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Defence expenditures and external debt in Turkey

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  • Erdal Karagol

Abstract

The causal relationship between defence expenditures and external debt is investigated by applying a multivariate model. Our estimation results indicate that defence expenditures and external debt for Turkey are cointegrated. To test for Granger causality in the presence of cointegration between variables, we employ a vector error correction model. Empirical results for Turkey over the period 1955-2000 suggest a long run and short run unidirectional causality running from defence expenditures to external debt but not vice versa.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/10242690500070045
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Defence and Peace Economics.

Volume (Year): 16 (2005)
Issue (Month): 2 ()
Pages: 117-125

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Handle: RePEc:taf:defpea:v:16:y:2005:i:2:p:117-125

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Related research

Keywords: Debt; Defence; Turkey; Causality; JEL Codes: H63; H61; H40;

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Cited by:
  1. Erdal Karagol, 2006. "The Relationship Between External Debt, Defence Expenditures And Gnp Revisited: The Case Of Turkey," Defence and Peace Economics, Taylor & Francis Journals, vol. 17(1), pages 47-57.
  2. Yemane Wolde-Rufael, 2009. "The Defence Spending-External Debt Nexus In Ethiopia," Defence and Peace Economics, Taylor & Francis Journals, vol. 20(5), pages 423-436.
  3. Shahbaz, Muhammad & Shabbir, Shahbaz Muhammad & Butt, Muhammad Sabihuddin, 2011. "Does Military Spending Explode External Debt in Pakistan?," MPRA Paper 30429, University Library of Munich, Germany, revised 21 Apr 2011.

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