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Yükselen Piyasa Ekonomilerinde Demokratikleşme ve Ekonomik Büyüme

Year 2018, Issue: 109, 165 - 180, 01.04.2018
https://doi.org/10.33203/mfy.391698

Abstract

Özellikle 1980'li yılların ortalarından itibaren küreselleşme
olgusu çeşitli yönlerden hız kazanmış ve bu süreç birçok ülkenin
demokratikleşmesine kısmen katkıda bulunmuştur. Bu çalışma
Westerlund-Durbin-Hausman (2008) panel eşbütünleşme testi ile Dumitrescu ve
Hurlin (2012) panel nedensellik testini kullanarak 2002-2015 döneminde yükselen
piyasa ekonomilerinde, demokratikleşmenin ekonomik büyüme üzerindeki etkisini
araştırmaktadır. Çalışma sonucunda ekonomik büyüme ile demokratikleşme arasında
uzun dönemli bir ilişki olduğu belirlenmiş, ancak demokratikleşme ile büyüme
arasındaki etkileşimin ülkeden ülkeye farklılık gösterdiği belirlenmiştir. Bununla
birlikte, kısa dönemde demokratikleşme ile ekonomik büyüme arasında bir
nedensellik ilişkisi olmadığı tespit edilmiştir.

References

  • Abeyasinghe, R. (2004), Democracy, Political Stability, and Developing Country Growth: Theory and Evidence, Honors Projects, Paper 17, http://digitalcommons.iwu.edu/econ_honproj/17 (27.12.2016).
  • Acemoglu, D., Johnson, S. and Robinson J. A. (2005), Institutions as a fundamental cause of long-run growth. In: Philippe Aghionand Steven N. Durlauf, Handbook of Economic Growth, Volume 1A, Chapter 6, 385-472.
  • Acemoglu D, Naidu, S., Restrepo, P. and Robinson J. A. ( 2014), Democracy Does Cause Growth. NBER Working Papers No. 20004, http://www.nber.org/papers/w20004 (26.12.2016).
  • Aisen, A., José Veiga, F. (2013), How does political instability affect economic growth?, European Journal of Political Economy 29 (2013) 151–167.
  • Arfaoui, L., Ziadi, A. and Manai, S. (2016), The Relationship between Democracy and Economic Growth in Tunisia: An Application of Autoregressive Distributed Lag Model, International Journal of Social Science Research, 4(1), 137-150.
  • Alesina A., Perotti R. (1994), The Political Economy of Growth: A Critical Survey of the Recent Literature, The World Bank Economic Review, vol. 8,3. pp.351-373.Barro R. J. (1989), A cross-country study of growth, saving, and government, NBERWorking Paper No. 2855.
  • Barro R. J. (1996), Determinants of Economic Growth: a Cross-Country Empirical Study, NBER Working Paper 5698. Baum M. A., Lake D. A. (2003), The Political Economy of Growth: Democracy and Human Capital, American Journal of Political Science, 47, 2, pp. 333–347
  • .Bhagwati J. (1997), Democracy and Development: New Thinking on an Old Question, Discussion Paper Series No. 727.
  • Bilecen, H., Kibis, E.Y. (2012), Economic Growth and Democracy in Turkey, Yönetim Bilimleri Dergisi, 10 (20), 137-155
  • Breusch, T.S., Pagan, A.R. (1980), The Lagrange multiplier test and its applications to model specification in econometrics, Review of Economic Studies, 47(1), 239-253.
  • Doucouliagos, H., Ulubaşoğlu, M. A. (2008), Democracy and Economic Growth: A Meta-Analysis, American Journal of Political Science, 52, 1, pp. 61–83
  • Dumitrescu, E. I., Hurlin, C. (2012). Testing for Granger noncausality in heterogeneous panels, Economic Modelling, 29(4), 1450-1460.
  • Freedom House (2017), Freedom in the World 2017-Methodology, https://freedomhouse.org/report/methodology-freedom-world-2017 (05.04.2017).
  • Gurgul, H., Lach, L. (2010), The Nexus between Improvements in Economic Freedom and Growth: Evidence from CEE Countries in Transition, MPRA Paper No. 52260, http://mpra.ub.uni-muenchen.de/52260/ (26.12.2016).
  • Haggard, S., Tiede L. (2010), The Rule of Law and Economic Growth: Where Are We?, Paper presented at: The University of Texas School of Law Conference on Measuring the Rule of Law, ttps://law.utexas.edu/conferences/measuring/The%20Papers/ruleoflawconference.Haggard&Tiede.Rule%20of%20Law.March13.2010.pdf (03.05.2017).
  • Helliwell, J.F. (1994), Empirical Linkages Between Democracy and Economic Growth. B. J. Pol. S, 24, pp. 225-248.
  • Heo, U., Tan, A.C. (2001), Democracy and Economic Growth: A Causal Analysis, Comparative Politics, 33(4), 463-473.
