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Empirical analysis of the impact of economic freedom on economic growth in the Slovak Republic, the Czech Republic and Singapore

Author

Listed:
  • Katarína Belanová

    (University of Economics in Bratislava, Slovakia)

  • Rudolf Sivák

    (University of Economics in Bratislava, Slovakia)

  • Boris Dziura

    (University of Economics in Bratislava, Slovakia)

  • Silvia Bastyr

    (University of Economics in Bratislava, Slovakia)

  • Miriana Šípová

    (University of Economics in Bratislava, Slovakia)

Abstract
A quality business environment is considered a key factor that affects the competitiveness and growth of the market economy. The article provides an evaluation of the development of the business environment in the Slovak Republic and its comparison with selected countries using the Index of Economic Freedom from the Heritage Foundation. The aim is to verify the influence of individual sub-indexes of the Index of Economic Freedom on the economic growth of the Slovak Republic, the Czech Republic and Singapore, measured by the GDP per capita growth (%), through a panel analysis. By choosing these three countries over a period of 20 years, the article brings new knowledge that appropriately complements already conducted empirical studies in the researched area. As a result, two of the twelve sub-indexes of the economic freedom index, namely the labor freedom sub-index and the monetary freedom sub-index, demonstrated an impact on the economic growth of the surveyed countries. In addition to them, the dependent variable is also influenced by the control variables foreign direct investment and gross capital formation. However, economic freedom is a complex indicator, so importance should also be attributed to other sub-indexes of the Index of Economic Freedom as a manifestation of the synergy of all its basic elements in the creation of macroeconomic policy.

Suggested Citation

  • Katarína Belanová & Rudolf Sivák & Boris Dziura & Silvia Bastyr & Miriana Šípová, 2023. "Empirical analysis of the impact of economic freedom on economic growth in the Slovak Republic, the Czech Republic and Singapore," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 11(2), pages 419-432, December.
    • Handle: RePEc:ssi:jouesi:v:11:y:2023:i:2:p:419-432
    DOI: 10.9770/jesi.2023.11.2(28)
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    References listed on IDEAS

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    More about this item

    Keywords

    index of economic freedom; GDP per capita growth; business environment;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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