine bir panel ARDL analizi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 33(4), 1027–1044. Erişim adresi: https://dergipark.org.tr/en/pub/atauniiibd/issue/49762/426798
  • Dawson, J. W. (2003). Causality in the freedom–growth relationship. European Journal of Political Economy, 19(3), 479–495. https://doi.org/10.1016/S0176-2680(03)00009-0
  • De Vanssay, X., & Spindler, Z. A. (1994). Freedom and growth: Do constitutions matter?. Public Choice, 78(3-4), 359–372. https://doi.org/10.1007/BF01047764
  • Demirgil, B., & Şenol, Z. (2019). The effect of institutional factors on economic growth: An empirical study. Equinox Journal of Economics Business and Political Studies, 6(3), 181–196. Erişim adresi: https://dergipark.org.tr/tr/pub/equinox/issue/50425/652510
  • Eberhardt, M., & Bond, S. (2009). Cross-section dependence in nonstationary panel models: A novel estimator. MPRA Paper 17870, University Library of Munich. Retrieved from https://mpra.ub.uni-muenchen.de/17870/
  • Eberhardt, M., & Teal, F. (2010). Productivity analysis in global manufacturing production. Discussion Paper 515, Department of Economics, University of Oxford. Retrieved from http://www.economics.ox.ac.uk/materials/papers/4729/paper515.pdf
  • Eğilmez, M. (2020). Türkiye ekonomisi. İstanbul, Türkiye: Remzi Kitabevi.
  • Erdem, E., & Tugcu C. T. (2012). New evidence on the relationship between economic freedom and growth: A panel cointegration analysis for the case of OECD. Global Economy Journal, 12(3), 1–18. https://doi.org/10.1515/1524-5861.1796 Erilli, N. A. (2018). Economic freedom index calculation using FCM. Alphanumeric Journal, 6(1), 93–116. https://doi.org/10.17093/alphanumeric.337322
  • Heritage Foundation (2020a, February 19). 2018 index of economic freedom. Retrieved from https://www.heritage.org/international-economies/commentary/2018-index-economic-freedom/
  • Heritage Foundation (2020b, February 19). 2020 index of economic freedom. Retrieved from https://www.heritage.org/index/
  • Heritage Foundation (2020c, February 19). About the index. Retrieved from https://www.heritage.org/index/about/
  • Islam, S. (1996). Economic freedom, per capita income and economic growth. Applied Economics Letters, 3(9), 595–597. https://doi.org/10.1080/135048596356032
  • North, D. (2010). Kurumlar, kurumsal değişim ve ekonomik performans. İstanbul, Türkiye: Sabancı Üniversitesi Yayınları.
  • Oral, İ. O. (2020). The effect of democratization and economic freedom on economic growth. In I. Akansel (Eds.), Comparative approaches to old and new institutional economics (pp. 171–184). Hershey, PA, USA: IGI Global. https://doi.org/10.4018/978-1-7998-0333-1.ch010
  • Öner, H. (2017). Türkiye ile BRICS ülke döviz kurları arasındaki nedensellik ilişkisi. Mehmet Akif Ersoy Sosyal Bilimler Enstitüsü Dergisi, 9(22), 44–54. https://doi.org/10.20875/makusobed.293412
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics No. 0435, Faculty of Economics, University of Cambridge. Retrieved from http://www.econ.cam.ac.uk/research-files/repec/cam/pdf/cwpe0435.pdf
  • Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. Econometrics Journal, 11(1), 105–127. https://doi.org/10.1111/j.1368-423X.2007.00227.x
  • Santhirasegaram, S. (2007). The impact of democratic and economic freedom on economic growth in developing countries: Pooled cross country data evidence. Journal of Applied Sciences, 7(11), 1484–1489. https://doi.org/10.3923/jas.2007.1484.1489
  • Santiago, R., Alberto, F. J., & Cardoso, M. A. (2020). The impact of globalization and economic freedom on economic growth: The case of Latin America and Caribbean countries. Economic Change and Restructuring, 53(1), 61–85. https://doi.org/10.1007/s10644-018-9239-4
  • Sarıbaş, H. (2009). Ekonomik özgürlükler ve ekonomik büyüme ilişkisi: Bir panel veri analizi. Finans Politik & Ekonomik Yorumlar, 46(538), 7–16. Erişim adresi: https://www.ekonomikyorumlar.com.tr/files/articles/152820004491_1.pdf
  • Scully, G. W. (2002). Economic freedom, government policy and the trade-off between equity and economic growth. Public Choice, 113, 77–96. https://doi.org/10.1023/A:1020308831424
  • Şahin, D. (2018). MENA ülkelerinde kurumsal kalite ve ekonomik büyüme ilişkisinin analizi. İktisadi Yenilik Dergisi, 5(1), 1–9. Erişim adresi: https://dergipark.org.tr/en/pub/iy/issue/34264/338655
  • Tunçsiper, B., & Biçen, Ö. F. (2014). Ekonomik özgürlükler ve ekonomik büyüme arasındaki ilişkinin panel regresyon yöntemiyle incelenmesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 9(2), 25–46. Erişim adresi: https://dergipark.org.tr/en/pub/oguiibf/issue/5711/76456
  • Türkay, H. (2015). Seçilmiş bazı geçiş ekonomilerinde iktisadi özgürlükler ve iktisadi büyüme ilişkisi: Bir panel veri analizi. International Conference on Eurasian Economies, 825–829. Erişim adresi: https://www.avekon.org/papers/1368.pdf
  • Ulubaşoğlu, M. A., & Doucouliagos, C. (2004). Institutions and economic growth: A systems approach. Econometric Society 2004, Australasian Meetings Paper, 63, 1–33. Retrieved from http://repec.org/esAUSM04/up.29323.1076501864.pdf
  • Veblen, T. (1909). The limitations of marginal utility. Journal of Political Economy, 17(9), 620–636. https://doi.org/10.1086/251614
  • Weede, E. (2006). Economic freedom and development: New calculations and interpretations. Cato Journal, 26(3), 511–524. Retrieved from https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2006/11/cj26n3-6.pdf
  • Westerlund, J. (2006). Testing for panel cointegration with multiple structural breaks. Oxford Bulletin of Economics and Statistics, 68(1), 101–132. https://doi.org/10.1111/j.1468-0084.2006.00154.x
  • Westerlund, J., & Edgerton, D. (2007). A panel bootstrap cointegration test. Economics Letters, 97(3), 185–190. https://doi.org/10.1016/j.econlet.2007.03.003
  • World Bank (2020, February 19). World Bank open data. Retrieved from https://data.worldbank.org/

Ayrıntılar

Birincil Dil Türkçe
Konular Sosyal
Bölüm Makaleler
Yazarlar

Yunus Emre BİROL (Sorumlu Yazar)
SİVAS CUMHURİYET ÜNİVERSİTESİ
0000-0003-0557-3281
Türkiye


Bünyamin DEMİRGİL
SİVAS CUMHURİYET ÜNİVERSİTESİ
0000-0002-1150-0225
Türkiye

Yayımlanma Tarihi 15 Temmuz 2020
Başvuru Tarihi 5 Mart 2020
Kabul Tarihi 11 Haziran 2020
Yayınlandığı Sayı Yıl 2020, Cilt 13, Sayı 3

Kaynak Göster

APA Birol, Y. E. & Demirgil, B. (2020). Ekonomik Özgürlükler ve Ekonomik Büyüme İlişkisi: BRICS Ülkeleri Üzerine Ampirik Bir Çalışma . Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi , 13 (3) , 546-558 . DOI: 10.25287/ohuiibf.698949
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