Ownership rights and ASEAN-5 economic growth
Abstract:
Purpose: The basis of this opinion is that human resources, property rights and physical capital and other factors of production that are used effectively can encourage an increase in economic growth.
Research methodology: Panel data is the data used in this study with the best method, namely the Common Effect Model obtained from the Eviews 9.0 analysis tool.
Result: Based on the calculation results show that the Right of Ownership (IPR), the ratio of labor, and foreign investment have a positive and significant effect on economic growth. That is, if the GPA increases by one percent, it will encourage economic growth in a better direction, ceteris paribus. Early Growth has a positive and significant effect on economic growth. This means that there is economic convergence as indicated by a positive initial growth value.
Limitations: The need to increase the time and number of cross-sections in the study so that it has a higher diversity of data.
Contribution: Increasing property rights in ASEAN must also strengthen property rights norms that apply in society to improve the country's economic performance.
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References
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Ahmed Lahsen, A., & Piper, A. T. (2019). Property rights and intellectual property protection, GDP growth and individual well-being in Latin America. Latin American Economic Review, 28(1), 1-21.
Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of international economics, 64(1), 89-112.
Amir, H., Khan, M., & Bilal, K. (2015). Impact of educated labor force on Economic growth of Pakistan: A human capital perspective. European Online Journal of Natural and Social Sciences, 4(4), 814-831.
Baltagi, B. H. (2015). The Oxford handbook of panel data: Oxford Handbooks.
Baltagi, B. H., & Baltagi, B. H. (2008). Econometric analysis of panel data (Vol. 4): Springer.
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Besley, T., & Ghatak, M. (2010). Property rights and economic development. Handbook of development economics (Vol. 5, pp. 4525-4595): Elsevier.
?adil, J., Petkovová, L., & Blatná, D. (2014). Human capital, economic structure and growth. Procedia economics and finance, 12, 85-92.
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Croix, D. d. l. (2015). Economic Growth International Encyclopedia of the Social & Behavioral Sciences (Second Edition).
Dakhli, M., & De Clercq, D. (2004). Human capital, social capital, and innovation: a multi-country study. Entrepreneurship & regional development, 16(2), 107-128.
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Easterly, W., & Levine, R. (2003). Tropics, germs, and crops: how endowments influence economic development. Journal of monetary economics, 50(1), 3-39.
Everest-Phillips, M. (2008). The Myth of ‘Secure Property Rights’: good economics as bad history and its impact on international development. London: Overseas Development Institute Working Paper.
Froyen, R. T. (2013). Macroeconomics: Theories and policies.
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Haydaro?lu, C. (2015). The relationship between property rights and economic growth: an analysis of OECD and EU countries. DANUBE: Law, Economics and Social Issues Review, 6(4), 217-239.
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Koyongian, C. L., Kindangen, P., & Kawung, G. M. (2019). Pengaruh Pengeluaran Pemerintah, Investasi, Dan Tenaga Kerja Terhadap Pertumbuhan Ekonomi Di Kota Manado. Jurnal Pembangunan Ekonomi Dan Keuangan Daerah, 18(7).
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Levine, R., & Renelt, D. (1992). A sensitivity analysis of cross-country growth regressions. The American economic review, 942-963.
Maharani, K., & Isnowati, S. (2014). Kajian investasi, pengeluaran pemerintah, tenaga kerja dan keterbukaan ekonomi terhadap pertumbuhan ekonomi di Propinsi Jawa Tengah. Jurnal Bisnis dan Ekonomi, 21(1).
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Moricz, S., & Sjöholm, F. (2014). The effect of elections on economic growth: results from a natural experiment in Indonesia.
Ngenoh, E., Kirui, L., Mutai, B., Maina, M., & Koech, W. (2015). Economic determinants of the performance of public irrigation schemes in Kenya. Journal of Development and Agricultural Economics, 7(10), 344-352.
Radelet, S., & Sachs, J. D. (1998). Shipping costs, manufactured exports, and economic growth.
Rizky, R. L., Agustin, G., & Mukhlis, I. (2016). Pengaruh Penanaman Modal Asing, Penanaman Modal Dalam Negeri Dan Belanja Modal Terhadap Pertumbuhan Ekonomi Provinsi Di Indonesia. Jurnal Ekonomi dan Studi Pembangunan (Journal of Economics and Development Studies), 8(1), 9-16.
