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Article

The Impact of Economic Freedom on Economic Growth? New European Dynamic Panel Evidence

1
Faculty of Economics and Engineering Management in Novi Sad, University Business Academy in Novi Sad, 21000 Novi Sad, Serbia
2
Lang School of Business and Economics, University of Guelph, Guelph, ON N1G 2W1, Canada
3
Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia
*
Author to whom correspondence should be addressed.
J. Risk Financial Manag. 2020, 13(2), 26; https://doi.org/10.3390/jrfm13020026
Received: 4 December 2019 / Revised: 22 January 2020 / Accepted: 31 January 2020 / Published: 4 February 2020
(This article belongs to the Special Issue Feature Papers on Applied Economics and Finance)
This paper analyzes the impact of economic freedom along with traditional economic factors on economic growth for a panel of European countries. The growth of the gross domestic product was observed over a twenty-year time period on a sample of 43 developing and developed countries. Based on a robust dynamic panel setting, we conclude that increases in economic freedom as expressed by the Index of Economic Freedom/Heritage Foundation (but not its levels) are related to economic growth. The EU membership status either had no effect or it curbed the effect of the economic freedom on growth. We also find that the subprime economic crisis of 2008–2009 exerted a negative impact on the growth of European economies. View Full-Text
Keywords: economic freedom; economic growth; Europe; panel analysis; subprime crisis; system GMM economic freedom; economic growth; Europe; panel analysis; subprime crisis; system GMM
MDPI and ACS Style

Brkić, I.; Gradojević, N.; Ignjatijević, S. The Impact of Economic Freedom on Economic Growth? New European Dynamic Panel Evidence. J. Risk Financial Manag. 2020, 13, 26. https://doi.org/10.3390/jrfm13020026

AMA Style

Brkić I, Gradojević N, Ignjatijević S. The Impact of Economic Freedom on Economic Growth? New European Dynamic Panel Evidence. Journal of Risk and Financial Management. 2020; 13(2):26. https://doi.org/10.3390/jrfm13020026

Chicago/Turabian Style

Brkić, Ivana, Nikola Gradojević, and Svetlana Ignjatijević. 2020. "The Impact of Economic Freedom on Economic Growth? New European Dynamic Panel Evidence" Journal of Risk and Financial Management 13, no. 2: 26. https://doi.org/10.3390/jrfm13020026

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