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Wiley InterScience | ||||||||||
  Journal of Economic SurveysVolume 20 Issue 2, Pages 157 - 191 Published Online: 23 Mar 2006 Journal compilation © 2010 Blackwell Publishing Ltd
Abstract | References | Full Text: PDF (Size: 234K) | Related Articles | Citation Tracking  Market‐oriented institutions and policies and economic growth: A critical survey Copyright Blackwell Publishers Ltd, 2006 KEYWORDS Economic freedom • Economic growth • Liberalization ABSTRACTAbstract. This paper surveys recent evidence suggesting that market‐oriented institutions and policies are strongly related to economic growth, focusing on studies using the economic freedom (EF) indicator of the Fraser Institute. This index is critically discussed. Also various serious shortcomings of empirical studies using this index are identified. Nevertheless, there are strong indications that liberalization, i.e. an increase in the EF index, stimulates economic growth. This paper also reviews studies on the determinants of EF. Political liberalization is often found to enhance economic liberalization, whereas there is less evidence for causality running in the other direction. Received: 28 February 2002; Accepted: 09 September 2002; | 
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