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DEMOCRACY AND ECONOMIC GROWTH IN MIST COUNTRIES: AN EMPIRICAL ANALYSIS

Year 2023, Issue: 57, 367 - 384, 18.07.2023
https://doi.org/10.30794/pausbed.1182911

Abstract

Studies on institutions, which are one of the main determinants of economic growth, have been increasing intensively in recent years. In this context, despite many empirical and theoretical studies on the relationship between democracy and economic growth, there is no consensus about the effect of democracy on economic growth. This study analyzes the relationship between democracy and economic growth for MIST (Mexico, Indonesia, South Korea, and Turkey) countries. Firstly, the cross-sectional dependence was examined in the study for the 1973–2021 period. The second generation panel unit root test (Pesaran CADF (2007)) was chosen because of the cross-sectional dependence among the series. The stationarity of the variables at I(1) is ensured. Having determined the cointegration relationship (Westerlund Durbin-H test (2008)) between the series, the Panel CCE estimator was used to estimate the cointegration coefficients. Kónya causality test was used for the causality between democracy and economic growth. It is found that an increase in the level of democracy boosts the economic growth. It is suggested that the MIST nations continue to undertake policies targeted at establishing democratic institutions that contribute to economic progress.

References

  • Acaravcı, A., Bozkurt, C., & Erdoğan, S. (2015). “Democracy-Economic Growth Nexus in MENA Countries”, Journal of Business and Economics Studies, 3(4), 119-129.
  • Acemoglu, D.,& Robinson, J. A. (2000a). “Political losers as a barrier to economic development”, American Economic Review, 90(2), 126-130.
  • Acemoglu, D.,& Robinson, J. A. (2000b). “Why did the West extend the franchise? Democracy, inequality, and growth in historical perspective”, The quarterly journal of economics, 115(4), 1167-1199.
  • Acemoglu, D., & Robinson, J. A. (2000c). “Democratization or repression?” European Economic Review, 44(4-6), 683-693.
  • Acemoglu, D., & Robinson, J. A. (2000d). “Political losers as a barrier to economic development”, American Economic Review, 90(2), 126-130.
  • Acemoglu, D., Johnson, S., & Robinson, J. A. (2001). “The colonial origins of comparative development: An empirical investigation” American economic review, 91(5), 1369-1401.
  • Acemoğlu, D. (2002). Institutional causes, macroeconomic symptoms: volatility, crises and growth. Centre for Economic Policy Research.
  • Acemoglu, D.,& Robinson, J. A. (2006). Economic origins of dictatorship and democracy. Cambridge University Press.
  • Acemoğlu, D. (2009). Introduction to Modern Economic Growth. Princeton University Press, New Jersey.
  • Acemoglu, D., Naidu, S., Restrepo, P., & Robinson, J. A. (2019). “Democracy does cause growth”, Journal of political economy, 127(1), 47-100.
  • Alesina, A., & Perotti, R. (1996). “Income distribution, political instability, and investment”, European economic review, 40(6), 1203-1228.
  • Barış, S.,& Erdoğmuş, M. (2018). “The Relationship Between Democracy and Economıc Growth in the 21st Century: A Lıterature Revıew”, Süleyman Demirel University Visionary Journal, 9(20), 83-102.
  • Barro, R.J. (1996). “Democracy and Growth”, Journal of Economic Growth, 1, 1-27.
  • Barro, R.J. (1997). “Determinants of Economic Growth: A Cross-Country Empirical Study”, Cambridge, MA: MIT Press.
  • Barro, R.J. (1999). “Determinants of democracy”, Journal of Political Economy, 107(6), 1–27.
  • Baum, M. A.,& Lake, D. A. (2003). “The political economy of growth: democracy and human capital”, American journal of political science, 47(2), 333-347.
  • Bhagwati, J. (1995). “Democracy and Development: new thinking on an old question”, Indian Economic Review, 1-18. Boese, V. A., & Eberhardt, M. (2022). “Democracy Doesn't Always Happen Over Night: Regime Change in Stages and Economic Growth”,
  • Bozkurt, E., Altiner, A., & Toktaş, Y. (2018). “Democracy And Economıc Growth: Evıdence From Emergıng Market Economıes”, Electronic Turkish Studies, 13(14).
