Stochastic convergence analysis of US state economic freedom sub-components: Evidence from unit root tests for bounded processes

IF 0.9 4区经济学 Q3 ECONOMICS

American Journal of Economics and Sociology Pub Date : 2023-03-26 DOI:10.1111/ajes.12509

James E. Payne, James W. Saunoris, Saban Nazlioglu, Cagin Karul

引用次数: 0

Abstract

This study tests for convergence of the three main sub-components of economic freedom (government spending, taxation, and labor market freedom) for the 50 US states from 1981 to 2019. In particular, we test for stochastic convergence using unit root tests that account for structural breaks and bounded processes. By controlling for these sources of parameter instability, we find limited evidence in favor of stochastic convergence across the three sub-components of economic freedom. However, we find more evidence of stochastic convergence with respect to the sub-components than in the case of the overall economic freedom at the US state level. Our results highlight the distinct nature of the institutional quality across states as represented by government spending, taxation, and labor market freedom.

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美国国家经济自由子成分的随机收敛分析:有界过程的单位根检验证据

本研究测试了1981年至2019年美国50个州经济自由的三个主要子组成部分(政府支出、税收和劳动力市场自由)的收敛性。特别地，我们使用单位根检验来检验随机收敛性，该检验考虑了结构断裂和有界过程。通过控制这些参数不稳定性的来源，我们发现有限的证据支持经济自由的三个子组成部分的随机收敛。然而，我们发现，相对于美国州一级的整体经济自由，子成分的随机收敛性证据更多。我们的研究结果强调了政府支出、税收和劳动力市场自由所代表的各州制度质量的不同性质。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

American Journal of Economics and Sociology Multiple-

CiteScore

1.90

自引率

12.50%

发文量

期刊介绍： The American Journal of Economics and Sociology (AJES) was founded in 1941, with support from the Robert Schalkenbach Foundation, to encourage the development of transdisciplinary solutions to social problems. In the introduction to the first issue, John Dewey observed that “the hostile state of the world and the intellectual division that has been built up in so-called ‘social science,’ are … reflections and expressions of the same fundamental causes.” Dewey commended this journal for its intention to promote “synthesis in the social field.” Dewey wrote those words almost six decades after the social science associations split off from the American Historical Association in pursuit of value-free knowledge derived from specialized disciplines. Since he wrote them, academic or disciplinary specialization has become even more pronounced. Multi-disciplinary work is superficially extolled in major universities, but practices and incentives still favor highly specialized work. The result is that academia has become a bastion of analytic excellence, breaking phenomena into components for intensive investigation, but it contributes little synthetic or holistic understanding that can aid society in finding solutions to contemporary problems. Analytic work remains important, but in response to the current lop-sided emphasis on specialization, the board of AJES has decided to return to its roots by emphasizing a more integrated and practical approach to knowledge.