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Does Really Economic Freedom Matter for Growth in South Asia? Empirical Evidences from Pre-Economic Crises and Post-Economic Crises Period

Muhammad Nadeem, Yang Jun, Tahseen Akhtar, Wanlu Dong and Momna Niazi
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Muhammad Nadeem: School of International Trade and Economics University of International Business and Economics, Beijing, PR China
Yang Jun: School of International Trade and Economics University of International Business and Economics, Beijing, PR China
Tahseen Akhtar: Professor, School of International Trade and Economic, University of International Business and Economics, Beijing, PR China
Wanlu Dong: Research Scholar, University of Sargodha, Punjab, Pakistan
Momna Niazi: School of International Trade and Economics University of International Business and Economics, Beijing, PR China

Asian Economic and Financial Review, 2019, vol. 9, issue 1, 52-63

Abstract: The discussion about the relationship between economic freedom and economic growth is not new and has always been extensively discussed in economic literature. But the question in this area is the consideration of the effects of global financial crises of 2008. This study attempts to answer the question: How does economic crises effect freedom-growth nexus? This study analyses the relationship between economic freedom index (measured by Fraser Institute), individual components of economic freedom and GDP per capita growth of 5 South Asian countries over the period of 1990-2015. Fixed effects regression results reveals that GDP per capita growth is positively affected by economic freedom index and this relationship has weakened by the global economic crises of 2008. It does not mean that increasing economic freedom is good for economic growth since one of the components of economic freedom has negative effect on growth.

Keywords: Panel data analysis; Economic freedom; Economic growth.Redundant fixed effects; Fixed effects; South Asia. (search for similar items in EconPapers)
Date: 2019
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