  • Im, K.S., Pesaran M. H. and Shin Y. (2003), Testing for unit roots in heterogeneous panels, Journal of Econometrics, 115(1), 53-74.
  • Kaufmann, D., Kraay, A. and Mastruzzi, M. (2010), "The Worldwide Governance Indicators: A Summary of Methodology, Data and Analytical Issues", World Bank Policy Research Working Paper No. 5430,http://dspace.khazar.org/jspui/bitstream/123456789/2844/1/the%20worldwide%20governance%20indicators_WP.pdf (30.12.2016).
  • Krieckhaus, J. (2006), Democracy and Economic Growth: How Regional Context Influences Regime Effects, British Journal of Political Science, 36(2), 317–340.
  • Ma, T-C., Ouyang, L. (2016), Democracy and Growth: A Perspective from Democratic Experience, Economic Inquiry, 54(4), 1790-1804
  • Mahmood K., Azid, T. and Siddiqui, M. M. (2010), Democracy and Economic Growth in Pakistan, Research Journal of International Studies, 15 (8): 77-86.
  • Maimone, D., Patti, A. and Navarra, P. (2009), Globalization, democratization and economic growth, Applied Economics Letters, 16(7), 731-734.
  • Masaki, T., van de Walle, N. (2014), The impact of democracy on economic growth in sub-Saharan Africa, 1982-2012. WIDER Working Paper 2014/057, http://takaakimasaki.com/wp-content/uploads/2014/08/wp2014-057.pdf (30.12.2016).
  • North, D. (1990), “Institutions, Institutional Change and Economic Performance”, New York: Cambridge University Press.
  • Papaioannou, E., Siourounis G. (2008), Democratisation and Growth, The Economic Journal, 118 (October), 1520–1551.
  • Patnaik, I. (2014), India: Democracy and Economic Growth, Paper presented at Democracy Works Project Seminar at CDE, https://macrofinance.nipfp.org.in/PDF/Patnaik2014_democracyGrowth.pdf (30.12.2016).
  • Peev E., Mueller D. C. ( 2012), Democracy, Economic Freedom and Growth in Transition Economies, Kyklos, 65, 3, pp. 371-407.
  • Pesaran, M. H. (2004), General diagnostic tests for cross section dependence in panels, CESifo Working Papers No.1233, pp.255–260.
  • Pesaran, M. H. (2007), A simple panel unit root test in the presence of cross-section dependence, Journal of Applied Econometrics, 22(2), 265-312.
  • Pesaran, M. H., Yamagata, T. (2008), Testing slope homogeneity in large panels, Journal of Econometrics, 142(1), 50–93.
  • Pesaran, M.H., Ullah, A. and Yamagata, T. (2008), A bias-adjusted LM test of error cross-section independence, Econometrics Journal, 11(1), 105–127.
  • Piątek D., Szarzec, K. and Pilc, M. (2013), Economic freedom, democracy and economic growth: a causal investigation in transition countries, http://dx.doi.org/10.1080/14631377.2013.813137 (26.12.2016).
  • Pozuelo J. R., Slipowitz, A. and Vuletin, G. (2016), Democracy Does Not Cause Growth: The Importance of Endogeneity Arguments, IDB Workıng Paper Series Nº IDB-WP-694.
  • Rachdi H., Saidi H. (2015), Democracy and Economic Growth: Evidence in MENA Countries, Procedia - Social and Behavioral Sciences 191, pp. 616 – 621.
  • Ray, S., Ray I. A. (2011), Regional analysis on the relationship between economicgrowth and democracy: Evidence from India, Afro Asian Journal of Social Sciences, Vol. 2, No. 2.3 Quarter III 2011.
  • Rivera-Batiz, F. L. (2002), Democracy, Governance and Economıc Growth: Theory and Evıdence, Review of Development Economics, 6, 2, 225-247.
  • Rodrik, D. (2000), Instıtutıons for Hıgh-Qualıty Growth: What They are and How to Acquire them, NBER Working Paper 7540, http://www.nber.org/papers/w7540 (29.12.2016).
  • Sandalcilar, A. R. (2013), Democracy and Growth: Evidence from Transition Economies. American International Journal of Contemporary Research, 3, 1, pp. 63-75. Tavares J., Wacziarg R. (2001), How democracy affects growth, European Economic Review,45, 1341-1378.
  • Westerlund, J. (2008), Panel cointegration tests of the Fisher effect, Journal of Applied Econometrics, 23(2), 193-233.
  • World Bank (2016a), GDP per capita growth (annual %), http://data.worldbank.org/indicator/NY.GDP.PCAP.KD.ZG (15.10.2016)
  • World Bank (2016b), Worldwide Governance Indicators, http://info.worldbank.org/governance/wgi/index.aspx#home (15.10.2016).

