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

  • 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)

Registered author(s):

    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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    File URL: http://www.management.ase.ro/reveconomia/2012-1/14.pdf
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    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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    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. 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, vol. 12(1), pages 69-86.
    3. 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, vol. 16(4), pages 283-295.
    4. Deger, Saadet & Sen, Somnath, 1983. "Military expenditure, spin-off and economic development," Journal of Development Economics, Elsevier, vol. 13(1-2), pages 67-83.
    5. Abu-Bader, Suleiman & Abu-Qarn, Aamer, 2003. "Government Expenditures, Military Spending and Economic Growth: Causality Evidence from Egypt, Israel and Syria," MPRA Paper 1115, University Library of Munich, Germany.
    6. Joshua Aizenman & Reuven Glick, 2003. "Military expenditure, threats, and growth," Working Paper Series 2003-08, Federal Reserve Bank of San Francisco.
    7. Jãœlä°De Yildirim & Selami Sezgin, 2002. "Defence, Education and Health Expenditures in Turkey, 1924-96," Journal of Peace Research, Peace Research Institute Oslo, vol. 39(5), pages 569-580, September.
    8. Benoit, Emile, 1978. "Growth and Defense in Developing Countries," Economic Development and Cultural Change, University of Chicago Press, vol. 26(2), pages 271-80, January.
    9. 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.
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