Panel Cointegration Analysis of Military Expenditure and Economic Growth in the Selected Balkan Countries

Acikgoz, B. & Cinar, S. (2017). Public Spending and Economic Growth: An Empirical Analysis of Developed Countries. Ekonomicky časopis, 65(5), 448-458. Search in Google Scholar

Adhikari, D. & Chen, Y. (2012). Energy Consumption and Economic Growth: A Panel Cointegration Analysis for Developing Countries. Review of Economics & Finance, 3, 68-80. Search in Google Scholar

Alpteki, A. & Levine, P. (2012). Military Expenditure and Economic Growth: A Meta-Analysis. European Journal of Political Economy, 28, 636-650. doi: 10.1016/j.ejpoleco.2012.07.02. Search in Google Scholar

Azam, M. & Feng, Y. (2015). Does military expenditure increase external debt? Evidence from Asia. Defence and Peace Economics, 28(5), 550-567. doi: 10.1080/10242694.2015.1072371.10.1080/10242694.2015.1072371 Search in Google Scholar

Barros, C. (2002). Development and conflict in the Balkans: Catch-up and military expenditure. Defence and Peace Economics, 13(5), 353-363. doi: 10.1080/10242690213510.10.1080/10242690213510 Search in Google Scholar

Benoit, E. (1978). Growth and Defence in LDCs. Economic Development and Cultural Change, 26: 271-280. Search in Google Scholar

Biscione, A. & Caruso, R. (2019). Military Expenditures and Income Inequality Evidence form a Panel of Transition Countries (1990-2015). Defence and Peace Economics: 1-22. doi: 10.1080/10242694.2019.1661218.10.1080/10242694.2019.1661218 Search in Google Scholar

Cevik, S. & Ricco, S. (2017). No Buck for the Bang: Revisiting the Military-Growth Nexus. Empirica 45, 639-653. doi: 10.1007/s10663-017-9380-8.10.1007/s10663-017-9380-8 Search in Google Scholar

Churchill, S. & Yew, S.Y. (2017). The Effect of Military Expenditure on Growth: An Empirical Synthesis. Empirical Economics, 55, 1357-1387. doi: 10.1007/s00181-017-1300-z.10.1007/s00181-017-1300-z Search in Google Scholar

Compton, R. & Paterson, B. (2015). Military Spending and Growth: The Role of Institutions. Defence and Peace Economics, 27(3), 301-322. doi: 10.1080/10242694.2015.1060022.10.1080/10242694.2015.1060022 Search in Google Scholar

Daddi, P., D’Agostino, G. & Pieroni, L. (2016): Does military spending stimulate growth? An empirical investigation in Italy. Defence and Peace Economics, 29(4), 440-458. doi: 10.1080/10242694.2016.1158438.10.1080/10242694.2016.1158438 Search in Google Scholar

D’Agostino, G., Dune, J.P. & Pieroni, L. (2017). Military Expenditure, Endogeneity and Economic Growth. Defence and Peace Economics, 30(5), 1-16. doi: 1080/10242694.2017.1422314. Search in Google Scholar

D’Agostino, G., Dunne, J.P., Lorusso, M. & Pieroni, L. (2020). Military Spending, Corruption, Persistence and Long Run Growth. Defence and Peace Economics, 1-11. doi: 10.1080/10242694.2020.1751503.10.1080/10242694.2020.1751503 Search in Google Scholar

Dimitraki, O. & Menla-Ali, F. (2015). The Long-Run Causal Relationship between Military Expenditure and Economic Growth in China: Revisited. Defence and Peace Economics, 26(3), 311-326. doi: 10.1080/10242694.2013.810024.10.1080/10242694.2013.810024 Search in Google Scholar

Dimitraki, O. & Win, S. (2020). Military Expenditure Economic Growth Nexus in Jordan: An Application of ARDL Bound Test Analysis in the Presence of Breaks. Defence and Peace Economics, 1-18. doi: 10.1080/10242694.2020.173011. Search in Google Scholar

Domazet, I., Zubović, J. & Lazić, M. (2018). Driving Factors of Serbian Competitiveness – Digital Economy and ICT. Strategic Management, 23(1), 20-28.10.5937/StraMan1801020D Search in Google Scholar

Dunne, J.P. & Tian, N. (2013). Military Expenditure, Economic Growth and Heterogeneity. Defence and Peace Economics, 26(1), 15-31. doi: 10.1080/10242694.2013.848575.10.1080/10242694.2013.848575 Search in Google Scholar

Dunne, J.P. & Smith, R.P. (2019). Military Expenditure, Investment and Growth. Defence and Peace Economics, 1-14. doi: 10.1080/10242694.2019.1636182.10.1080/10242694.2019.1636182 Search in Google Scholar

Emmanoulidis, K. & Karpetis, C. (2018). The Defense-Growth Nexus: A Review of Time Series Methods and Empirical Results. Defence and Peace Economics, 1-18. doi: 10.1080/10242694.2018.1428261.10.1080/10242694.2018.1428261 Search in Google Scholar

Hou, N. & Chen, B. (2013). Military expenditure and economic growth in developing countries: Evidence from system GMM estimates. Defence and Peace Economics, 24(3), 183-193. doi: 10.1080/10242694.2012.710813.10.1080/10242694.2012.710813 Search in Google Scholar

Farzanegan, M.R. (2012). Military Spending and Economic Growth: The Case of Iran. Defence and Peace Economics, 25(3), 247-269. doi: 10.1080/10242694.2012.72316010.1080/10242694.2012.723160 Search in Google Scholar

Furuoka, F., Oishi, M. & Karim, M. (2014). Military expenditure and economic development in China: an empirical inquiry. Defence and Peace Economics, 27(1), 137-160. doi: 10.1080/10242694.2014.898383.10.1080/10242694.2014.898383 Search in Google Scholar

