Does Military Spending Explode External Debt in Pakistan?
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Muhammad Shahbaz & Muhammad shahbaz Shabbir & Muhammad sabihuddin Butt, 2016. "Does Military Spending Explode External Debt in Pakistan?," Defence and Peace Economics, Taylor & Francis Journals, vol. 27(5), pages 718-741, September.
References listed on IDEAS
- Christos Kollias † & George Manolas & Suzanna-Maria Paleologouc, 2004. "Military expenditure and government debt in greece: Some preliminary empirical findings," Defence and Peace Economics, Taylor & Francis Journals, vol. 15(2), pages 189-197, April.
- Jordan Shan, 2005. "Does financial development 'lead' economic growth? A vector auto-regression appraisal," Applied Economics, Taylor & Francis Journals, vol. 37(12), pages 1353-1367.
- Pedroni, Peter, 2004.
"Panel Cointegration: Asymptotic And Finite Sample Properties Of Pooled Time Series Tests With An Application To The Ppp Hypothesis,"
Econometric Theory, Cambridge University Press, vol. 20(3), pages 597-625, June.
- Peter Pedroni, 2004. "Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis," Department of Economics Working Papers 2004-15, Department of Economics, Williams College.
- Zivot, Eric & Andrews, Donald W K, 2002.
"Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis,"
Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 25-44, January.
- Zivot, Eric & Andrews, Donald W K, 1992. "Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 251-270, July.
- Eric Zivot & Donald W.K. Andrews, 1990. "Further Evidence on the Great Crash, the Oil Price Shock, and the Unit Root Hypothesis," Cowles Foundation Discussion Papers 944, Cowles Foundation for Research in Economics, Yale University.
- Tom Doan, "undated". "ZIVOT: RATS procedure to perform Zivot-Andrews Unit Root Test," Statistical Software Components RTS00236, Boston College Department of Economics.
- J. Paul Dunne † & Sam Perlo-Freeman ‡ & Aylin Soydan §, 2004.
"Military expenditure and debt in small industrialised economies: A panel analysis,"
Defence and Peace Economics, Taylor & Francis Journals, vol. 15(2), pages 125-132, April.
- J Paul Dunne & Sam Perlo-Freeman & Aylin Soydan, 2003. "Military Expenditure and Debt in Small Industrialised Economies: A Panel Analysis," Working Papers 0306, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
- Banerjee, Abhijit V & Newman, Andrew F, 1993.
"Occupational Choice and the Process of Development,"
Journal of Political Economy, University of Chicago Press, vol. 101(2), pages 274-298, April.
- Abhijit V. Banerjee & Andrew F. Newman, 1990. "Occupational Choice and the Process of Development," Discussion Papers 911, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
- J. Paul Dunne a,† & Sam Perlo-Freeman ‡ & Aylin Soydan §, 2004.
"Military expenditure and debt in South America,"
Defence and Peace Economics, Taylor & Francis Journals, vol. 15(2), pages 173-187, April.
- J Paul Dunne & Sam Perlo-Freeman & Aylin Soydan, 2003. "Military Expenditure and Debt in South America," Working Papers 0307, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
- Morley, Bruce, 2006. "Causality between economic growth and immigration: An ARDL bounds testing approach," Economics Letters, Elsevier, vol. 90(1), pages 72-76, January.
- Bazoumana Ouattara, 2006. "Aid, debt and fiscal policies in Senegal," Journal of International Development, John Wiley & Sons, Ltd., vol. 18(8), pages 1105-1122.
- Elliott, Graham & Rothenberg, Thomas J & Stock, James H, 1996.
"Efficient Tests for an Autoregressive Unit Root,"
Econometrica, Econometric Society, vol. 64(4), pages 813-836, July.
- Graham Elliott & Thomas J. Rothenberg & James H. Stock, 1992. "Efficient Tests for an Autoregressive Unit Root," NBER Technical Working Papers 0130, National Bureau of Economic Research, Inc.
- Tom Doan, "undated". "GLSDETREND: RATS procedure to perform local to unity GLS detrending," Statistical Software Components RTS00077, Boston College Department of Economics.
- Tom Doan, "undated". "ERSTEST: RATS procedure to perform Elliott-Rothenberg-Stock unit root tests," Statistical Software Components RTS00066, Boston College Department of Economics.
