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Title: A random walk to economic freedom?
Authors: Witte, Mark David
Issue Date: 2013
Publisher: European Association for Comparative Economic Studies (EACES)
Università Carlo Cattaneo - LIUC
Bibliographic citation: Hefner Frank, Witte Mark David (2013), A random walk to economic freedom?. In: The European Journal of Comparative Economics, vol. 10. n. 1, 2013, p. 27-47. E-ISSN 1824-2979.
Abstract: Given the wide use of economic freedom in economic literature it is imperative to understand how economic freedom evolves. Results suggest that levels of economic freedom are dominated by random shocks. Using a test for stationarity devised by Westerlund and Larsson (2012) we are unable to reject the null hypothesis of a random walk. The changes to economic freedom also are mostly driven by random shocks with only a minor role played by country specific characteristics. Additionally, changes to economic freedom are partially reversed as increases (decreases) in one year are partially offset by decreases (increases) in the next year.
Journal/Book: The European journal of comparative economics
Appears in Collections:EJCE

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