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An Empirical Investigation of External Debt - Military Expenditure Nexus in Bangladesh

Keywords: Bangladesh , Cointegration , Granger causality , Real Arms import , Real External debt , Real Military expenditure

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Abstract:

The objective of this paper is to empirically investigate a two-way statistical relationship between the real external debt and real military expenditure in the context of Bangladesh. A time series co-integration and Granger causality tests have been employed from 1980 - 2009 for analysis. The empirical results support the bi-directional causality between the external debt and economic growth, while unidirectional causality runs from military spending to external debt.

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