期刊名称：Discussion Paper Series / Department of Economics, Monash University
出版年度：2007
卷号：1
出版社：Monash University
摘要：This paper examines the impact of military expenditure and income on external debt
for a panel of six Middle Eastern countries; namely, Oman, Syria, Yemen, Bahrain,
Iran, and Jordan, over the period 1988 to 2002. Using Pedroni's (2004) test for panel
cointegration, we find that there is a long-run relationship between external debt,
military expenditure and income. The estimated long-run elasticities suggest that an
increase in military expenditure contributes to a rise in external debt, while an
increase in income helps the Middle Eastern countries to pay off their external debt.
