Defence expenditures and external debt in Turkey

Erdal Karagol

Defence and Peace Economics, 2005, vol. 16, issue 2, 117-125

Abstract: The causal relationship between defence expenditures and external debt is investigated by applying a multivariate model. Our estimation results indicate that defence expenditures and external debt for Turkey are cointegrated. To test for Granger causality in the presence of cointegration between variables, we employ a vector error correction model. Empirical results for Turkey over the period 1955-2000 suggest a long run and short run unidirectional causality running from defence expenditures to external debt but not vice versa.

Keywords: Debt; Defence; Turkey; Causality; JEL Codes: H63; H61; H40 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (13)

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DOI: 10.1080/10242690500070045

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