- Helmut Lütkepohl, 2006.
"Structural Vector Autoregressive Analysis for Cointegrated Variables,"
Springer Books, in: Olaf Hübler & Jachim Frohn (ed.), Modern Econometric Analysis, chapter 6, pages 73-86,
Springer.
- Helmut Lütkepohl, 2006. "Structural vector autoregressive analysis for cointegrated variables," AStA Advances in Statistical Analysis, Springer;German Statistical Society, vol. 90(1), pages 75-88, March.
- Helmut Luetkepohl, 2005. "Structural Vector Autoregressive Analysis for Cointegrated Variables," Economics Working Papers ECO2005/02, European University Institute.
- DeJong, David N, et al, 1992. "Integration versus Trend Stationarity in Time Series," Econometrica, Econometric Society, vol. 60(2), pages 423-433, March.
- Mete Feridun & Muhammad Shahbaz, 2010.
"Fighting Terrorism: Are Military Measures Effective? Empirical Evidence From Turkey,"
Defence and Peace Economics, Taylor & Francis Journals, vol. 21(2), pages 193-205.
- Feridun, Mete & Shabaz, Muhammad, 2010. "Fighting terrorism: Are military measures effective? Empirical evidence from Turkey," Greenwich Papers in Political Economy 7919, University of Greenwich, Greenwich Political Economy Research Centre.
- Erdal Karagol, 2006. "The Relationship Between External Debt, Defence Expenditures And Gnp Revisited: The Case Of Turkey," Defence and Peace Economics, Taylor & Francis Journals, vol. 17(1), pages 47-57.
- Erdal Karagol, 2005. "Defence expenditures and external debt in Turkey," Defence and Peace Economics, Taylor & Francis Journals, vol. 16(2), pages 117-125.
- Yemane Wolde-Rufael, 2009. "The Defence Spending-External Debt Nexus In Ethiopia," Defence and Peace Economics, Taylor & Francis Journals, vol. 20(5), pages 423-436, October.
- Nadir Ocal, 2003. "Are the military expenditures of India and Pakistan external determinants for each other: An empirical investigation," Defence and Peace Economics, Taylor & Francis Journals, vol. 14(2), pages 141-149.
- Engle, Robert & Granger, Clive, 2015.
"Co-integration and error correction: Representation, estimation, and testing,"
Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 39(3), pages 106-135.
- Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-276, March.
- Clemente, Jesus & Montanes, Antonio & Reyes, Marcelo, 1998. "Testing for a unit root in variables with a double change in the mean," Economics Letters, Elsevier, vol. 59(2), pages 175-182, May.
- Russell Smyth & Paresh Kumar Narayan, 2009. "A Panel Data Analysis of the Military Expenditure-External Debt Nexus: Evidence from Six Middle Eastern Countries," Journal of Peace Research, Peace Research Institute Oslo, vol. 46(2), pages 235-250, March.
- Paresh Kumar Narayan, 2005. "The saving and investment nexus for China: evidence from cointegration tests," Applied Economics, Taylor & Francis Journals, vol. 37(17), pages 1979-1990.
- Baum, Christopher F., 2004.
"A review of Stata 8.1 and its time series capabilities,"
International Journal of Forecasting, Elsevier, vol. 20(1), pages 151-161.
- Christopher F. Baum, 2003. "A review of Stata 8.1 and its time series capabilities," Boston College Working Papers in Economics 581, Boston College Department of Economics.
- Paresh Kumar Narayan & Russell Smyth, 2007. "The Military Expenditure-External Debt Nexus: New Evidence From A Panel Of Middle Eastern Countries," Monash Economics Working Papers 17-07, Monash University, Department of Economics.
- Halicioglu Ferda, 2005. "An Econometric Analysis Of The Effects Of Aggregate Defense Spending On Aggregate Output: The Case Of Turkey, 1950-2002," Macroeconomics 0503009, University Library of Munich, Germany.
- Robert E. Looney & P.C. Frederiksen, 1986. "Defense Expenditures, External Public Debt and Growth in Developing Countries," Journal of Peace Research, Peace Research Institute Oslo, vol. 23(4), pages 329-337, December.
- Peter C. B. Phillips & Bruce E. Hansen, 1990. "Statistical Inference in Instrumental Variables Regression with I(1) Processes," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 57(1), pages 99-125.
