Defence spending and real growth in an asymmetric environment: Accessing evidence from a developing economy

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dc.authoridBekun, Festus Victor/0000-0003-4948-6905
dc.contributor.authorGbadebo, Adedeji Daniel
dc.contributor.authorBekun, Festus Victor
dc.contributor.authorAkande, Joseph Olorunfemi
dc.contributor.authorAdekunle, Ahmed Oluwatobi
dc.date.accessioned2024-09-11T19:50:06Z
dc.date.available2024-09-11T19:50:06Z
dc.date.issued2024
dc.departmentİstanbul Gelişim Üniversitesien_US
dc.description.abstractThe connection between the defence spending and real growth remains a forefront subject of theoretical and empirical research. Nigeria, like many other developing nations, continues to devote numerous fiscal resources to military spending in ensuring peaceful coexistence and to attain sustainable economic growth after her independence in 1960. Because the interdependence between them has policy implications, this paper studies whether there exists asymmetric causality between them. The dataset, from World Bank database, includes long-range historical series for military expenditure/GDP ratio and growth rate of GDP, covering 1960-2021. In exploring the empirical relations, the paper shows evidence for the symmetric Granger causality, from Toda-Yamamoto (1995) and asymmetric causality, from Hatemi-J (2012). The standard (symmetric) identifies unidirectional causality evidence, from defence spending to the GDP per capital growth, with no retained potential feedback from real growth to defence spending. The Hatemi-J (asymmetric) causality maintains evidence that positive shocks in the defence spending may cause a positive shock in the GDP per capital, supposing that increase perturbations to defence spending would be productive and growth-enhancing. This causal impact is not evident for positive growth shocks. The findings support the need for policymakers to consider sustained growth targets when redesigning the military budget.en_US
dc.identifier.doi10.1002/ijfe.2966
dc.identifier.issn1076-9307
dc.identifier.issn1099-1158
dc.identifier.scopus2-s2.0-85189504119en_US
dc.identifier.urihttps://doi.org/10.1002/ijfe.2966
dc.identifier.urihttps://hdl.handle.net/11363/7557
dc.identifier.wosWOS:001191110000001en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.language.isoenen_US
dc.publisherWileyen_US
dc.relation.ispartofInternational Journal of Finance & Economicsen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.snmz20240903_Gen_US
dc.subjectBenoit hypothesisen_US
dc.subjecteconomic growthen_US
dc.subjectmilitary expenditureen_US
dc.subjectsymmetric causalityen_US
dc.subjecttime-varying asymmetrical causalityen_US
dc.subjectToda-Yamamoto's Granger causalityen_US
dc.titleDefence spending and real growth in an asymmetric environment: Accessing evidence from a developing economyen_US
dc.typeArticleen_US

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