The Relationship Between External Debt, Defence Expenditures And Gnp Revisited: The Case Of Turkey
This paper extends the Looney and Frederiksen (1986) study and investigates the relationship among external debt, defence expenditures and GNP in Turkey for 1960-2002. After applying cointegration analysis of a multivariate system of equations, impulse response functions and variance decomposition are estimated. The impulse response functions indicate that defence expenditures have a positive effect on external debt stock. Moreover, impulse response of GNP to defence expenditures tended to hike slightly within two years ahead, and dipped sharply by two years, and thereafter continued at a positive level.
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Volume (Year): 17 (2006)
Issue (Month): 1 ()
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- Borensztein, Eduardo, 1990. "Debt overhang, credit rationing and investment," Journal of Development Economics, Elsevier, vol. 32(2), pages 315-335, April.
- Erdal Karagol, 2002. "The Causality Analysis of External Debt Service and GNP : The Case of Turkey," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 2(1), pages 39-64.
- Helene Poirson Ward & Luca Antonio Ricci & Catherine A. Pattillo, 2002.
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IMF Working Papers
02/69, International Monetary Fund.
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- Erdal Karagol, 2005. "Defence expenditures and external debt in Turkey," Defence and Peace Economics, Taylor & Francis Journals, vol. 16(2), pages 117-125.
- Selami Sezgin, 2004. "An empirical note on external debt and defence expenditures in Turkey," Defence and Peace Economics, Taylor & Francis Journals, vol. 15(2), pages 199-203, April.
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