- Michael Brzoska, 1983. "Research Communication: The Military Related External Debt of Third World Countries," Journal of Peace Research, Peace Research Institute Oslo, vol. 20(3), pages 271-277, September.
- Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-1072, June.
- Muhammad Shahbaz & Nadeem Ahmad & Abu Wahid, 2010. "Savings–Investment Correlation and Capital Outflow: The Case of Pakistan," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 17(1), pages 80-97, May.
- Selami Sezgin, 2004. "An empirical note on external debt and defence expenditures in Turkey," Defence and Peace Economics, Taylor & Francis Journals, vol. 15(2), pages 199-203, April.
- Perron, Pierre & Vogelsang, Timothy J, 1992. "Testing for a Unit Root in a Time Series with a Changing Mean: Corrections and Extensions," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(4), pages 467-470, October.
- G�lay G�nl�k-Senesen †, 2004. "The role of defence on external indebtedness: An assessment of turkey," Defence and Peace Economics, Taylor & Francis Journals, vol. 15(2), pages 145-156, April.
- Serena Ng & Pierre Perron, 2001.
"LAG Length Selection and the Construction of Unit Root Tests with Good Size and Power,"
Econometrica, Econometric Society, vol. 69(6), pages 1519-1554, November.
- Serena Ng & Pierre Perron, 1997. "Lag Length Selection and the Construction of Unit Root Tests with Good Size and Power," Boston College Working Papers in Economics 369, Boston College Department of Economics, revised 01 Sep 2000.
- Paresh Kumar Narayan & Seema Narayan, 2008. "Does Military Expenditure Determine Fiji'S Exploding Debt Levels?," Defence and Peace Economics, Taylor & Francis Journals, vol. 19(1), pages 77-87.
- Randa Alami, 2002. "Military Debt: Perspectives from the Experience of Arab Countries," Defence and Peace Economics, Taylor & Francis Journals, vol. 13(1), pages 13-30.
- Paul Turner, 2006. "Response surfaces for an F-test for cointegration," Applied Economics Letters, Taylor & Francis Journals, vol. 13(8), pages 479-482.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Muhammad Shahbaz & Naceur Khraief & Mantu Kumar Mahalik & Saleheen Khan, 2018. "Are Fluctuations in Military Spending Transitory or Permanent? International Evidence," Economics Bulletin, AccessEcon, vol. 38(2), pages 1198-1212.
- Ullah, Assad & Zhao, Xinshun & Kamal, Muhammad Abdul & Zheng, JiaJia, 2020. "Modeling the relationship between military spending and stock market development (a) symmetrically in China: An empirical analysis via the NARDL approach," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 554(C).
- Özcan KARAHAN & Olcay ÇOLAK, 2019. "The link between financial capital movements and the exchange rate in Turkey," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 10, pages 263-281, December.
- Zhang, Xiaoyan & Chang, Tsangyao & Su, Chi-Wei & Wolde-Rufael, Yemane, 2016. "Revisit causal nexus between military spending and debt: A panel causality test," Economic Modelling, Elsevier, vol. 52(PB), pages 939-944.
- Kadir KARAGÖZ, 2018. "Impact of defence expenditures on external debt: An econometric analysis for Turkey and Turkic Republics," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(1(614), S), pages 183-192, Spring.
- Eftychia Nikolaidou, 2016. "The role of military expenditure and arms imports in the Greek debt crisis," Economics of Peace and Security Journal, EPS Publishing, vol. 11(1), pages 18-27, April.
- Serkan K n & Serta Hopo lu & G rkan Bozma, 2016. "Conflict, Defense Spending and Economic Growth in the Middle East: A Panel Data Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 6(1), pages 80-86.
- Olcay Çolak & Sevilay Ece Gümüş Özuyar & Ömer Faruk Bölükbaşı, 2022. "Asymmetric Effects of the Defense Burden on Environmental Degradation: Evidence from NATO Countries," Sustainability, MDPI, vol. 15(1), pages 1-17, December.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Shahbaz, Muhammad, 2013. "Linkages between inflation, economic growth and terrorism in Pakistan," Economic Modelling, Elsevier, vol. 32(C), pages 496-506.
