The Effect of Democracy and Political Stability on Economic Growth: Empirical Evidence from BRICS-T Countries (2002- 2020)

Sungur O., Altiner A.

SOSYOEKONOMI, cilt.31, sa.58, ss.161-178, 2023 (ESCI) identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 31 Sayı: 58
  • Basım Tarihi: 2023
  • Doi Numarası: 10.17233/sosyoekonomi.2023.04.08
  • Dergi Adı: SOSYOEKONOMI
  • Derginin Tarandığı İndeksler: Emerging Sources Citation Index (ESCI), TR DİZİN (ULAKBİM)
  • Sayfa Sayıları: ss.161-178
  • Anahtar Kelimeler: Democracy, Political Stability, Economic Growth, Panel Data Analysis
  • Recep Tayyip Erdoğan Üniversitesi Adresli: Evet

Özet

This study examines the impact of democracy and political stability on economic growth in BRICS-T countries from 2002-2020. A panel data analysis investigated the relationship between democracy, political stability, the absence of violence, and economic growth. Results indicate that the democratisation process positively impacts economic growth, while political stability has a negative impact. Additionally, the study found a positive effect on economic growth from the population, inflation, and public expenditures variables, while the variables of gross fixed capital accumulation, foreign direct investment, and urbanisation did not have a substantial effect on economic growth.

Anahtar Kelimeler: Democracy, Political Stability, Economic Growth, Panel Data Analysis