Convergence analysis on ten sub-indexes of economic freedom

Yu Sang Chang, JiHye Kim and Young Soo Kim

International Journal of Public Policy, 2015, vol. 11, issue 1/2/3, 47-72

Abstract: The purpose of this paper is to examine the transition of ten sub-indexes of economic freedom among 130 countries in the world. The three central questions of this study are: do economic freedom sub-indexes converge? Do some sub-indexes of economic freedom display more clear-cut convergence when their index points are increasing over time? Which clusters of economic sub-indexes display faster rate of convergence? Analyses of sub-indexes of economic freedom are critical because each of these individual sub-indexes independently determines final value of the overall index. The answer to the first question varies by each specific sub-index. The answer to the second question is that countries with increasing index points display much more clear-cut convergence. As for the third question, those sub-indexes receiving high index points from large number of countries exhibit faster rate of convergence. Several policy implications are discussed in conclusion.

Keywords: economic freedom indexes; sigma convergence; beta convergence; sub-indexes. (search for similar items in EconPapers)
Date: 2015
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