Abstract
This paper examines the military expenditure (milex) economic growth nexus, in selected Balkan and peripheral countries from 1990 to 2022, considering the presence of informality within an institutional framework. Specifically, we employ Principal Components Analysis (PCA) to formulate an index of informality and use the Dynamic Ordinary Least Squares (DOLS) and Fully-Modified Ordinary Least Squares (FMOLS) methods to identify the long-run equilibria. To provide a more comprehensive insight, the study also incorporates two types of causality tests – Dumitrescu-Hurlin and Juodis et al. – to determine the direction of the relationships. Our findings indicate that in the long-run milex can be detrimental to economic growth whilst informality boosts it.
| Original language | English |
|---|---|
| Pages (from-to) | 505-523 |
| Number of pages | 19 |
| Journal | Peace Economics, Peace Science and Public Policy |
| Volume | 30 |
| Issue number | 4 |
| DOIs | |
| Publication status | Published - 20 Sept 2024 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 8 Decent Work and Economic Growth
Keywords
- Balkan peninsula
- economic growth
- informality
- military spending
ASJC Scopus subject areas
- Sociology and Political Science
- Economics and Econometrics
- Political Science and International Relations
- Management, Monitoring, Policy and Law
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