Democratization and Economic Growth in Emerging Market Economies

Year 2018, Issue: 109, 165 - 180, 01.04.2018
https://doi.org/10.33203/mfy.391698

Abstract

The globalization phenomenon
has gained speed in various aspects especially since mid-1980s, this process in
turn partially contributed to democratization of the many countries. This study
researches the effect of democratization on economic growth in emerging markets
over 2002-2015 period with panel cointegration test of Westerlund-Durbin-Hausman
(2008) and panel causality test of Dumitrescu and Hurlin (2012). The results revealed
a cointegrating relationship between economic growth and democratization, but
the interaction between democratization and growth varies from country to
country. However, no causality relationships were found between democratization
and economic growth in the short run. 

References

  • Abeyasinghe, R. (2004), Democracy, Political Stability, and Developing Country Growth: Theory and Evidence, Honors Projects, Paper 17, http://digitalcommons.iwu.edu/econ_honproj/17 (27.12.2016).
  • Acemoglu, D., Johnson, S. and Robinson J. A. (2005), Institutions as a fundamental cause of long-run growth. In: Philippe Aghionand Steven N. Durlauf, Handbook of Economic Growth, Volume 1A, Chapter 6, 385-472.
  • Acemoglu D, Naidu, S., Restrepo, P. and Robinson J. A. ( 2014), Democracy Does Cause Growth. NBER Working Papers No. 20004, http://www.nber.org/papers/w20004 (26.12.2016).
  • Aisen, A., José Veiga, F. (2013), How does political instability affect economic growth?, European Journal of Political Economy 29 (2013) 151–167.
  • Arfaoui, L., Ziadi, A. and Manai, S. (2016), The Relationship between Democracy and Economic Growth in Tunisia: An Application of Autoregressive Distributed Lag Model, International Journal of Social Science Research, 4(1), 137-150.
  • Alesina A., Perotti R. (1994), The Political Economy of Growth: A Critical Survey of the Recent Literature, The World Bank Economic Review, vol. 8,3. pp.351-373.Barro R. J. (1989), A cross-country study of growth, saving, and government, NBERWorking Paper No. 2855.
  • Barro R. J. (1996), Determinants of Economic Growth: a Cross-Country Empirical Study, NBER Working Paper 5698. Baum M. A., Lake D. A. (2003), The Political Economy of Growth: Democracy and Human Capital, American Journal of Political Science, 47, 2, pp. 333–347
  • .Bhagwati J. (1997), Democracy and Development: New Thinking on an Old Question, Discussion Paper Series No. 727.
  • Bilecen, H., Kibis, E.Y. (2012), Economic Growth and Democracy in Turkey, Yönetim Bilimleri Dergisi, 10 (20), 137-155
  • Breusch, T.S., Pagan, A.R. (1980), The Lagrange multiplier test and its applications to model specification in econometrics, Review of Economic Studies, 47(1), 239-253.
  • Doucouliagos, H., Ulubaşoğlu, M. A. (2008), Democracy and Economic Growth: A Meta-Analysis, American Journal of Political Science, 52, 1, pp. 61–83
  • Dumitrescu, E. I., Hurlin, C. (2012). Testing for Granger noncausality in heterogeneous panels, Economic Modelling, 29(4), 1450-1460.
  • Freedom House (2017), Freedom in the World 2017-Methodology, https://freedomhouse.org/report/methodology-freedom-world-2017 (05.04.2017).
  • Gurgul, H., Lach, L. (2010), The Nexus between Improvements in Economic Freedom and Growth: Evidence from CEE Countries in Transition, MPRA Paper No. 52260, http://mpra.ub.uni-muenchen.de/52260/ (26.12.2016).
  • Haggard, S., Tiede L. (2010), The Rule of Law and Economic Growth: Where Are We?, Paper presented at: The University of Texas School of Law Conference on Measuring the Rule of Law, ttps://law.utexas.edu/conferences/measuring/The%20Papers/ruleoflawconference.Haggard&Tiede.Rule%20of%20Law.March13.2010.pdf (03.05.2017).
  • Helliwell, J.F. (1994), Empirical Linkages Between Democracy and Economic Growth. B. J. Pol. S, 24, pp. 225-248.
  • Heo, U., Tan, A.C. (2001), Democracy and Economic Growth: A Causal Analysis, Comparative Politics, 33(4), 463-473.
  • Im, K.S., Pesaran M. H. and Shin Y. (2003), Testing for unit roots in heterogeneous panels, Journal of Econometrics, 115(1), 53-74.
