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Defence and Peace Economics Volume 16, 2005 - Issue 2
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Original Articles

Defence expenditures and external debt in Turkey

ERDAL KARAGOL †View further author information
Pages 117-125 | Received 12 Mar 2004, Accepted 02 Dec 2004, Published online: 24 Nov 2006
 
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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.

Notes

† E‐mail: [email protected]

Additional information

Notes on contributors

ERDAL KARAGOL Footnote†

† E‐mail: [email protected]

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