Defence Spending and Growth in Cyprus: A Causal Analysis

Christos Kollias, Charis Naxakisb and Leonidas Zarangasb

Defence and Peace Economics, 2004, vol. 15, issue 3, 299-307

Abstract: The causal relationship between economic growth and defence spending has attracted considerable attention and has been the subject of many empirical studies. Hoping to contribute to the existing pool of literature, this paper examines the relationship between military expenditure and growth in the case of Cyprus, a small island economy, for the period 1964-99. The findings reported suggest the presence of bi-directional instantaneous causality between defence spending and economic growth.

Keywords: Cyprus; Military expenditure; Causality; Cointegration; Economic growth; Structural breaks; JEL Code: H56 (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1080/1024269032000166864

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