An analytical approach on defense expenditure and economic growth: The case of Turkey and Greece
Purpose – The objective of this study is to examine the relationship between defense expenditure and economic growth for Turkey and Greece in the period of 1956-2003 using yearly data. Design/methodology/approach – The Engle-Granger cointegration methodology and Granger causality test are used. Findings – It is found that these two variables are cointegrated for both countries studied. Unidirectional causality running from economic growth to defense expenditure is only found for Turkey. Originality/value – The paper investigates the long-run relationship between defense expenditure and economic growth by conducting cointegration and causality tests in the context of Turkey and Greece over the period 1956-2003.
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