Sani, R. M., Sambodo, H., & Bambang, B. (2018). The Effect of Human Capital, Labors, and Capital on Economic Growth in Barlingmascakeb. Eko-Regional: Jurnal Pembangunan Ekonomi Wilayah, 13(2).
Sari, M., Syechalad, M. N., & Majid, S. A. (2016). Pengaruh investasi, tenaga kerja dan pengeluaran pemerintah terhadap pertumbuhan ekonomi di Indonesia. Jurnal Ekonomi Dan Kebijakan Publik Indonesia, 3(2), 109-115.
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Todaro, M. P., & Smith, S. C. (2015). Economic Development, ISBN 9780133406788: United Kingdom: Pearson Education, Inc.
Vijesandiran, S., & Vinayagathasan, T. (2015). Dynamic relationship between human capital and economic growth in Sri Lanka: A co-integration analysis. Asian Online Journal, 2(2), 20-29.
Williams, C. (2007). Research Methods, Journal of Business & Economic Research–March 2007 Volume 5, Number 3: New York: Grand Canyon University.
- References
- Acemoglu, D., Johnson, S., & Robinson, J. (2005). Chapter 6 Institutions as a Fundamental Cause of Long-Run Growth. u: Handbook of Economic Growth Volume 1A: Elsevier BV.
- Ahmed Lahsen, A., & Piper, A. T. (2019). Property rights and intellectual property protection, GDP growth and individual well-being in Latin America. Latin American Economic Review, 28(1), 1-21.
- Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of international economics, 64(1), 89-112.
- Amir, H., Khan, M., & Bilal, K. (2015). Impact of educated labor force on Economic growth of Pakistan: A human capital perspective. European Online Journal of Natural and Social Sciences, 4(4), 814-831.
- Baltagi, B. H. (2015). The Oxford handbook of panel data: Oxford Handbooks.
- Baltagi, B. H., & Baltagi, B. H. (2008). Econometric analysis of panel data (Vol. 4): Springer.
- Behname, M. (2012). Foreign direct investment and economic growth: Evidence from Southern Asia. Atlantic Review of economics, 2.
- Besley, T., & Ghatak, M. (2010). Property rights and economic development. Handbook of development economics (Vol. 5, pp. 4525-4595): Elsevier.
- ?adil, J., Petkovová, L., & Blatná, D. (2014). Human capital, economic structure and growth. Procedia economics and finance, 12, 85-92.
- Chirwa, T. G., & Odhiambo, N. M. (2016). Macroeconomic determinants of economic growth: A review of international literature. The South East European Journal of Economics and Business, 11(2).
- Croix, D. d. l. (2015). Economic Growth International Encyclopedia of the Social & Behavioral Sciences (Second Edition).
- Dakhli, M., & De Clercq, D. (2004). Human capital, social capital, and innovation: a multi-country study. Entrepreneurship & regional development, 16(2), 107-128.
- Durham, J. B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth. European economic review, 48(2), 285-306.
- Easterly, W., & Levine, R. (2003). Tropics, germs, and crops: how endowments influence economic development. Journal of monetary economics, 50(1), 3-39.
- Everest-Phillips, M. (2008). The Myth of ‘Secure Property Rights’: good economics as bad history and its impact on international development. London: Overseas Development Institute Working Paper.
- Froyen, R. T. (2013). Macroeconomics: Theories and policies.
- Glaeser, E. L., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2004). Do institutions cause growth? Journal of economic Growth, 9(3), 271-303.
- Hapsari, R. D., & Prakoso, I. (2016). Penanaman modal dan pertumbuhan ekonomi tingkat provinsi di Indonesia. Jurnal Ekonomi dan Bisnis, 19(2), 211-224.
- Haydaro?lu, C. (2015). The relationship between property rights and economic growth: an analysis of OECD and EU countries. DANUBE: Law, Economics and Social Issues Review, 6(4), 217-239.
- Hoover, K. D. (2009). Modern Macroeconomics: Its Origins, Development, and Current State: Duke University Press.
- Hsiao, C., & Shen, Y. (2003). Foreign direct investment and economic growth: the importance of institutions and urbanization. Economic development and Cultural change, 51(4), 883-896.
