An Econometric Analysis of the Military Expenditure and External Debt in Argentina
AbstractThis study analyzes the Argentine Financial Crisis of 2001 through investigating the impact of military expenditure on external debt in Argentina. For this purpose, Granger-causality testing procedure is applied on yearly data between 1971 and 2002. Strong evidence emerged that military burden had no impact on the evolution of debt in Argentina: Results of Granger-causality test show that the null hypotheses of military expenditure does not granger cause external debt is not rejected. Results show no evidence of reverse causality either. This finding invalidates the hypothesis that military burden may be important in determining the evolution of debt in developing countries.
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Bibliographic InfoArticle provided by Camera di Commercio di Genova in its journal Economia Internazionale / International Economics.
Volume (Year): 58 (2005)
Issue (Month): 4 ()
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Military spending; external debt; Argentine financial crisis; Granger-causality;
Find related papers by JEL classification:
- F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
- H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
- O54 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
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- Paresh Kumar Narayan & Russell Smyth, 2007. "The Military Expenditure-External Debt Nexus: New Evidence From A Panel Of Middle Eastern Countries," Development Research Unit Working Paper Series 17-07, Monash University, Department of Economics.
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