The Influence of Military Spending on External Debt in IRAN
Subject Areas : Financial Economicsصاحبه محمدیان منصور 1 , ابوالقاسم گل خندان 2
1 - مربی دانشگاه پیام نور
2 - دانشجوی دکتری دانشگاه لرستان
Keywords: H56, H6, Keywords: External Debt, Military Spending, Auto Regressive Distributed Lags, Johansson Co-integration, Fully Modified Ordinary Least Squares (FMOLS). JEL Classification: C22,
Abstract :
Abstract The main objective of this study is to investigate the co-integration and causality between military spending and external debt during the period of 1988-2012. To the accurate deliberation of this main used the Zivot - Andrews (1992) unit root test with structural breaks based on the three approaches, autoregressive distributed lags (ARDL), Johansson (1990) and fully modified ordinary least squares (FMOLS). Demonstrate co-integration in upon three approaches have been done by using Pesaran's et al bonds (2001), trace and maximum eigenvalue and Saikkonen and Lutkepohl (2000) co-integration tests. The estimated long-term and short-term coefficients and reviews of direction causality have done based on error correction model (ECM). The results indicate a low positive effect of military expenditure on external debt in short-term and long-term. In addition, there is one-way causality from military spending to external debt in short-term and long-term.
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