  • Breusch, T. S. & Pagan, A. R. (1980). “The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
  • Butkiewicz, J.L. ve Yanikkaya, H. (2006). “Institutional Quality and Economic Growth: Meintenance of the Rule of Law of Democratic Institutions, or Both?”, Economic Modelling, 23, 648-661.
  • Clague, C., Keefer, P., Knack, S. and Olson, M. (1996). “Property and contract rights in autocracies and democracies”, Journal of Economic Growth, 1(2), pp. 243–276.
  • Chang, H. J. (2006). “Understanding the relationship between institutions and economic development. Some key theoretical issues”, Revista de Economía Institucional, 8(14), 125-136.
  • Colagrossi, M., Rossignoli, D., & Maggioni, M. A. (2020). “Does democracy cause growth? A meta-analysis (of 2000 regressions)”, European journal of political economy, 61, 101824.
  • Çelebi Boz, F., & Gültekin, Ö. F. (2019). “BRICS ve MIST Ülkelerinde Ar-Ge Harcamaları İle Yüksek Teknolojili Ürün İhracatı Arasındaki İlişki Üzerine Bir Araştırma”, Itobiad: Journal of the Human & Social Science Researches, 8(2), 1111/1124.
  • Doucouliagos, H.,& Ulubaşoğlu, M. A. (2008). “Democracy and economic growth: a meta‐analysis”, American journal of political science, 52(1), 61-83.
  • Durham, J. B. (1999). “Economic growth and political regimes”, Journal of Economic Growth, 4, 81-111. Feng, Y. (1997). “Democracy, political stability and economic growth”, British Journal of Political Science, 27(3), 391-418.
  • Fillingham, Z. (2012, October 31). Backgrounder: MIST Countries. August 10, 2022 Geopolitical Monitor: https://www.geopoliticalmonitor.com/backgrounder-mist-countries-4746/
  • Freedom House (2019). Freedom in the World. https://freedomhouse.org/sites/default/files/Feb2019_FH_FITW_2019_Report_ForWeb-compressed.pdf (Date of Access: 08.08.2021).
  • Freedom House (2022). Freedom in the World. https://freedomhouse.org/sites/default/files/2022-02/FIW_2022_PDF_Booklet_Digital_Final_Web.pdf (Date of Access: 09.08.2021).
  • Gerring, J., Bond, P., Barndt, W. T., & Moreno, C. (2005). “Democracy and economic growth: A historical perspective” World politics, 57(3), 323-364.
  • Glaeser, E. L., La Porta, R., Lopez-de Silanes, F. & Shleifer, A. (2004). ”Do institutions cause growth?”, Journal of Economic Growth, 9(3), 271–303.
  • Gründler, K., & Krieger, T. (2016). “Democracy and growth: Evidence from a machine learning indicator”, European Journal of Political Economy, 45, 85-107.
  • Gövdeli, T. (2018). “Economic Freedom, Tourism And Economic Growth: Kónya Bootstrap Causality Analysis In BRICST Countries”, International Journal of Economics and Administrative Studies, 379-390.
  • Hayaloğlu, P. (2015). “How Democracy Effects Economic Growth in MINT Countries?”, International Journal of Economics and Innovation, 1(1), 17-29.
  • Heshmati, A.,& Kim, N. S. (2017). “The relationship between economic growth and democracy: Alternative representations of technological change”, Available at SSRN 3010657.
  • Hibbs Jr, D. A. (2001). “The politicization of growth theory”, Rapport nr.: Working Papers in Economics, (37).
  • Im K. S., Pesaran M. H. and Shin Y. (2003), “Testing for Unit Roots in Heterogeneous Panels,” Journal of Econometrics, 115, 53-74.
  • Jaunky, V. C. (2013). “Democracy and economic growth in Sub-Saharan Africa: a panel data approach”, Empirical Economics, 45(2), 987-1008.
  • Karış, Ç. (2020). “The Relationship Between Economic Growth and Democracy: A Conceptual Approach”, Sosyal Mucit Academic Review, 1(1), 1-14.
  • Koçak, E.,& Nisfet, U. (2018). “Democracy, Economic Freedoms and Economic Growth: An Investigation on the Role of Institutions”, Sosyoekonomi, 26(36), 81-102.
  • Kónya, L. (2006). “Exports and growth: Granger causality analysis on OECD countries with a panel data approach”, Economic Modelling, 23(6), 978-992.
  • Landman, T. (1999). “Economic development and democracy: the view from Latin America”, Political Studies, 47(4), 607-626. Leblang, D. A. (1997). “Political democracy and economic growth: pooled cross-sectional and time-series evidence”, British Journal of Political Science, 27(3), 453-472.
