Arbeitspapier
Economic Freedom and Economic Crisis
In this paper, I explore the politically contested association between the degree of capitalism, captured by measures of economic freedom, and the risk and characteristics of economic crisis. After offering some brief theoretical considerations, I estimate the effects of economic freedom on crisis risk in the post-Cold War period 1993-2010. I further estimate the effects on the duration, peak-to-trough GDP ratios and recovery times of 212 crises across 175 countries within this period. Estimates suggest that economic freedom is robustly associated with smaller peak-to-trough ratios and shorter recovery time. These effects are driven by regulatory components of the economic freedom index.
- Language
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Englisch
- Bibliographic citation
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Series: IFN Working Paper ; No. 1056
- Classification
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Wirtschaft
Macroeconomic Analyses of Economic Development
Institutions and Growth
Capitalist Systems: Political Economy
- Subject
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Crisis
Economic freedom
Institutions
- Event
-
Geistige Schöpfung
- (who)
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Bjørnskov, Christian
- Event
-
Veröffentlichung
- (who)
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Research Institute of Industrial Economics (IFN)
- (where)
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Stockholm
- (when)
-
2015
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Bjørnskov, Christian
- Research Institute of Industrial Economics (IFN)
Time of origin
- 2015
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