Economic freedom and economic growth in India: What is the empirical relationship?

Pattanaik, Falguni; Nayak, Narayan Chandra

doi:10.1007/s10644-014-9150-6

Cited by 14 publications

(9 citation statements)

References 48 publications

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“…More interestingly, the rule of law is complementary to financial development as the interaction terms of financial institutions and markets with the rule of law is significant and positive to economic growth. This supports previous empirical studies that highlight the complementary role of finance and institutions on economic growth (Aluko and Azeez 2018;Pattanaik and Nayak 2014).…”

Section: Discussionsupporting

confidence: 90%

“…This is important to consider in the case of the ASEAN economies, which consists of a number of developing countries that are undergoing structural changes. Other empirical studies find that economic freedom indices such as an optimal government size, flexible regulations and a strong rule of law can exert beneficial impacts on income (Pattanaik and Nayak 2014). Finally, other empirical studies examine the impact of financial development on institutions, which can indirectly increase growth.…”

Section: Role Of Finance and Institutions In Economic Growthmentioning

confidence: 99%

“…It is well established that countries with poor legal institutions do not benefit effectively from financial liberalisation policies and thus, achieve less economic growth (La Porta et al 1998). Additionally, the rule of law can be employed as a proxy for economic freedom (Pattanaik and Nayak 2014;Santiago et al 2018). Many previous researches find that economic freedom can foster economic development as marketdriven reforms encourage higher levels of entrepreneurial activity and small-business creation.…”

Section: Data Sources and Variables Employedmentioning

confidence: 99%

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Examining the relationship between finance, institutions and economic growth: evidence from the ASEAN economies

Haini

2019

Econ Change Restruct

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This study investigates the role of financial and institutional development on economic growth in the Association of Southeast Asian Nations (ASEAN) economies from 1995 to 2017 using a dynamic panel estimator. Financial development is instrumental in promoting economic growth; however, the effect of financial institutions and financial markets can differ. In recent years, the ASEAN economies have launched financial and institutional integration initiatives towards the goal of an integrated ASEAN Economic Community, which can have a profound impact on economic growth. The estimated results show that financial institutions are positive and significant towards economic growth, while financial markets are insignificant. Equally important, institutional quality plays a significant and positive role in economic growth. More interestingly, the study finds that institutional development is complementary to financial institutions and markets. Member states should emphasise on further financial integration across the ASEAN economies, allowing for the development of financial institutions and markets alongside improvements in institutional quality to increase the effectiveness of financial development.

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Section: Discussionsupporting

confidence: 90%

Section: Role Of Finance and Institutions In Economic Growthmentioning

confidence: 99%

Section: Data Sources and Variables Employedmentioning

confidence: 99%

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Examining the relationship between finance, institutions and economic growth: evidence from the ASEAN economies

Haini

2019

Econ Change Restruct

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“…Economic freedom has been the institutional characteristic with the highest level of consensus amongst researchers, showing a significant and favourable impact on economic growth and individual income (De Vansaay and Spindler 1994;Gwartney et al 1999;Cole 2003;Pattanaik and Nayak 2014). Some also find that such impact is superior to that brought about by civil liberties and political rights (Hanke and Walters 1997;Gwartney et al 1999;Stroup 2007) and depends on the level of development of a country (Islam 1996).…”

Section: Introduction Human Development and Its Conditioning Factorsmentioning

confidence: 99%

On the Perpetuation of the Situation of Economic and Social Underdevelopment in Africa

2015

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Why do the majority of African countries fail to take the steps that would lead them towards greater development? The aim of this work is to determine the factors affecting development, not only the economic ones, which play a central role in economic literature, but also social. To do so, we have used a wide sample of countries and have estimated a panel data for 171 countries of those that have been members of the United Nations (UN) for a period of 16 years (from 1995 to 2010 inclusive). Our results lead us to conclude that monetary instability and the colonial past of these countries have had a negative impact on their level of human development. However, improvements in the efficiency of governmental policy and instruments, investment in greater democracy, greater stability and less corruption, have, in all cases, a positive effect on human development in these countries.

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“…In an economically free society, every people are free to work, produce, trade, consume and invest in any area. Pattanaik and Nayak [30] mentioned that economic freedom implies that the market economy where the central components are a voluntary exchange, free competition and protection of person and property.…”

Section: Economic Freedom and Happinessmentioning

confidence: 99%

The Impact of Economic Freedom on Creating Happiness and Inequality: International Evidences

Roka

2020

SAJSSE

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It is remaining a big question in happiness economics, what is the common motto of human beings? What human beings want to achieve? Are these, money, good job, position, power, peace, good living condition, good health, good family, good environment and what others? All researchers from different disciplines are investigating to solve this economic problem and Most of the researchers agreed that happiness is the common aim of everyone in the world. The paper entitled “Does Economic Freedom Create Happiness or Inequality?” is estimated the effect of economic freedom on happiness by using other control variables like Gross Domestic Product growth, per capita and inequality. The paper analyzed the panel data covering 120 countries from 2008 to 2016. The fixed and random effect, the Generalized Least Squares, First in Difference and Linear Dynamic Panel Data/generalized method of moments estimation method are applied as the econometric strategies in this paper. The results found that the statistically significant and strong linear positive association between economic freedom and happiness in overall sampled countries and also found the positive linear association between income with happiness and a negative association between economic freedom and inequality and inequality and happiness.

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Economic freedom and economic growth in India: What is the empirical relationship?

Cited by 14 publications

References 48 publications

Examining the relationship between finance, institutions and economic growth: evidence from the ASEAN economies

Examining the relationship between finance, institutions and economic growth: evidence from the ASEAN economies

On the Perpetuation of the Situation of Economic and Social Underdevelopment in Africa

The Impact of Economic Freedom on Creating Happiness and Inequality: International Evidences

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