  • Lipset, S. M. (1959). “Some social requisites of democracy: Economic development and political legitimacy”, American political science review, 53(1), 69-105.
  • Mathonnat, C., & Minea, A. (2019). “Forms of democracy and economic growth volatility”, Economic Modelling, 81, 594-603.
  • Minier, J.A. (1998). “Democracy and growth: alternative approaches”, Journal of Economic Growth, 3(2), 241–66.
  • North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge university press.
  • North, D. (2010). Kurumlar, Kurumsal Değişim ve Ekonomik Performans. Çev. Güven, GÇ, Sabancı Üniversitesi Yayınları, İstanbul.
  • Olson, M. (1993). “Dictatorship, Democracy, And Development”, American Political Science Review, 87(3):567–576.
  • Olson, M., Sarna, N., & Swamy, A. V. (2000). “Governance and growth: A simple hypothesis explaining cross-country differences in productivity growth” Public choice, 102, 341-364.
  • O'Neill, J. (2001). “Building Better Global Economic BRICs. Global Economics”, Paper No. 66. Goldman Sachs & Co.
  • Öztürk, F. (2021). Meksika siyasal sistemi üzerine değerlendirme. TESAM Yayınları, Bursa.
  • Papaioannou, E., & Siourounis, G. (2008). “Democratisation and growth”, The Economic Journal, 118(532), 1520-1551.
  • Pesaran, M. H. (2004). “General Diagnostic Tests for Cross Section Dependence in Panels”, Empirical Economics, 1-38.
  • Pesaran, M. H. (2006). “Estimation and Inference in Large Heterogeneous Panels with A Multifactor Error Structure”, Econometrica, 74(4):967-1012.
  • Pesaran, M. H. (2006). “Estimation and inference in large heterogeneous panels with a multifactor error structure”, Econometrica, 74(4), 967-1012.
  • Pesaran, M. H. (2007). “A Simple Panel Unitroot Test in The Presence of Cross‐Section Dependence”, Journal of Applied Econometrics, 22(2):265-312.
  • Pesaran, M. H. ve Yamagata, T. (2008). “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, 142(1), 50-93.
  • Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). “A bias‐adjusted LM test of error cross‐section independence”, The Econometrics Journal, 11(1), 105-127.
  • Rachdia, H. and Saidib, H. (2015). “Democracy and economic growth: Evidence in MENA countries”, Procedia - Social and Behavioral Sciences, 191(2015):616- 621.
  • Rodrik, D. (2000). “Institutions for High Quality Growth: What They are and How to Acquire Them”, National Bureau of Economıc Research, Working Paper 7540.
  • Rodrik, D. (Ed.). (2003). In search of prosperity: Analytic narratives on economic growth. Princeton University Press.
  • Rodrik, D. (2007). One economics, many recipes. Princeton University Press.
  • Sekmen, F. & Özkan, F. (2012). “Relationship between democracy and economic growth: A panel data analysis”, African Journal of Business Management, 6(4), 1270-1275.
  • Sen, A. (1999). Development as Freedom, Alfred A. Knopf Inc., USA, 366s.
  • Sırım, V.,& Eraslan, M. (2020). “Interaction Between Democratization and Economic Growth”, Balkan Journal of Social Sciences, 9(17), 119-130.
  • Sirowy, L.,& Inkeles, A. (1990). “The effects of democracy on economic growth and inequality: a review”, St Comp Int Dev, 25: 126–157.
  • Śledzik, K. (2012). “BRICS, MIST (MIKT) or G5-Which'Club'of Economies Has the Biggest Growth Potential?” Available at SSRN 2192004.
  • Snowdon, B. ve Vane, H. (2005). Modern Macroeconomics Its Origins, Development and Current State. Cornwall: Edward Elgar Publishing.
  • Swamy, P. A. (1970). "Efficient İnference in a Random Coefficient Regression Model”, Econometrica: Journal of the Econometric Society, 311-323.
  • Şahin, D. (2017). “Democracy and Economic Growth Relationship in Transition Economies: Panel Data Analysis”, Journal of Social Sciences of Mus Alparslan University , 5(1), 45-57.
  • Tavares, J.,& Wacziarg, R. (2001). “How democracy affects growth”, European economic review, 45(8), 1341-1378.
  • Westerlund, J. (2008). “Panel cointegration tests of the Fisher effect”, Journal of Applied Econometrics, 23(2),193-23.
  • Yerdelen Tatoğlu, F. (2017). Panel Zaman Serileri Analizi Stata Uygulamalı (1. Baskı). Beta Yayıncılık, İstanbul.
  • Zellner, A. (1962). “An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias”, J. Am. Stat. Ass. 57, 348–368.

