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

Stylianou Tasos ()
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Stylianou Tasos: University of Macedonia, Department of Applied Informatics

Romanian Economic Journal, 2012, vol. 15, issue 44, 163-182

Abstract: 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.

Keywords: Economic growth; Defense spending, Panel Data, Unit Root, Cointegration (search for similar items in EconPapers)
JEL-codes: A10 C23 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:rej:journl:v:15:y:2012:i:44:p:163-182

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