- Klasen, S., Herzer, D., & Nowak-Lehmann D, F. (2007). In search of FDI-led growth in developing countries.
- Koyongian, C. L., Kindangen, P., & Kawung, G. M. (2019). Pengaruh Pengeluaran Pemerintah, Investasi, Dan Tenaga Kerja Terhadap Pertumbuhan Ekonomi Di Kota Manado. Jurnal Pembangunan Ekonomi Dan Keuangan Daerah, 18(7).
- Krugman, P., & Wells, R. (2018). Macroeconomics (Fifth Edit): Worth Publishers.
- Larasati, I. S. (2018). Pengaruh Inflasi, Ekspor, dan Tenaga Kerja Terhadap Produk Domestik Bruto (PDB)(Studi Pada Indonesia, Malaysia, dan Thailand Tahun 2007–2016). Universitas Brawijaya.
- Levine, R., & Renelt, D. (1992). A sensitivity analysis of cross-country growth regressions. The American economic review, 942-963.
- Maharani, K., & Isnowati, S. (2014). Kajian investasi, pengeluaran pemerintah, tenaga kerja dan keterbukaan ekonomi terhadap pertumbuhan ekonomi di Propinsi Jawa Tengah. Jurnal Bisnis dan Ekonomi, 21(1).
- Maisaroh, M., & Risyanto, H. (2018). Pengaruh Investasi, Pengeluaran Pemerintah Dan Tenaga Kerja Terhadap Pdrb Provinsi Banten. EkBis: Jurnal Ekonomi dan Bisnis, 1(2), 206-221.
- Mankiw, N. G. (2019). Macroeconomics: Macmillan Learning.
- McArthur, J. W., & Sachs, J. D. (2001). Institutions and geography: comment on Acemoglu, Johnson and Robinson (2000): National bureau of economic research Cambridge, Mass., USA.
- Misztal, P. (2011). The Relationship between Savings and Economic Growth in Countries with Different Level of Economic Development (Wspólzaleznosci miedzy oszczednosciami i wzrostem gospodarczym w krajach o róznym poziomie rozwoju gospodarczego). Finansowy Kwartalnik Internetowy e-Finanse, 7(2), 17-29.
- Moricz, S., & Sjöholm, F. (2014). The effect of elections on economic growth: results from a natural experiment in Indonesia.
- Ngenoh, E., Kirui, L., Mutai, B., Maina, M., & Koech, W. (2015). Economic determinants of the performance of public irrigation schemes in Kenya. Journal of Development and Agricultural Economics, 7(10), 344-352.
- Radelet, S., & Sachs, J. D. (1998). Shipping costs, manufactured exports, and economic growth.
- Rizky, R. L., Agustin, G., & Mukhlis, I. (2016). Pengaruh Penanaman Modal Asing, Penanaman Modal Dalam Negeri Dan Belanja Modal Terhadap Pertumbuhan Ekonomi Provinsi Di Indonesia. Jurnal Ekonomi dan Studi Pembangunan (Journal of Economics and Development Studies), 8(1), 9-16.
- Sani, R. M., Sambodo, H., & Bambang, B. (2018). The Effect of Human Capital, Labors, and Capital on Economic Growth in Barlingmascakeb. Eko-Regional: Jurnal Pembangunan Ekonomi Wilayah, 13(2).
- Sari, M., Syechalad, M. N., & Majid, S. A. (2016). Pengaruh investasi, tenaga kerja dan pengeluaran pemerintah terhadap pertumbuhan ekonomi di Indonesia. Jurnal Ekonomi Dan Kebijakan Publik Indonesia, 3(2), 109-115.
- Todaro, M. P., & Smith, S. C. (2006). Economic development 8th edition. Manila, Philippines: Pearson South Asia Pte. Ltd.
- Todaro, M. P., & Smith, S. C. (2015). Economic Development, ISBN 9780133406788: United Kingdom: Pearson Education, Inc.
- Vijesandiran, S., & Vinayagathasan, T. (2015). Dynamic relationship between human capital and economic growth in Sri Lanka: A co-integration analysis. Asian Online Journal, 2(2), 20-29.
- Williams, C. (2007). Research Methods, Journal of Business & Economic Research–March 2007 Volume 5, Number 3: New York: Grand Canyon University.