Khalid, U. & Habimana, O. (2019). Military Spending and Economic Growth in Turkey: A Wavelet Approach. Defence and Peace Economics, 1-15. doi: 10.1080/10242694.2019.1664865.10.1080/10242694.2019.1664865 Search in Google Scholar

Kollias, C., Paleologou, S.M., Tzeremes, P. & Tzeremes, N. (2017). Defence expenditure and economic growth in Latin American countries: evidence from linear and nonlinear causality tests. Latin American Economic Reviews, 26(2), 1-25. doi: 10.1007/s40503-017-0039-4.10.1007/s40503-017-0039-4 Search in Google Scholar

Kollias, C. & Paleologou. S. (2019). Military Spending, Economic Growth and Investment: A Disaggregated Analysis by Income Group. Empirical Economics, 56(3), 935-958. doi: 10.1007/s00181-017-1379-2.10.1007/s00181-017-1379-2 Search in Google Scholar

Loganathan, N., Ismail, S., Streimikiene, D., Hassan, A., Zavadskas, E. & Mardini, A. (2018). Tax Reform, Inflation, Financial Development and Economic Growth in Malaysia. Romanian Journal of Economic Forecasting, 20(4), 152-165. Search in Google Scholar

Malizard, J. (2010). Causality between Economic Growth and Military Expenditure: The Case of France. Defence & Security Analysis, 26(4), 401-413. doi: 10.1080/14751798.2010.534648.10.1080/14751798.2010.534648 Search in Google Scholar

Malizard, J. (2016). Military Expenditure and Economic Growth in the European Union: Evidence from SIPRI’s Extended Dataset. Economics of Peace and Security Journal, 11(2): 38–44. Search in Google Scholar

Manamperi, N. (2016). Does Military Expenditure Hinder Economic Growth? Evidence from Greece and Turkey. Journal of Policy Modeling, 38(6), 1171–1193. doi: 10.1016/j.jpolmod.2016.04.003.10.1016/j.jpolmod.2016.04.003 Search in Google Scholar

Markowski, S., Chand, S. & Wylie, R. (2017). Economic Growth and Demand for Military Expenditure in the Indo-Pacific Asia Region. Defence and Peace Economics, 28(4), 473-490. doi: 10.1080/10242694.2016.1274059.10.1080/10242694.2016.1274059 Search in Google Scholar

Nikolaidou, E. (2016). Greece, Portugal, Spain: New Evidence on the Economic Effects of Military Expenditure Using the New SIPRI Data. Economics of Peace and Security Journal, 11(2): 20-27. Search in Google Scholar

Pan, C.I., Chang, T. & Wolde-Rufael, Y. (2015). Military spending and economic growth in the Middle East countries: Bootstrap panel causality test. Defence and Peace Economics, 26(4), 443-456. doi: 10.1080/10242694.2014.891356.10.1080/10242694.2014.891356 Search in Google Scholar

Petrov, V. & Trivić, N. (2018). The problem of defining and measuring sustainable income. The Annals of the Faculty of Economics in Subotica, 54(39), 19-31.10.5937/AnEkSub1839019P Search in Google Scholar

Pieroni, L. (2009). Military Expenditure and Economic Growth. Defence and Peace Economics, 20(4), 327-339. doi: 10.1080/10242690701589876.10.1080/10242690701589876 Search in Google Scholar

Phiri, A. (2017). Does Military Spending Nonlinearly Affect Economic Growth in South Africa? Defence and Peace Economics, 1-14. doi: 10.1080/10242694.2017.1361272.10.1080/10242694.2017.1361272 Search in Google Scholar

Saba, C.S. & Ngepah, N. (2019). Military expenditure and economic growth: evidence from a heterogeneous panel of African countries. Economic Research – Ekonomska istraživanja, 32(1), 3586-3606. doi: 10.1080/1331677X.2019.1674179.10.1080/1331677X.2019.1674179 Search in Google Scholar

Smith, R. (2017). Military Expenditure Data: Theoretical and Empirical Considerations. Defence and Peace Economics, 28(4), 422-428. doi: 10.1080/10242694.2016.124582310.1080/10242694.2016.1245823 Search in Google Scholar

Tiwari, A.K. & Shahbaz, M. (2013). Does defence spending stimulate economic growth in India? A revisit. Defence and Peace Economics, 24(4), 371-395. doi: 10.1080/10242694.2012.710814.10.1080/10242694.2012.710814 Search in Google Scholar

Yildrim, J. & Öcal, N. (2014). Military expenditures, economic growth and spatial spillovers. Defence and Peace Economics, 27(1), 87-104. doi: 10.1080/10242694.2014.960246.10.1080/10242694.2014.960246 Search in Google Scholar

Yilgör, M., Karagöl, E.T. & Saygili, C.A. (2012). Panel Causality Analysis between Defence Expenditure and Economic Growth in Developed Countries. Defence and Peace Economics, 25(2), 193–203. doi:10.1080/10242694.2012.724879.10.1080/10242694.2012.724879 Search in Google Scholar

Yolcu Karadam, J., Yildrim, J. & Öcal, N. (2017). Military expenditure and economic growth in Middle Eastern countries and Turkey: A non-linear panel data approach. Defence and Peace Economics, 28(6): 719-730. doi: 10.1080/10242694.2016.119557310.1080/10242694.2016.1195573 Search in Google Scholar

Utrero-González, N., Hromcová, J. & Callado-Muñoz, F.J. (2017). Defence Spending, Institutional Environment and Economic Growth: Case of NATO. Defence and Peace Economics, 1–24. doi:10.1080/10242694.2017.1400292.10.1080/10242694.2017.1400292 Search in Google Scholar