This study examined whether there was a relationship between the level of democracy and economic\r\ngrowth. For this purpose, the study took into account developed countries, also developing and some\r\nof the Eastern European countries and panel data analysis has been used to observe the relationship.\r\nAustria, Belgium, Denmark, France, Italia, Holland and the United States were selected as\r\nrepresentative of developed countries. This study considered Argentina, Chile, Egypt, Greece, India and\r\nTurkey as developing countries. Also, some of the Eastern European countries which experienced\r\ncommunist regime such as Albania, Bulgaria and Check Republic, Estonia and Romania have been\r\naccounted and evaluated in the developing countries category. The results suggested that the level of\r\ndemocracy did not affect economic growth for developed countries, yet the level of democracy\r\nnegatively affected economic growth of some of the Eastern European countries.
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