- Sakiru Adebola Solarin, 2017. "Disaggregated military expenditure and the debt level in Nigeria," Quality & Quantity: International Journal of Methodology, Springer, vol. 51(4), pages 1687-1705, July.
- Shahbaz, Muhammad & Shabbir, Muhammad Shahbaz & Malik, Muhammad Nasir & Wolters, Mark Edward, 2013. "An analysis of a causal relationship between economic growth and terrorism in Pakistan," Economic Modelling, Elsevier, vol. 35(C), pages 21-29.
- Yemane Wolde-Rufael, 2009. "The Defence Spending-External Debt Nexus In Ethiopia," Defence and Peace Economics, Taylor & Francis Journals, vol. 20(5), pages 423-436, October.
- Muhammad Shahbaz & Talat Afza & Muhammad Shahbaz Shabbir, 2013.
"Does Defence Spending Impede Economic Growth? Cointegration And Causality Analysis For Pakistan,"
Defence and Peace Economics, Taylor & Francis Journals, vol. 24(2), pages 105-120, April.
- Shahbaz, Muhammad & Afza, Talat & Shabbir, Shahbaz Muhammad, 2011. "Does defence spending impede economic growth? cointegration and causality analysis for Pakistan," MPRA Paper 30887, University Library of Munich, Germany, revised 27 Mar 2011.
- Shahbaz, Muhammad, 2012.
"Does trade openness affect long run growth? Cointegration, causality and forecast error variance decomposition tests for Pakistan,"
Economic Modelling, Elsevier, vol. 29(6), pages 2325-2339.
- Muhammad, Shahbaz, 2012. "Does Trade Openness Affect Long Run Growth? Cointegration, Causality and Forecast Error Variance Decomposition Tests for Pakistan," MPRA Paper 37391, University Library of Munich, Germany, revised 10 Mar 2012.
- Shahbaz, Muhammad & Leitão, Nuno Carlos & Uddin, Gazi Salah & Arouri, Mohamed & Teulon, Frédéric, 2013.
"Should Portuguese economy invest in defense spending? A revisit,"
Economic Modelling, Elsevier, vol. 35(C), pages 805-815.
- Muhammad, Shahbaz & Nuno, Carlos Leitão & Ghazi, Salah Uddin, 2012. "Should Portuguese Economy Invest in Defense Spending? A Revisit," MPRA Paper 42289, University Library of Munich, Germany, revised 26 Oct 2012.
- Muhammad Nasir & Muhammad Shahbaz, 2015.
"War on terror: Do military measures matter? Empirical analysis of post 9/11 period in Pakistan,"
Quality & Quantity: International Journal of Methodology, Springer, vol. 49(5), pages 1969-1984, September.
- Muhammad, Nasir & Muhammad, Shahbaz, 2011. "War on Terror: Do Military Measures Matter? Empirical Analysis of Post 9/11 Period in Pakistan," MPRA Paper 35635, University Library of Munich, Germany, revised 29 Dec 2011.
- Muhammad, Shahbaz & Muhammad, Nasir Malik & Muhammad, Shahbaz Shabbir, 2011. "Does economic growth cause terrorism in Pakistan?," MPRA Paper 35101, University Library of Munich, Germany, revised 30 Nov 2011.
- Eftychia Nikolaidou, 2016. "The role of military expenditure and arms imports in the Greek debt crisis," Economics of Peace and Security Journal, EPS Publishing, vol. 11(1), pages 18-27, April.
- Shahbaz, Muhammad & Shabbir, Shahbaz Muhammad, 2011. "Is hike in inflation responsible for rise in terrorism in Pakistan?," MPRA Paper 31236, University Library of Munich, Germany, revised 29 May 2011.
- Shahbaz, Muhammad & Hye, Qazi Muhammad Adnan & Tiwari, Aviral Kumar & Leitão, Nuno Carlos, 2013.
"Economic growth, energy consumption, financial development, international trade and CO2 emissions in Indonesia,"
Renewable and Sustainable Energy Reviews, Elsevier, vol. 25(C), pages 109-121.
- Muhammad, Shahbaz & Qazi Muhammad, Adnan Hye & Aviral Kumar, Tiwari, 2012. "Economic Growth, Energy Consumption, Financial Development, International Trade and CO2 Emissions in Indonesia," MPRA Paper 43294, University Library of Munich, Germany, revised 15 Dec 2012.
