Is there an Arms Race between Greece and Turkey?
John Dunne (),
Eftychia Nikolaidou () and
Ronald Smith ()
Peace Economics, Peace Science, and Public Policy, 2005, vol. 11, issue 2, 1-37
Richardson's action-reaction model of an arms race has prompted a considerable body of research that has attempted to empirically estimate such models. In general these attempts have been unsuccessful. This paper provides an extensive reconsideration of the estimation issues and using some recent developments in time-series econometrics, provides a comprehensive analysis of data for Greece and Turkey. It finds evidence of some form of cointegration between the military expenditures in both countries, but not of Richardson arms race type.
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