MİST ÜLKELERİNDE DEMOKRASİ İLE EKONOMİK BÜYÜME: AMPİRİK BİR ANALİZ

Year 2023, Issue: 57, 367 - 384, 18.07.2023
https://doi.org/10.30794/pausbed.1182911

Abstract

Ekonomik büyümenin temel belirleyicilerinden biri olan kurumlar üzerine yapılan çalışmalar son yıllarda yoğun bir biçimde artmaktadır. Bu bağlamda, demokrasi ile ekonomik büyüme arasındaki ilişkiye dönük birçok ampirik ve teorik çalışmaya rağmen demokrasinin ekonomik büyüme üzerindeki ne tür bir etki oluşturduğu konusunda ortak bir kanı bulunmamaktadır. Bu çalışmada, demokrasi ve ekonomik büyüme arasındaki ilişki MIST (Meksika, Endonezya, Güney Kore ve Türkiye) ülkeleri için analiz edilmiştir. 1973-2021 döneminin baz alındığı çalışmada öncelikle yatay kesit bağımlılığı incelenmiştir. Serilerde yatay kesit bağımlılığı nedeniyle ikinci kuşak panel birim kök testi (Pesaran CADF (2007)) seçilmiştir. Değişkenlerin I(1) mertebede durağanlıkları sağlanmıştır. Seriler arasında eşbütünleşme ilişkisi (Westerlund Durbin-H test (2008)) tespit edildikten sonra eşbütünleşme katsayılarının tahmini için Panel CCE tahmincisi kullanılmıştır. Demokrasi ve ekonomik büyüme arasındaki nedensellik ilişkisi için Kónya Nedensellik sınaması yapılmıştır. Demokrasi seviyesindeki artışın ekonomik büyümeyi arttırdığı bulgusuna ulaşılmıştır. MIST ülkelerinde ekonomik büyümeye katkı sağlayan demokratik kurumların inşasına dönük politika uygulamalarının sürdürülmesi önerilmektedir.