  • Kaufmann, D., Kraay, A. and Mastruzzi, M. (2010), "The Worldwide Governance Indicators: A Summary of Methodology, Data and Analytical Issues", World Bank Policy Research Working Paper No. 5430,http://dspace.khazar.org/jspui/bitstream/123456789/2844/1/the%20worldwide%20governance%20indicators_WP.pdf (30.12.2016).
  • Krieckhaus, J. (2006), Democracy and Economic Growth: How Regional Context Influences Regime Effects, British Journal of Political Science, 36(2), 317–340.
  • Ma, T-C., Ouyang, L. (2016), Democracy and Growth: A Perspective from Democratic Experience, Economic Inquiry, 54(4), 1790-1804
  • Mahmood K., Azid, T. and Siddiqui, M. M. (2010), Democracy and Economic Growth in Pakistan, Research Journal of International Studies, 15 (8): 77-86.
  • Maimone, D., Patti, A. and Navarra, P. (2009), Globalization, democratization and economic growth, Applied Economics Letters, 16(7), 731-734.
  • Masaki, T., van de Walle, N. (2014), The impact of democracy on economic growth in sub-Saharan Africa, 1982-2012. WIDER Working Paper 2014/057, http://takaakimasaki.com/wp-content/uploads/2014/08/wp2014-057.pdf (30.12.2016).
  • North, D. (1990), “Institutions, Institutional Change and Economic Performance”, New York: Cambridge University Press.
  • Papaioannou, E., Siourounis G. (2008), Democratisation and Growth, The Economic Journal, 118 (October), 1520–1551.
  • Patnaik, I. (2014), India: Democracy and Economic Growth, Paper presented at Democracy Works Project Seminar at CDE, https://macrofinance.nipfp.org.in/PDF/Patnaik2014_democracyGrowth.pdf (30.12.2016).
  • Peev E., Mueller D. C. ( 2012), Democracy, Economic Freedom and Growth in Transition Economies, Kyklos, 65, 3, pp. 371-407.
  • Pesaran, M. H. (2004), General diagnostic tests for cross section dependence in panels, CESifo Working Papers No.1233, pp.255–260.
  • Pesaran, M. H. (2007), A simple panel unit root test in the presence of cross-section dependence, Journal of Applied Econometrics, 22(2), 265-312.
  • Pesaran, M. H., Yamagata, T. (2008), Testing slope homogeneity in large panels, Journal of Econometrics, 142(1), 50–93.
  • Pesaran, M.H., Ullah, A. and Yamagata, T. (2008), A bias-adjusted LM test of error cross-section independence, Econometrics Journal, 11(1), 105–127.
  • Piątek D., Szarzec, K. and Pilc, M. (2013), Economic freedom, democracy and economic growth: a causal investigation in transition countries, http://dx.doi.org/10.1080/14631377.2013.813137 (26.12.2016).
  • Pozuelo J. R., Slipowitz, A. and Vuletin, G. (2016), Democracy Does Not Cause Growth: The Importance of Endogeneity Arguments, IDB Workıng Paper Series Nº IDB-WP-694.
  • Rachdi H., Saidi H. (2015), Democracy and Economic Growth: Evidence in MENA Countries, Procedia - Social and Behavioral Sciences 191, pp. 616 – 621.
  • Ray, S., Ray I. A. (2011), Regional analysis on the relationship between economicgrowth and democracy: Evidence from India, Afro Asian Journal of Social Sciences, Vol. 2, No. 2.3 Quarter III 2011.
  • Rivera-Batiz, F. L. (2002), Democracy, Governance and Economıc Growth: Theory and Evıdence, Review of Development Economics, 6, 2, 225-247.
  • Rodrik, D. (2000), Instıtutıons for Hıgh-Qualıty Growth: What They are and How to Acquire them, NBER Working Paper 7540, http://www.nber.org/papers/w7540 (29.12.2016).
  • Sandalcilar, A. R. (2013), Democracy and Growth: Evidence from Transition Economies. American International Journal of Contemporary Research, 3, 1, pp. 63-75. Tavares J., Wacziarg R. (2001), How democracy affects growth, European Economic Review,45, 1341-1378.
  • Westerlund, J. (2008), Panel cointegration tests of the Fisher effect, Journal of Applied Econometrics, 23(2), 193-233.
  • World Bank (2016a), GDP per capita growth (annual %), http://data.worldbank.org/indicator/NY.GDP.PCAP.KD.ZG (15.10.2016)
  • World Bank (2016b), Worldwide Governance Indicators, http://info.worldbank.org/governance/wgi/index.aspx#home (15.10.2016).
There are 42 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Naib Alakbarov

Yılmaz Bayar

Publication Date April 1, 2018
Submission Date February 7, 2018
Published in Issue Year 2018 Issue: 109

Cite

APA Alakbarov, N., & Bayar, Y. (2018). Democratization and Economic Growth in Emerging Market Economies. Maliye Ve Finans Yazıları, 1(109), 165-180. https://doi.org/10.33203/mfy.391698
  • The journal specializes in especially in all the fields of finance and banking.