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標題: Military expenditure and economic growth across different groups: A dynamic panel Granger-causality approach
作者: Chang, H.C.
Huang, B.N.
Yang, C.W.
關鍵字: Military expenditure;Economic growth;Dynamic panel data;GMM;less-developed-countries;european-union;defense expenditures;government size;peace-dividend;cross-section;models;tests;nexus;time
Project: Economic Modelling
期刊/報告no:: Economic Modelling, Volume 28, Issue 6, Page(s) 2416-2423.
Applying GMM (Arellano and Bond, 1991) to panel data of 90 countries spanning over 1992-2006, this paper explores possible relationships between military expenditure and economic growth. Based on the definitions of income levels by the World Bank - high, middle and low - our results indicate military spending leads negatively economic growth for the panels of low income countries with a marginally significance level of 10%. Of four different regional panels (Africa. Europe, the Middle East-South Asia and Pacific Rim), a negative but stronger (5% significance level) causal relationship from military expenditure to economic growth is found for the Europe and Middle East-South Asia regions. (C) 2011 Elsevier B.V. All rights reserved.
ISSN: 0264-9993
DOI: 10.1016/j.econmod.2011.06.001
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