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

IF 1.2 Q4 BUSINESS

Entrepreneurship and Sustainability Issues Pub Date : 2023-12-01 DOI:10.9770/jesi.2023.11.2(28)

Katarína Belanová, Rudolf Sivák, Boris Dziura, Silvia Bastyr, Miriana Šípová

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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.

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斯洛伐克共和国、捷克共和国和新加坡经济自由对经济增长影响的实证分析

.优质的商业环境被认为是影响市场经济竞争力和增长的关键因素。文章利用传统基金会的经济自由度指数对斯洛伐克共和国的商业环境发展进行了评估，并将其与部分国家进行了比较。文章旨在通过面板分析，验证经济自由度指数的各个分指数对斯洛伐克共和国、捷克共和国和新加坡经济增长的影响（以人均国内生产总值增长率（%）衡量）。文章选择这三个国家进行为期 20 年的研究，为研究领域已有的实证研究提供了新的知识和适当的补充。因此，在经济自由度指数的十二个分指数中，有两个分指数（即劳动自由度分指数和货币自由度分指数）对被调查国家的经济增长产生了影响。除此之外，因变量还受到控制变量外国直接投资和资本形成总额的影响。不过，经济自由度是一个复杂的指标，因此还应重视经济自由度指数的其他分指数，以体现其所有基本要素在制定宏观经济政策时的协同作用。

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来源期刊

Entrepreneurship and Sustainability Issues BUSINESS-

自引率

5.90%

发文量

审稿时长

20 weeks

期刊介绍： ENTREPRENEURSHIP AND SUSTAINABILITY ISSUES ISSN 2345-0282 (online) is a peer-reviewed scientific journal, serving as a platform to foster multi/interdisciplinary innovations that bring together the research communities and the end-users being affected. It is where theory meets practice, evident in the authors being experts across the industrial value chain – including business visionaries, regulatory and standards bodies, and especially pan-European networking through public and private sector partnerships (PPPs). Accepted papers present outcomes of initiatives and findings across all fields of science and technology, especially social sciences and humanities. Multi/interdisciplinary approach is encouraged. Recent additions to the already well-accomplished editorial board includes experts from the energy and information and communication technologies (ICT) sectors, particularly focused on advances to the state of the arts in environmental sustainability developments. This journal publishes original research papers that are rich with case studies of modern demonstrations, presenting innovative solutions to socio-economic and socio-technical problems that plague modern societies. It is a journal that is positioned as collaborative platform where theory meets practice, which is accomplished by publishing authors who’ve uncovered new linkages between data formulation and the underpinning theories, cases, observations, and validated hypotheses arising from the analysis of that data. ESI journal scope includes as well a particular focus on the business development side of smart electricity grids regarding financial or innovative technological aspects surrounding: renewable production, energy storage and management, construction materials, retrofitting, urban planning, and the trading of actors within emerging markets affected by energy supply and demand tradeoff.