Eva Ivanová
Jana Masárová

Alexander Dubček University of Trenčín, Faculty of Social and Economic Relations, Trenčín, Študentská 3, Slovak Republic

DOI: https://doi.org/10.31410/ITEMA.2018.303

2nd International Scientific Conference on Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture – ITEMA 2018 – Graz, Austria, November 8, 2018, CONFERENCE PROCEEDINGS published by the Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-13-4


Economic Indicators such as Index of Economic Freedom and Gross Domestic Product are interrelated, thus it is interesting to observe their trend as well as to measure their mutual influence separately. The Index of Economic Freedom is a composite index being compiled from the assessment of ten categories within the four key domains. Countries with higher Economic Freedom Index have higher economic performance as well as faster gross domestic product growth, and higher gross domestic product per capita.

We observe the development analysis of both indicators within the V4 countries in a wider context of European countries. Within the period under review, the best values within the surveyed indicators of V4 countries were reached by Czech Republic, relatively the worst values were obtained by Poland. The GDP growth rate in V4 countries was highest in Slovak Republic and Czech Republic within the observed period, meanwhile a decline in GDP growth was observed by all V4 countries that experienced a strong financial crisis in 2009. Czech Republic has been reaching the highest GDP per capita values within the V4 countries during the whole period under review.

Time series analysis, comparison and correlation analysis are the basic methods of finding and assessing the issue. The processing data were obtained from the Eurostat database, Fraser Institute, and The Heritage Foundation.

Key words

Gross Domestic Product, Economic Growth, Economic Freedom, Index of Economic Freedom, Economic Freedom of the World, V4 Countries.

[1] Eurostat. (2017) Database, Available at: https://ec.europa.eu/eurostat/data/database
[2] The World Bank. (2018) DataBank, Available at: https://databank.worldbank.org/data/home.aspx
[3] The Heritage Foundation. (2017) Index of Economic Freedom, Available at: https://www.heritage.org/index/.
[4] Fraser Institute. (2017) Economic Freedom, Available at: https://www.fraserinstitute.org/economic-freedom/history-of-free-the-world.
[5] Janský, B. (2014) Výkonnosť ekonomiky a ekonomický rast, ekonomický cyklus, In: Habánik, J. a kol.: Makroekonómia, Trenčín: A. Dubček University of Trenčín.
[6] Habánik, J., Koišová, E. (2011) Regionálna ekonomika a politika, Bratislava: Sprint dva.
[7] Manda, V. (2015) K sporu medzi ekonomickou slobodou a ekonomickou demokraciou, In: Philosophica Critica, Vol. 1., No. 1, pp. 5-20.
[8] Friedman, M. (1962) Capitalism and Freedom, Chicago: University of Chicago Press.
[9] Miller, T., Kim, A.B. (2014) Defining Economic Freedom, In: Index of Economic Freedom. Washington, New York: The Heritage Foundation and Dow Jones & Company, Inc.
[10] Lawson, R.A. (2008) Economic freedom, In: The Concise Encyclopedia of Economics, Liberty fund 2008, Available at: https://www.econlib.org/library/enc/economicfreedom.html.
[11] Gwartney, J., Lawson, R. – Hall, J. (2014) Economic Freedom of the World: 2014 Annual Report, Vancouver: Fraser Institute/Economic Freedom Network.
[12] Lisý, J. a kol. (2011) Ekonomický rast a ekonomický cyklus. Teoretické a praktické problémy, Bratislava: Iura Edition.
[13] Moers, L. (2002) Institutions, Economic Performance and Transition, In: Tinbergen Institute Research Series 269.
[14] Webster, A. L. (2013) Is there Feed-Back between Economic Freedom and Economic Growth: A Comparative Granger-Causality Test based on Quartiles, In: Applied Econometrics and International Development, Vol. 13 – 1.
[15] North C. D. (1988) Institution, Economic Growth and Freedom: An Historical Introduction, Freedom, Democracy and Economic Welfare, Vancouver: Fraser Institute.
[16] Sen, A. (2000) Development as Freedom, Oxford: Oxford University Press.
[17] Moravčík, M. (2011) Ekonomická sloboda a ekonomický rast, In: Lisý, J. et al.: Ekonomický rast a ekonomický cyklus, Bratislava: IURA Edition.
[18] Ismail, N., Hook, L. S. (2012) Economic Freedom, Inequality and Growth, In: Proceedings of USM-AUT International Conference (UAIC) 2012, Penang: Bayview Beach Resort, pp. 683-690.
[19] Kešeljević, A. (2007) Indexes of economic freedom – An outline and open issues, In: Zbornik radova Ekonomskog fakulteta u Rijeci – Proceedings of Rijeka Faculty of economics, vol. 25, Issue 2, pp. 223-243.
[20] Gwartney, J., Lawson, R. (2004) Ten Consequences of Economic Freedom, In: NCPA Policy Report No. 268.
[21] Kordos, M. (2016) Common Aspects of the European Union Cluster and Competition Policies, In: Proceedings of the 1st International Conference Contemporary Issues in Theory and Practice of Management: CITPM 2016, pp. 210-215.
[22] Diaz, A., Montes, J. L. (2008) A Model for the Measurement of Economic Freedom, In: Proceedings 22nd European Conference on Modelling and Simulation ©ECMS.
[23] Masárová, T., Živčicová, E. (2012) Meranie kvality života, Žilina: GEORG.
[24] Gwartney, J., Lawson, R., Block, W. (1996) Economic Freedom of the World: 1975-1995, Vancouver: Fraser Institute.
[25] The Heritage Foundation. (2017) About The Index, Available at: https://www.heritage.org/index/about
[26] Legum, M. (2007) Should We Aspire to a High Score for ‘Economic Freedom’? In: PostAutistic Economics Review, 42, p. 60. Available at: https://www.paecon.net/PAEReview/issue42/Legum42.pdf.
[27] Stanford, J. (2007) A Silly Project, In: Post-Autistic Economics Review, 43, p. 59, Available at: https://www.paecon.net/PAEReview/ issue43/Stanford43.pdf.
[28] Hall, J.C., Lawson, R.A., Luther, W. (2007) Economic freedom is negative liberty: A comment on Legum (2007) and Stanford (2007), In: Real-world economics review, no. 47, pp. 261-262.
[29] Koišová, E. (2013) Trh práce v krajinách Vyšehradskej štvorky, In: MMK 2013. Hradec Králové: Magnanimitas.
[30] Visegrad Group. (2017) About the Visegrad Group, Available at: https://www.visegradgroup.eu/about
[31] Habánik, J. (2005) Hodnotenie výkonnosti slovenskej ekonomiky. In: Sociálno-ekonomická revue. č. 2 (7), s. 53-65. ISSN 1336-3727.


Association of Economists and Managers of the Balkans – UdEkoM Balkan
179 Ustanicka St, 11000 Belgrade, Republic of Serbia