References

  • Acaravcı, A., Bozkurt, C., & Erdoğan, S. (2015). “Democracy-Economic Growth Nexus in MENA Countries”, Journal of Business and Economics Studies, 3(4), 119-129.
  • Acemoglu, D.,& Robinson, J. A. (2000a). “Political losers as a barrier to economic development”, American Economic Review, 90(2), 126-130.
  • Acemoglu, D.,& Robinson, J. A. (2000b). “Why did the West extend the franchise? Democracy, inequality, and growth in historical perspective”, The quarterly journal of economics, 115(4), 1167-1199.
  • Acemoglu, D., & Robinson, J. A. (2000c). “Democratization or repression?” European Economic Review, 44(4-6), 683-693.
  • Acemoglu, D., & Robinson, J. A. (2000d). “Political losers as a barrier to economic development”, American Economic Review, 90(2), 126-130.
  • Acemoglu, D., Johnson, S., & Robinson, J. A. (2001). “The colonial origins of comparative development: An empirical investigation” American economic review, 91(5), 1369-1401.
  • Acemoğlu, D. (2002). Institutional causes, macroeconomic symptoms: volatility, crises and growth. Centre for Economic Policy Research.
  • Acemoglu, D.,& Robinson, J. A. (2006). Economic origins of dictatorship and democracy. Cambridge University Press.
  • Acemoğlu, D. (2009). Introduction to Modern Economic Growth. Princeton University Press, New Jersey.
  • Acemoglu, D., Naidu, S., Restrepo, P., & Robinson, J. A. (2019). “Democracy does cause growth”, Journal of political economy, 127(1), 47-100.
  • Alesina, A., & Perotti, R. (1996). “Income distribution, political instability, and investment”, European economic review, 40(6), 1203-1228.
  • Barış, S.,& Erdoğmuş, M. (2018). “The Relationship Between Democracy and Economıc Growth in the 21st Century: A Lıterature Revıew”, Süleyman Demirel University Visionary Journal, 9(20), 83-102.
  • Barro, R.J. (1996). “Democracy and Growth”, Journal of Economic Growth, 1, 1-27.
  • Barro, R.J. (1997). “Determinants of Economic Growth: A Cross-Country Empirical Study”, Cambridge, MA: MIT Press.
  • Barro, R.J. (1999). “Determinants of democracy”, Journal of Political Economy, 107(6), 1–27.
  • Baum, M. A.,& Lake, D. A. (2003). “The political economy of growth: democracy and human capital”, American journal of political science, 47(2), 333-347.
  • Bhagwati, J. (1995). “Democracy and Development: new thinking on an old question”, Indian Economic Review, 1-18. Boese, V. A., & Eberhardt, M. (2022). “Democracy Doesn't Always Happen Over Night: Regime Change in Stages and Economic Growth”,
  • Bozkurt, E., Altiner, A., & Toktaş, Y. (2018). “Democracy And Economıc Growth: Evıdence From Emergıng Market Economıes”, Electronic Turkish Studies, 13(14).
  • Breusch, T. S. & Pagan, A. R. (1980). “The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
  • Butkiewicz, J.L. ve Yanikkaya, H. (2006). “Institutional Quality and Economic Growth: Meintenance of the Rule of Law of Democratic Institutions, or Both?”, Economic Modelling, 23, 648-661.
  • Clague, C., Keefer, P., Knack, S. and Olson, M. (1996). “Property and contract rights in autocracies and democracies”, Journal of Economic Growth, 1(2), pp. 243–276.
  • Chang, H. J. (2006). “Understanding the relationship between institutions and economic development. Some key theoretical issues”, Revista de Economía Institucional, 8(14), 125-136.
  • Colagrossi, M., Rossignoli, D., & Maggioni, M. A. (2020). “Does democracy cause growth? A meta-analysis (of 2000 regressions)”, European journal of political economy, 61, 101824.
  • Çelebi Boz, F., & Gültekin, Ö. F. (2019). “BRICS ve MIST Ülkelerinde Ar-Ge Harcamaları İle Yüksek Teknolojili Ürün İhracatı Arasındaki İlişki Üzerine Bir Araştırma”, Itobiad: Journal of the Human & Social Science Researches, 8(2), 1111/1124.
  • Doucouliagos, H.,& Ulubaşoğlu, M. A. (2008). “Democracy and economic growth: a meta‐analysis”, American journal of political science, 52(1), 61-83.
  • Durham, J. B. (1999). “Economic growth and political regimes”, Journal of Economic Growth, 4, 81-111. Feng, Y. (1997). “Democracy, political stability and economic growth”, British Journal of Political Science, 27(3), 391-418.
  • Fillingham, Z. (2012, October 31). Backgrounder: MIST Countries. August 10, 2022 Geopolitical Monitor: https://www.geopoliticalmonitor.com/backgrounder-mist-countries-4746/
  • Freedom House (2019). Freedom in the World. https://freedomhouse.org/sites/default/files/Feb2019_FH_FITW_2019_Report_ForWeb-compressed.pdf (Date of Access: 08.08.2021).
  • Freedom House (2022). Freedom in the World. https://freedomhouse.org/sites/default/files/2022-02/FIW_2022_PDF_Booklet_Digital_Final_Web.pdf (Date of Access: 09.08.2021).
  • Gerring, J., Bond, P., Barndt, W. T., & Moreno, C. (2005). “Democracy and economic growth: A historical perspective” World politics, 57(3), 323-364.
  • Glaeser, E. L., La Porta, R., Lopez-de Silanes, F. & Shleifer, A. (2004). ”Do institutions cause growth?”, Journal of Economic Growth, 9(3), 271–303.
  • Gründler, K., & Krieger, T. (2016). “Democracy and growth: Evidence from a machine learning indicator”, European Journal of Political Economy, 45, 85-107.
  • Gövdeli, T. (2018). “Economic Freedom, Tourism And Economic Growth: Kónya Bootstrap Causality Analysis In BRICST Countries”, International Journal of Economics and Administrative Studies, 379-390.
  • Hayaloğlu, P. (2015). “How Democracy Effects Economic Growth in MINT Countries?”, International Journal of Economics and Innovation, 1(1), 17-29.
