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An Empirical Investigation of External Debt - Military Expenditure Nexus in Bangladesh

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  • Khalid ZAMAN

    ()
    (Department of Management Sciences, COMSATS Institute of Information Technology, Abbottabad, Pakistan)

  • Qazi Shujaat MAHMOOD

    (Department of Management Sciences, COMSATS Institute of Information Technology, Abbottabad, Pakistan.)

  • Muhammad Mushtaq KHAN

    (Department of Management Sciences, COMSATS Institute of Information Technology, Abbottabad, Pakistan.)

  • Awais RASHID

    (Department of Management Sciences, COMSATS Institute of Information Technology, Abbottabad, Pakistan.)

  • Mehboob AHMAD

    (Department of Management Sciences, Bahria University, Islamabad, Pakistan)

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    Abstract

    The objective of this paper is to empirically investigate a two-way statistical relationship between the real external debt and real military expenditure in the context of Bangladesh. A time series co-integration and Granger causality tests have been employed from 1980 - 2009 for analysis. The empirical results support the bi-directional causality between the external debt and economic growth, while unidirectional causality runs from military spending to external debt.

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    Bibliographic Info

    Article provided by Faculty of Management, Academy of Economic Studies, Bucharest, Romania in its journal ECONOMIA seria MANAGEMENT / ECONOMY - MANAGEMENT series.

    Volume (Year): 15 (2012)
    Issue (Month): 1 (June)
    Pages: 173-188

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    Handle: RePEc:rom:econmn:v:15:y:2012:i:1:p:173-188

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    Related research

    Keywords: Bangladesh; Cointegration; Granger causality; Real Arms import; Real External debt; Real Military expenditure.;

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    References

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    1. Aizenman, Joshua & Glick, Reuven, 2003. "Military Expenditure, Threats, and Growth," Santa Cruz Department of Economics, Working Paper Series qt41r4105h, Department of Economics, UC Santa Cruz.
    2. 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, Monash University, Department of Economics 17-07, Monash University, Department of Economics.
    3. J Paul Dunne & Sam Perlo-Freeman & Aylin Soydan, 2003. "Military Expenditure and Debt in South America," Working Papers, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol 0307, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    4. Suleiman Abu-Bader & Aamer Abu-Qarn, 2003. "Government Expenditures, Military Spending and Economic Growth: Causality Evidence from Egypt, Israel and Syria," Working Papers, Ben-Gurion University of the Negev, Department of Economics 163, Ben-Gurion University of the Negev, Department of Economics.
    5. Julide Yildirim & Selami Sezgin & Nadir Ocal, 2005. "Military Expenditure And Economic Growth In Middle Eastern Countries: A Dynamic Panel Data Analysis," Defence and Peace Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 16(4), pages 283-295.
    6. Deger, Saadet & Sen, Somnath, 1983. "Military expenditure, spin-off and economic development," Journal of Development Economics, Elsevier, Elsevier, vol. 13(1-2), pages 67-83.
    7. Benoit, Emile, 1978. "Growth and Defense in Developing Countries," Economic Development and Cultural Change, University of Chicago Press, University of Chicago Press, vol. 26(2), pages 271-80, January.
    8. Selami Sezgin, 2001. "An empirical analysis of turkey's defence-growth relationships with a multi-equation model (1956-1994)," Defence and Peace Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(1), pages 69-86.
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