- Muhammad, Shahbaz & Qazi Muhammad Adnan, Hye & Aviral Kumar, Tiwari, 2013. "Economic Growth, Energy Consumption, Financial Development, International Trade and CO2 Emissions, in Indonesia," MPRA Paper 43272, University Library of Munich, Germany, revised 10 Dec 2012.
- Tiwari, Aviral & Shahbaz, Muhammad, 2011. "Does Defence Spending Stimulate Economic Growth in India?," MPRA Paper 30880, University Library of Munich, Germany, revised 18 Apr 2011.
- Muhammad Shahbaz & Ilhan Ozturk & Amjad Ali, 2015.
"Electricity Consumption and Economic Growth Causality Revisited: Evidence from Turkey,"
Bulletin of Energy Economics (BEE), The Economics and Social Development Organization (TESDO), vol. 3(4), pages 176-193, December.
- Muhammad, Shahbaz & Ilhan, Ozturk, 2012. "Electricity consumption and economic growth causality revisited: evidence from Turkey," MPRA Paper 37637, University Library of Munich, Germany, revised 20 Mar 2012.
- Zhang, Xiaoyan & Chang, Tsangyao & Su, Chi-Wei & Wolde-Rufael, Yemane, 2016. "Revisit causal nexus between military spending and debt: A panel causality test," Economic Modelling, Elsevier, vol. 52(PB), pages 939-944.
- Shahbaz, Muhammad & Shabbir, Shahbaz Muhammad & Butt, Muhammad Sabihuddin, 2011. "Effect of financial development on agricultural growth in Pakistan: new extensions from bounds test to level relationships and granger causality tests," MPRA Paper 34162, University Library of Munich, Germany, revised 16 Oct 2011.
- Paresh Kumar Narayan & Seema Narayan, 2008. "Does Military Expenditure Determine Fiji'S Exploding Debt Levels?," Defence and Peace Economics, Taylor & Francis Journals, vol. 19(1), pages 77-87.
- Shahbaz, Muhammad & Loganathan, Nanthakumar & Muzaffar, Ahmed Taneem & Ahmed, Khalid & Ali Jabran, Muhammad, 2016.
"How urbanization affects CO2 emissions in Malaysia? The application of STIRPAT model,"
Renewable and Sustainable Energy Reviews, Elsevier, vol. 57(C), pages 83-93.
- Shahbaz, Muhammad & Loganathan, Nanthakumar & Muzaffar, Ahmed Taneem & Ahmed, Khalid & Jabran, Muhammad Ali, 2015. "How Urbanization Affects CO2 Emissions in Malaysia? The Application of STIRPAT Model," MPRA Paper 68422, University Library of Munich, Germany, revised 15 Dec 2015.
- Muhammad Shahbaz & Nanthakumar Loganathan & Aviral Tiwari & Reza Sherafatian-Jahromi, 2015.
"Financial Development and Income Inequality: Is There Any Financial Kuznets Curve in Iran?,"
Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 124(2), pages 357-382, November.
- Muhammad, Shahbaz & Tiwari, Aviral & Reza, Sherafatian-Jahromi, 2012. "Financial Development and Income Inequality: Is there any Financial Kuznets curve in Iran?," MPRA Paper 40899, University Library of Munich, Germany, revised 26 Aug 2012.
- Uddin, Gazi Salah & Shahbaz, Muhammad & Arouri, Mohamed & Teulon, Frédéric, 2014.
"Financial development and poverty reduction nexus: A cointegration and causality analysis in Bangladesh,"
Economic Modelling, Elsevier, vol. 36(C), pages 405-412.
- Uddin, Gazi Salah & Shahbaz, Muhammad & AROURI, Mohamed El Hedi, 2013. "Financial Development and Poverty Reduction Nexus:A Cointegration and Causality Analysis in Bangladesh," MPRA Paper 49264, University Library of Munich, Germany, revised 23 Aug 2013.
More about this item
Keywords
Military Spending; External Debt; Cointegration;All these keywords.
JEL classification:
- A10 - General Economics and Teaching - - General Economics - - - General
NEP fields
This paper has been announced in the following NEP Reports:- NEP-FDG-2011-05-07 (Financial Development and Growth)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:30429. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.