Table of Contents

Economic Behavior, Economic Freedom, and Entrepreneurship

Economic Behavior, Economic Freedom, and Entrepreneurship

Edited by Richard J. Cebula, Joshua Hall, Franklin G. Mixon Jr and James E. Payne

Expert editors add to an important field of research, the economics of entrepreneurship, and explore how institutions influence entrepreneurial behavior. This book provides comprehensive and contemporary insights into the interaction between economic behavior of firms and households, economic freedom, and entrepreneurship, and how it generates an environment with greater opportunities for growth and development for individuals, households, and private-sector firms.

Chapter 14: Economic freedom and microfinance efficiency in Eastern Europe and Central Asia

Steven B. Caudill, Daniel M. Gropper, Valentina Hartarska and Franklin G. Mixon Jr.

Subjects: economics and finance, austrian economics, economics of entrepreneurship, political economy


There have been numerous studies examining the relationship between economic freedom and economic growth. At the same time, there have been relatively few studies examining production or cost relationships for microfinance institutions, largely due to the lack of adequate data. The goal of this chapter is to combine these two strands of literature. In particular, we examine the impact of improvements in economic freedom on microfinance efficiency for microfinance institutions in Europe and Central Asia using a translog cost function. We find that increased microfinance efficiency is associated with improvements in economic freedom and that those countries experiencing large changes in economic freedom experience significant improvements in microfinance efficiency.

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