체제전환국의 경제자유화가 경제성장에 미친 영향에 대한 분석: 중동부유럽과 유라시아 국가를 중심으로

Title
체제전환국의 경제자유화가 경제성장에 미친 영향에 대한 분석: 중동부유럽과 유라시아 국가를 중심으로
Other Titles
The Impact of Economic Freedom on Economic Growth : The Case of Central & Eastern European and Eurasian Transition Economies
Authors
김영진
Keywords
경제적 자유; 경제성장; 체제전환경제; 회귀분석; 패널데이터 분석; 패널 인과관계 분석; Economic Freedom; Economic Growth; Transition Countries; Regression Analysis; Panel Data Analysis; Panel Causality Analysis
Issue Date
2015-06
Publisher
한국슬라브학회
Citation
슬라브학보, v. 30, NO 2, Page. 247-286
Abstract
The purpose of this study, covering 22 transition countries, is to analyze the relations between economic freedom, democratic reforms and economic growth during the period of 1997-2013. We classified the transition countries as two groups according to their regions and degrees of progress of economic growth. First, we run panel regressions of economic growth model. According to the analytical results, economic liberalization has a positive impact on economic growth, but democratic reforms are found to have a negative impact. The estimated coefficient for degree of economic liberalization has a positive sign in both groups. In case of the Central & Eastern European countries, the degree of economic liberalization exerts more positive impact on production per capita than the Eurasian countries. The estimated coefficients for degrees of democratic reforms have significant, negative signs in both groups. According to the result of the panel causality test, statistically significant, strong causal relation is found from economic freedom to economic growth in the entire group. Weak causal relation is also found in inverse direction. Causal relation from economic freedom to economic growth is found, but not in inverse direction in case of the Central & Eastern European countries. The impact of economic freedom on the per capita GDP level in each of the transition nations over the study period is shown, using fixed-effects estimations. The per capita GDP level is an increasing function of freedom from corruption, fiscal freedom, trade freedom, financial freedom and human capital, and a decreasing function of government size freedom. By contrast, it appears that business freedom, and probably monetary freedom as well, do not play major roles in determining the level of per capita income in transition nations. This study finds strong support for the hypothesis that the higher the degree of economic freedom, the higher the level of economic activity and, hence, the higher the per capita GDP level.
URI
http://www.dbpia.co.kr/Article/NODE06391223http://hdl.handle.net/20.500.11754/25076
ISSN
1229-0548
Appears in Collections:
RESEARCH INSTITUTE[S](부설연구소) > ASIA PACIFIC RESEARCH CENTER(아태지역연구센터) > Articles
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