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

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Author(s): Stylianou Tasos

Journal: The Romanian Economic Journal
ISSN 1454-4296

Volume: XV;
Issue: 44;
Start page: 163;
Date: 2012;
Original page

Keywords: Economic growth | Defense spending | Panel Data | Unit Root | Cointegration

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.
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