  • Heshmati, A.,& Kim, N. S. (2017). “The relationship between economic growth and democracy: Alternative representations of technological change”, Available at SSRN 3010657.
  • Hibbs Jr, D. A. (2001). “The politicization of growth theory”, Rapport nr.: Working Papers in Economics, (37).
  • Im K. S., Pesaran M. H. and Shin Y. (2003), “Testing for Unit Roots in Heterogeneous Panels,” Journal of Econometrics, 115, 53-74.
  • Jaunky, V. C. (2013). “Democracy and economic growth in Sub-Saharan Africa: a panel data approach”, Empirical Economics, 45(2), 987-1008.
  • Karış, Ç. (2020). “The Relationship Between Economic Growth and Democracy: A Conceptual Approach”, Sosyal Mucit Academic Review, 1(1), 1-14.
  • Koçak, E.,& Nisfet, U. (2018). “Democracy, Economic Freedoms and Economic Growth: An Investigation on the Role of Institutions”, Sosyoekonomi, 26(36), 81-102.
  • Kónya, L. (2006). “Exports and growth: Granger causality analysis on OECD countries with a panel data approach”, Economic Modelling, 23(6), 978-992.
  • Landman, T. (1999). “Economic development and democracy: the view from Latin America”, Political Studies, 47(4), 607-626. Leblang, D. A. (1997). “Political democracy and economic growth: pooled cross-sectional and time-series evidence”, British Journal of Political Science, 27(3), 453-472.
  • Lipset, S. M. (1959). “Some social requisites of democracy: Economic development and political legitimacy”, American political science review, 53(1), 69-105.
  • Mathonnat, C., & Minea, A. (2019). “Forms of democracy and economic growth volatility”, Economic Modelling, 81, 594-603.
  • Minier, J.A. (1998). “Democracy and growth: alternative approaches”, Journal of Economic Growth, 3(2), 241–66.
  • North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge university press.
  • North, D. (2010). Kurumlar, Kurumsal Değişim ve Ekonomik Performans. Çev. Güven, GÇ, Sabancı Üniversitesi Yayınları, İstanbul.
  • Olson, M. (1993). “Dictatorship, Democracy, And Development”, American Political Science Review, 87(3):567–576.
  • Olson, M., Sarna, N., & Swamy, A. V. (2000). “Governance and growth: A simple hypothesis explaining cross-country differences in productivity growth” Public choice, 102, 341-364.
  • O'Neill, J. (2001). “Building Better Global Economic BRICs. Global Economics”, Paper No. 66. Goldman Sachs & Co.
  • Öztürk, F. (2021). Meksika siyasal sistemi üzerine değerlendirme. TESAM Yayınları, Bursa.
  • Papaioannou, E., & Siourounis, G. (2008). “Democratisation and growth”, The Economic Journal, 118(532), 1520-1551.
  • Pesaran, M. H. (2004). “General Diagnostic Tests for Cross Section Dependence in Panels”, Empirical Economics, 1-38.
  • Pesaran, M. H. (2006). “Estimation and Inference in Large Heterogeneous Panels with A Multifactor Error Structure”, Econometrica, 74(4):967-1012.
  • Pesaran, M. H. (2006). “Estimation and inference in large heterogeneous panels with a multifactor error structure”, Econometrica, 74(4), 967-1012.
  • Pesaran, M. H. (2007). “A Simple Panel Unitroot Test in The Presence of Cross‐Section Dependence”, Journal of Applied Econometrics, 22(2):265-312.
  • Pesaran, M. H. ve Yamagata, T. (2008). “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, 142(1), 50-93.
  • Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). “A bias‐adjusted LM test of error cross‐section independence”, The Econometrics Journal, 11(1), 105-127.
  • Rachdia, H. and Saidib, H. (2015). “Democracy and economic growth: Evidence in MENA countries”, Procedia - Social and Behavioral Sciences, 191(2015):616- 621.
  • Rodrik, D. (2000). “Institutions for High Quality Growth: What They are and How to Acquire Them”, National Bureau of Economıc Research, Working Paper 7540.
  • Rodrik, D. (Ed.). (2003). In search of prosperity: Analytic narratives on economic growth. Princeton University Press.
  • Rodrik, D. (2007). One economics, many recipes. Princeton University Press.
  • Sekmen, F. & Özkan, F. (2012). “Relationship between democracy and economic growth: A panel data analysis”, African Journal of Business Management, 6(4), 1270-1275.
  • Sen, A. (1999). Development as Freedom, Alfred A. Knopf Inc., USA, 366s.
  • Sırım, V.,& Eraslan, M. (2020). “Interaction Between Democratization and Economic Growth”, Balkan Journal of Social Sciences, 9(17), 119-130.
  • Sirowy, L.,& Inkeles, A. (1990). “The effects of democracy on economic growth and inequality: a review”, St Comp Int Dev, 25: 126–157.
  • Śledzik, K. (2012). “BRICS, MIST (MIKT) or G5-Which'Club'of Economies Has the Biggest Growth Potential?” Available at SSRN 2192004.
  • Snowdon, B. ve Vane, H. (2005). Modern Macroeconomics Its Origins, Development and Current State. Cornwall: Edward Elgar Publishing.
  • Swamy, P. A. (1970). "Efficient İnference in a Random Coefficient Regression Model”, Econometrica: Journal of the Econometric Society, 311-323.
  • Şahin, D. (2017). “Democracy and Economic Growth Relationship in Transition Economies: Panel Data Analysis”, Journal of Social Sciences of Mus Alparslan University , 5(1), 45-57.
  • Tavares, J.,& Wacziarg, R. (2001). “How democracy affects growth”, European economic review, 45(8), 1341-1378.
  • Westerlund, J. (2008). “Panel cointegration tests of the Fisher effect”, Journal of Applied Econometrics, 23(2),193-23.
  • Yerdelen Tatoğlu, F. (2017). Panel Zaman Serileri Analizi Stata Uygulamalı (1. Baskı). Beta Yayıncılık, İstanbul.
  • Zellner, A. (1962). “An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias”, J. Am. Stat. Ass. 57, 348–368.
There are 74 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Research Article
Authors

