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Democracy-growth nexus and its interaction effect on human development: A cross-national analysis |
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| Institution: | 1. Lincoln International Business School, University of Lincoln, Lincoln, United Kingdom;2. School of Business and Law, Edith Cowan University, 270 Joondalup Drive, Joondalup, Perth, WA 6027, Australia;1. Department of Financial Economics and Accounting at the Technical University of Cartagena, Calle Real 3, 30201 Cartagena, Murcia, Spain;2. Department of Quatitative Methods and Computing at the Technical University of Cartagena, Calle Real 3, 30201 Cartagena, Murcia, Spain;3. Department of Economic Analysis, Faculty of Economics María de Luna, University of Zaragoza, s/n, Campus ‘Rio Ebro’, 50018 Zaragoza, Spain;1. Department of Economics, Lahore School of Economics, Lahore 53200, Pakistan;2. Centre for Mathematics and Statistical Sciences, Lahore School of Economics, Lahore 53200, Pakistan;1. Hanken School of Economics, Kirjastonkatu 16, 65100 Vaasa, Finland;2. Hanken School of Economics, Arkadiankatu 22, 00101 Helsinki, Finland;3. Luleå University of Technology, SE-971 87 Luleå, Sweden |
| Abstract: | This paper examines the democracy-growth nexus and its interactive effect on human development by using cross-national panel data spanning over 20 years incorporating the effect of democratization process. We find evidence that the effect from democracy to human development is nonlinear and varies depending on the levels of growth and democracy. The results confirm that the interaction effect of democracy-growth nexus has a positive impact on human development but the effect is sensitive to democratization process and the level of a country's economic development. It is established that democracy is more crucial in developed countries, whereas economic growth is vital in developing countries. The findings imply that the role of democracy in enhancing human development should not be overemphasized as economic growth is vital in the developing countries. |
| Keywords: | Democracy Human development Economic growth |
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