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Economic Growth and Defense Spending in Greece, Turkey and Cyprus: Evidence from Cointegrated Panel Analysis

  • Stylianou Tasos

    ()

    (University of Macedonia, Department of Applied Informatics)

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    This paper investigates the nexus between economic growth and defense spending for three adjacent countries, namely Greece, Turkey and Cyprus. Greece and Cyprus, members-countries of European Union spend much more money than other member countries of EU relatively to their GDP. Turkey is in accession negotiations with EU and is among the top 15 countries with the highest military expenditure. These three countries are particularly interesting case studies because of their high military burdens and the bad relations between them (Greece and Cyprus opposite Turkey). The empirical analysis is based on panel data analysis of data over the period 1960 – 2006.

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    Article provided by Department of International Business and Economics from the Academy of Economic Studies Bucharest in its journal Romanian Economic Journal.

    Volume (Year): 15 (2012)
    Issue (Month): 44 (June)
    Pages: 163-182

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    Handle: RePEc:rej:journl:v:15:y:2012:i:44:p:163-182
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    1. Paresh Kumar Narayan & Russell Smyth, 2007. "The Military Expenditure-External Debt Nexus: New Evidence From A Panel Of Middle Eastern Countries," Monash Economics Working Papers 17-07, Monash University, Department of Economics.
    2. Christos Kollias & Stelios Makrydakis, 1997. "Is there a Greek-Turkish arms race?: Evidence from cointegration and causality tests," Defence and Peace Economics, Taylor & Francis Journals, vol. 8(4), pages 355-379.
    3. Deger, Saadet & Sen, Somnath, 1983. "Military expenditure, spin-off and economic development," Journal of Development Economics, Elsevier, vol. 13(1-2), pages 67-83.
    4. Dakurah, A. Henry & Davies, Stephen P. & Sampath, Rajan K., 2001. "Defense spending and economic growth in developing countries: A causality analysis," Journal of Policy Modeling, Elsevier, vol. 23(6), pages 651-658, August.
    5. J. Paul Dunne a,† & Sam Perlo-Freeman ‡ & Aylin Soydan �, 2004. "Military expenditure and debt in South America," Defence and Peace Economics, Taylor & Francis Journals, vol. 15(2), pages 173-187, April.
    6. Looney, Robert E, 1989. "Impact of Arms Production on Income Distribution and Growth in the Third World," Economic Development and Cultural Change, University of Chicago Press, vol. 38(1), pages 145-53, October.
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