İlyas Bayar 0000-0003-1278-7309

Early Pub Date July 5, 2023
Publication Date July 18, 2023
Acceptance Date May 10, 2023
Published in Issue Year 2023 Issue: 57

Cite

APA Bayar, İ. (2023). DEMOCRACY AND ECONOMIC GROWTH IN MIST COUNTRIES: AN EMPIRICAL ANALYSIS. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(57), 367-384. https://doi.org/10.30794/pausbed.1182911
AMA Bayar İ. DEMOCRACY AND ECONOMIC GROWTH IN MIST COUNTRIES: AN EMPIRICAL ANALYSIS. PAUSBED. July 2023;(57):367-384. doi:10.30794/pausbed.1182911
Chicago Bayar, İlyas. “DEMOCRACY AND ECONOMIC GROWTH IN MIST COUNTRIES: AN EMPIRICAL ANALYSIS”. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, no. 57 (July 2023): 367-84. https://doi.org/10.30794/pausbed.1182911.
EndNote Bayar İ (July 1, 2023) DEMOCRACY AND ECONOMIC GROWTH IN MIST COUNTRIES: AN EMPIRICAL ANALYSIS. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 57 367–384.
IEEE İ. Bayar, “DEMOCRACY AND ECONOMIC GROWTH IN MIST COUNTRIES: AN EMPIRICAL ANALYSIS”, PAUSBED, no. 57, pp. 367–384, July 2023, doi: 10.30794/pausbed.1182911.
ISNAD Bayar, İlyas. “DEMOCRACY AND ECONOMIC GROWTH IN MIST COUNTRIES: AN EMPIRICAL ANALYSIS”. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 57 (July 2023), 367-384. https://doi.org/10.30794/pausbed.1182911.
JAMA Bayar İ. DEMOCRACY AND ECONOMIC GROWTH IN MIST COUNTRIES: AN EMPIRICAL ANALYSIS. PAUSBED. 2023;:367–384.
MLA Bayar, İlyas. “DEMOCRACY AND ECONOMIC GROWTH IN MIST COUNTRIES: AN EMPIRICAL ANALYSIS”. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, no. 57, 2023, pp. 367-84, doi:10.30794/pausbed.1182911.
Vancouver Bayar İ. DEMOCRACY AND ECONOMIC GROWTH IN MIST COUNTRIES: AN EMPIRICAL ANALYSIS. PAUSBED. 2023(57):367-84.