Economic Freedom and Subjective Well-Being: Empirical Evidence from the MENA Region

Zaïbi Oussama, Hachicha Ahmed and Hachicha Fatma

Research in Economics and Business: Central and Eastern Europe, 2019, vol. 11, issue 2

Abstract: In this article, we exploit the differences in economic freedom between countries to studythe relationship between developed institutions and subjective well-being for the case of theMENA region over the period 2007–2017, using the Least Squares method panel dataanalysis. We empirically examined the link between subjective well-being and institutionsusing the index of economic freedom as an institutional variable. We found that economicfreedom appears to function as a proxy for developed institutions and that the effect ofsubjective well-being is more pronounced in the presence of the economic freedom variableand these components. According to the data on happiness, the evidence suggests thatcountries with better institutions of economic freedom, captured by the rule of law,regulatory efficiency, open market and limited government, are much more likely toexperience greater subjective well-being.JEL classification codes: O11, O43, O47, P16Keywords: Economic Freedom, Institutions, Happiness, Subjective Well-Being

Date: 2019
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