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An Empirical Investigation of External Debt - Military Expenditure Nexus in Bangladesh

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Author(s): Khalid ZAMAN | Qazi Shujaat MAHMOOD | Muhammad Mushtaq KHAN | Awais RASHID | Mehboob AHMAD

Journal: Economia : Seria Management
ISSN 1454-0320

Volume: 15;
Issue: 1;
Start page: 173;
Date: 2012;
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Keywords: Bangladesh | Cointegration | Granger causality | Real Arms import | Real External debt | Real Military expenditure

ABSTRACT
The objective of this paper is to empirically investigate a two-way statistical relationship between the real external debt and real military expenditure in the context of Bangladesh. A time series co-integration and Granger causality tests have been employed from 1980 - 2009 for analysis. The empirical results support the bi-directional causality between the external debt and economic growth, while unidirectional causality runs from military spending to external debt.

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