Impact of Openness and Economic Freedom on Economic Growth in the Transition Economies of the European Union

Bayar, Yilmaz

Impact of Openness and Economic Freedom on Economic Growth in the Transition Economies of the European Union

Yilmaz Bayar
Additional contact information
Yilmaz Bayar: Usak University

South-Eastern Europe Journal of Economics, 2016, vol. 14, issue 1, 7-19

Abstract: The globalization process has accelerated, particularly as of the 1980s, and countries began to remove obstacles on the flows of goods, services and capital. Hence, substantial increases have resulted in both global trade volume and cross-border capital flows. Moreover, countries have improved their institutional and legal infrastructure to achieve sustainable economic growth and attract foreign capital. This study examines the impact of openness and economic freedom on the economic growth of the transition economies in the European Union during the 1996-2012 period, through the use of panel data analysis. We have found there is a long-run relationship among the variables and both economic freedom and trade openness have a positive impact on economic growth, while financial openness has a negative impact on economic growth

Keywords: Openness; Economic Freedom; Economic Growth; Panel Data Analysis (search for similar items in EconPapers)
JEL-codes: C32 F43 O10 O40 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://www.asecu.gr/Seeje/issue26/issue26-bayar.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:seb:journl:v:14:y:2016:i:1:p:7-19

Access Statistics for this article

More articles in South-Eastern Europe Journal of Economics from Association of Economic Universities of South and Eastern Europe and the Black Sea Region Contact information at EDIRC.
Bibliographic data for series maintained by Ms. Melina Petromelidou ().