Convergence analysis on ten sub-indexes of economic freedom Online publication date: Wed, 15-Apr-2015
by Yu Sang Chang; JiHye Kim; Young Soo Kim
International Journal of Public Policy (IJPP), Vol. 11, No. 1/2/3, 2015
Abstract: The purpose of this paper is to examine the transition of ten sub-indexes of economic freedom among 130 countries in the world. The three central questions of this study are: do economic freedom sub-indexes converge? Do some sub-indexes of economic freedom display more clear-cut convergence when their index points are increasing over time? Which clusters of economic sub-indexes display faster rate of convergence? Analyses of sub-indexes of economic freedom are critical because each of these individual sub-indexes independently determines final value of the overall index. The answer to the first question varies by each specific sub-index. The answer to the second question is that countries with increasing index points display much more clear-cut convergence. As for the third question, those sub-indexes receiving high index points from large number of countries exhibit faster rate of convergence. Several policy implications are discussed in conclusion.
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