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Author: Ξάφης, Κυριάκος
Title: Is democracy-led economic growth a myth or a reality? Evidence from a meta-analysis study
Date Issued: 2019
Department: Διατμηματικό Πρόγραμμα Μεταπτυχιακών Σπουδών στην Οικονομική Επιστήμη
Supervisor: Παναγιωτίδης, Θεόδωρος
Abstract: No definite conclusions have been drawn regarding the impact of political democracy on economic growth in spite of a plethora of theoretical and empirical studies. This study tries to explain the inconclusive relationship and overcome it if possible by the use of a quantitative assessment of the democracy-growth literature following the work published by Doucouliagos and Ulubasoglu in 2008. It applies meta-regression analysis to the population of 1221 estimates derived from 110 studies on democracy and economic growth. Using traditional meta-analysis estimators, publication selection bias tests, and Fixed and Random Effects meta-regression models, it derives some robust conclusions. Taking all the available published evidence together, it concludes that democracy has a zero direct impact on economic growth. However, democracy has robust, significant, and positive indirect effects through higher levels of economic freedom whereas it has robust, significant, and negative indirect effects through higher levels of income inequality. Democracies may also be associated with larger governments and less free international trade. There also appear to be country- and region-specific democracy-growth effects. Overall, democracy’s net effect on the economy is minimal and not detrimental.
Keywords: Democracy
Economic growth
Meta-regression analysis
Information: Διπλωματική εργασία--Πανεπιστήμιο Μακεδονίας, Θεσσαλονίκη, 2019.
Rights: Αναφορά Δημιουργού - Μη Εμπορική Χρήση - Παρόμοια Διανομή 4.0 Διεθνές
Appears in Collections:ΔΠΜΣ Οικονομική Επιστήμη (M)

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