Economics

The impact of economic freedom on economic growth in countries with high and low regulatory quality—lessons for Viet Nam

N. T. Hung, T. T. K. Oanh, et al.

This research conducted by Nguyen Tan Hung, Tran Thi Kim Oanh, and Chu Thi Thanh Trang delves into the intriguing relationship between economic freedom and growth across diverse countries. It uncovers how regulatory quality shapes this dynamic and offers unique insights into Vietnam's economic landscape, revealing surprising contrasts in various control factors. Discover the compelling policy implications aimed at enhancing economic freedom!

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Playback language: English

Index

Abstract

This article analyzes the impact of economic freedom on economic growth, considering the influence of regulatory quality (RQ). Bayesian linear regression on 54 countries (2008-2022), grouped by high/low RQ, reveals a positive effect of economic freedom on growth regardless of RQ. Vietnam's analysis shows no significant difference from other countries, but control variables (corruption control, financial development) reveal group differences. Vietnam shows contrasting effects for education expenditure, inflation, fixed capital formation, and population growth compared to other countries. Policy implications focus on strengthening economic freedom.

Publisher

Humanities and Social Sciences Communications

Published On

Sep 17, 2024

Authors

Nguyen Tan Hung, Tran Thi Kim Oanh, Chu Thi Thanh Trang

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