The relationship between property rights and economic growth: An analysis of EU and OECD countries

The property is a social concept a legal event and one of the most important subjects of an economic life. The property right is the ability of using a source or a material transfer to another person or the ability of controling it. The protection, promotion and advancement of property rights, which are seen as an engine of economic growth, have become a focus of many researchers, academics and politicians in developed and developing countries. Within our study, the direction of the relationship between property rights and economic growth was examined within the context of OECD and European Union coutries. In this manner, the effects of property rights on the economic growth in the EU and OECD countries for the period 2009-2017 was investigated using panel data analysis. The results of the analysis indicate the positive relationship between property rights and economic growth. Keywords: Property Rights, Economic Growth, Institutional Economics, Property Right Index, Panel Data Analysis.