Theoretical and Applied Economics
No. 1 / 2018 (614), Spring
Impact of defence expenditures on external debt: An econometric analysis for Turkey and Turkic Republics
Manisa Celal Bayar University, Manisa, Turkey
Abstract. Defense spending is one of the major public expenditure items for many states around the world. Today, defense expenditures for internal and external security are not less than past decades. In addition to the hostilities arising from historical disputes and traditional conflicts, today's governments have to endure higher defense spending for national security in the face of new threats than in previous periods. Turkey and the Central Asian Turkic Republics, which have been in geography where geopolitical and strategic positions have not always been in conflict and threats, are also trying to cope with the increasing burden of military and security expenditures. In this study, the relationship between defense expenditures and external debt is investigated in the context of Turkey, Kazakhstan, Kyrgyzstan and Azerbaijan. Findings from alternative methods suggest that there is a positive relationship between defense spending and external debt in the four countries.
Contents
Political economy map – A useful tool for public policy decision makers
Macroeconomic uncertainty and FDI in developing countries
Impact of foreign direct investment inflows on tax revenues in OECD countries: A panel cointegration and causality analysis
Macroprudential stability indicators of financial systems: Analysis of Bosnia and Herzegovina and Croatia
Does exchange rate always affect the number of inbound tourists significantly in China?
The effects of Turkish-Russian political relations on bilateral trade balance: Cointegration and causal analysis
The relationship between financial deepening and economic growth: Bootstrap causality approach for the selected upper middle income countries
Financial development, trade openness and growth in India
The impact of carbon dioxide (CO2) emissions on tourism: Does the source of emission matter?
Effect of exchange rate policy on GDP and GDP components: The Kyrgyz Republic Case
Dynamic linkages between corruption, economic growth, and income inequality in Pakistan: Say ‘No’ to corruption
Impact of defence expenditures on external debt: An econometric analysis for Turkey and Turkic Republics