CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
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CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHE. Mine Cinar, Joseph Poulous, Eric Slear Loyola University Chicago, Chicago, II, USA mcinar(a)luc.eduMe CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHeea 2005 Summer/ECOMOD MeetingFree University BelgiumBrussels, Belgium, June 2-4, 20051https://khothuvien.cori!Abstract:In (he last decades, as country risk indices were published by UNESCO, Human Development Report and by private institutions, there has been widespread interest on the composition o CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHf the indices and on the grouping of countries implied by (he indices. The discussion is enmeshed in the discussion on economic development and growthCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
over time. This paper examines the composition of and the changes in Heritage Freedom Index (HFI) and the Fraser Index (FI) over time for MediterraneCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHE. Mine Cinar, Joseph Poulous, Eric Slear Loyola University Chicago, Chicago, II, USA mcinar(a)luc.eduMe CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHr components and discuss policy implications.Introduction1:In (he last decades, as country risk indices were published by UNESCO, Human Development Report and by private institutions, there has been widespread interest on the composition of the indices and on the grouping of countries implied by the CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH indices. The discussion is, naturally, enmeshed in the discussion on economic development and growth over time. Development literature after the endCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
of the Cold War has started concentrating on the lack of democracy and freedom in the post-Cold War emerging countries. These countries had taken sideCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHE. Mine Cinar, Joseph Poulous, Eric Slear Loyola University Chicago, Chicago, II, USA mcinar(a)luc.eduMe CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHthe losers of the Cold War were the developing countries who had suspended civic norms and democracies within the country and had given priority to geopolitics.In the post-war era, there is much discussion on whether the ‘free and open’ economies have had a faster rate of sustainable growth due to t CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHhese particular initial conditions. This is a worthy1 We thank Anthony Bahr, Matt Davidson and Ryan Kane for research assistance.2topic which can implCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
y there can be no obstacles to the growth of the country' if the initial conditions of freedom exist. What constitutes freedom differs from study to sCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHE. Mine Cinar, Joseph Poulous, Eric Slear Loyola University Chicago, Chicago, II, USA mcinar(a)luc.eduMe CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH literature and also in the construction of the indices themselves on the exact definition of freedoms. Tnslilutions and resulting macro economic growth can be found in Nonh (1990). Acemoglu Ct. al. (2001. 2003). lime scries and cross section data are used to measure causality versus coexistent e.Gw CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHartney et. al. (1996. 1998. 2000) argue that there is a strong relationship between positive increases in economic freedom and economic growth over tiCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
me. Gwartney and Lawson (200.3) assess the importance of considering longer period of time when analyzing growth and income levels so that short-term CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHE. Mine Cinar, Joseph Poulous, Eric Slear Loyola University Chicago, Chicago, II, USA mcinar(a)luc.eduMe CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHpermanent rather than temporary' decisions in order to affect major behavioral changes. They argue that the response to a change of a policy is almost delayed (ie.. because it is of a long term nature) and that the impact of a policy change is almost always greater in the long rather than short run. CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHAbed and Davoodi (200.3) indicate that, on average, it is easier lor developing countries (including MENA) to initiate than to sustain growth. HoweverCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
the uniqueness of MENA experience is due Io their volatile and rather low/slow growth compared Io other developing economies. Per Abed and Davoodi, MCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHE. Mine Cinar, Joseph Poulous, Eric Slear Loyola University Chicago, Chicago, II, USA mcinar(a)luc.eduMe CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHgrowth for MENA during the past 30 years while, as a group other developing nations grew at a3rate of 2.5 per annum. In the 1990’s the region improved its economic performance achieving 1.3 percent growth, but it did not match the 4 percent growth of all other developing economies. Oil-producing eco CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHnomies are twice as erratic as non-oil producing economies. Those countries experienced the so called “resource curse” due to their abundance of natioCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
nal resources, oil, which lowered growth by shrinking the non-oil related exports. They find that regardless of the improvements in the past six yearsCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHE. Mine Cinar, Joseph Poulous, Eric Slear Loyola University Chicago, Chicago, II, USA mcinar(a)luc.eduMe CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHulers. Abdel-Rahman (2004) refers to political entities as representatives of different economic preferences which are reflected in various types of constituencies. He indicates that economies in less developed countries are usually conservative where monarchies are customarily closed. This applies CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHto monarchies that used to rule Egypt, Iraq and Iran. In those economies independence was achieved by power and resurrection which established those cCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
ountries as socialist and populist republics. Those “new” republics were unstable politically and this instability reflected their government’s differCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHE. Mine Cinar, Joseph Poulous, Eric Slear Loyola University Chicago, Chicago, II, USA mcinar(a)luc.eduMe CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHrab region and indicates that since the “post-1985” era, economic growth could not be sustained. He argues that this failure led to depriving those countries from the realization of their potential “demographic gifts” where a major source of poverty is due to the considerable unemployment rates. His CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH study shows that growth strategies in the Arab world did not happen without exploiting country-specific or even region-specific economic potentials.CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
In “Economic Freedom and the Business Cycle: The Egyptian Experience”, o. Mikhail (2005) states that “Most studies that emphasize and encourage4https:CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHE. Mine Cinar, Joseph Poulous, Eric Slear Loyola University Chicago, Chicago, II, USA mcinar(a)luc.eduMe CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHerests have focused on growth models as a framework to understand and to analyze the effects of economic freedom.” He studies short-run characteristics of economic freedom for Egypt and argues that economic reforms during business cycles tend to ease periods of recessions, increase welfare, and alle CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHviate the burden of unemployment. His study is especially noteworthy for its extensive literature survey on the topic.Ferragina, Giovanetti and PastorCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
e ( 2004) examine gravity models with respect to the political emphasis which the EU is putting on the process of integration with 3ld the MediterraneCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHE. Mine Cinar, Joseph Poulous, Eric Slear Loyola University Chicago, Chicago, II, USA mcinar(a)luc.eduMe CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHs between the northern and southern shores of the Mediterranean. The “gravity” coverage of their study refers to the attraction between two countries which is both directly and inversely correlated. The product of countries’ mass is of “direct" correlation while the squares of the distance between t CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHheir respective centers of gravity is “inversely” correlated. This helps explain bilateral trade between two countries where the reciprocal mass produCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
ces force of attraction. Important to note is the negative effect of cost of geographical distance on trade. As the economy gets “richer", a higher peCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHE. Mine Cinar, Joseph Poulous, Eric Slear Loyola University Chicago, Chicago, II, USA mcinar(a)luc.eduMe CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHd production structure complementarity, the trade between MED countries and ELJ is considerably greater than that with the rest of the world. On average,5intensity of exports of EU to MED is greater then imports from MED. This is a clear result of the many entry barriers that the MED has to face wit CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHh EU.The pattern of trade and the flow of immigration into the Northern shores of Mediterranean have started the Euro-Med north-south dialogue. Part oCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTH
f the intention of this paper is to examine freedom scores for the region. In the rest of the paper, we discuss the data and its decomposition for MENCHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHE. Mine Cinar, Joseph Poulous, Eric Slear Loyola University Chicago, Chicago, II, USA mcinar(a)luc.eduMe CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHinformation on the components and the weights of the indices. The Heritage site states that the indices are constructed from fifty independent variables (which are equally weighted) which are grouped into ten broad categories. These categories are1.Trade policy2.Fiscal burden of government3.Governme CHANGES IN FREEDOM INDICES AND ECONOMIC GROWTHnt intervention in the economy4.Monetary policy5.Capital flows and foreign investment6.Banking and financeGọi ngay
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