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Should Portuguese economy invest in defense spending? A revisit

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  • Shahbaz, Muhammad
  • Leitão, Nuno Carlos
  • Uddin, Gazi Salah
  • Arouri, Mohamed
  • Teulon, Frédéric

Abstract

In this paper, we investigate the causal relationship between defense spending and economic growth in Portugal during the period of 1980–2010. We apply the ARDL bounds testing approach in the presence of structural break. The ARDL–ECM estimation results disclose that the relations between defense spending, capital, labor and economic growth are country specific. The interesting finding of this study is that there is a U-shaped relationship that exists between defense spending and economic growth. In addition, the unidirectional causality from defense spending to economic growth exists in the case of Portugal. Therefore, defense spending can play an important role in economic development of Portugal.

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  • Shahbaz, Muhammad & Leitão, Nuno Carlos & Uddin, Gazi Salah & Arouri, Mohamed & Teulon, Frédéric, 2013. "Should Portuguese economy invest in defense spending? A revisit," Economic Modelling, Elsevier, vol. 35(C), pages 805-815.
    • Handle: RePEc:eee:ecmode:v:35:y:2013:i:c:p:805-815
    DOI: 10.1016/j.econmod.2013.08.038
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    Cited by:

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    2. Eftychia Nikolaidou, 2016. "Greece, Portugal, Spain: New evidence on the economic effects of military expenditure using the new SIPRI data," Economics of Peace and Security Journal, EPS Publishing, vol. 11(2), pages 20-27, October.
    3. Hiroshi Ono, 2014. "The government expenditure-economic growth relation in Japan: an analysis by using the ADL test for threshold cointegration," Applied Economics, Taylor & Francis Journals, vol. 46(28), pages 3523-3531, October.
    4. Callado-Muñoz, Francisco J. & Hromcová, Jana & Utrero-González, Natalia, 2023. "Can buying weapons from your friends make you better off? Evidence from NATO," Economic Modelling, Elsevier, vol. 118(C).
    5. Guo Ping & Alotaish Mohammed Saud M., 2017. "Revisiting the Causal Nexus between Defense Expenditure and Economic Growth: Time Series Analysis for Saudi Arabia," Asian Journal of Economic Modelling, Asian Economic and Social Society, vol. 5(1), pages 35-43, March.
    6. Devi Prasad DASH & Debi Prasad BAL & Manoranjan SAHOO, 2016. "Nexus between defense expenditure and economic growth in BRIC economies: An empirical investigation," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(1(606), S), pages 89-102, Spring.
    7. Shahbaz, Muhammad & Khraief, Naceur & Kumar Mahalik, Mantu & Khan, Saleheen, 2018. "Military Spending Response to Defense Shocks? International Evidence," MPRA Paper 87362, University Library of Munich, Germany, revised 12 Jun 2018.
    8. Tânia Pinto & Aurora Teixeira, 2023. "Does scientific research output matter for Portugal’s economic growth?," GEE Papers 0174, Gabinete de Estratégia e Estudos, Ministério da Economia, revised Jul 2023.

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    Keywords

    Defense spending; Economic growth; Cointegration; Causality; Portugal;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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