THE RELATIONSHIP BETWEEN PROPERTY RIGHTS AND WELFARE: PANEL DATA ANALYSIS ON EU COUNTRIES

In the institutional structure, property rights are considered as a concept that can positively affect welfare. Protected property rights allow individuals to act economically freely and pave the way for undertakings. The aim of this study is to investigate the effects of property rights on welfare in European Union countries. In line with this aim, balanced panel data analysis was carried out in European Union countries by using data covering the years 2007-2014. International Property Rights Index published by the Property Rights Alliance was used as an indicator of property rights. The Welfare Index was published by the Legatum Institute as a welfare indicator. In the study, it was concluded that the developments in the protection of property rights in the European Union countries have a positive effect on the welfare level in these countries