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2020, vol. 67, br. 2, str. 187-206
An econometric study of the role of the political stability on the relationship between democracy and economic growth
(naslov ne postoji na srpskom)
aUniversity of Sfax, Faculty of Economics and Management, Unit of Research in Applied Economics (URECA), Tunisia
bUniversity of Sfax, Faculty of Economics and Management, Tunisia

e-adresanedra.baklouti@gmail.com, younes.boujelbene@gmail.com
Ključne reči: political stability; democracy; economic growth; MENA countries
(ne postoji na srpskom)
This article examines the nexus between democracy and economic growth while taking into account the role of political stability, using dynamic panel data model estimated by means of the Generalized Method of Moments (GMM) over the period 1998 to 2011 for 17 Middle East and North Africa (MENA) countries. Our empirical results showed that there is a bidirectional causal relationship between democracy and economic growth. Moreover, it was found that the effect of democracy on economic growth depends on the political stability. The results also indicated that there is important complementarity between political stability and democracy. In fact, political stability is a key determinant variable of economic growth. Eventually, democracy and political stability, taken together, have a positive and statistically significant effect on economic growth. This finding suggests that, if accompanied by a stable political system, democracy can contribute to the economic growth of countries. Thus, the MENA governments should use policies to promote political stability in the region.
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O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.2298/PAN170308015B
objavljen u SCIndeksu: 08.06.2020.
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