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Economic Growth and Military Expenditure Linkages: A Panel Data Analysis
unpublished
This paper has made an attempt to examine relationship between military expenditure and economic growth using 56 country panel data spanning over 1995-2011. Panel fixed effect model has been estimated for all 56 countries and subgroups classified on the basis of World Bank income criteria. The results of this study indicate a positive effect of military expenditure on economic growth but this positive effect is negligible compared to the alternative uses of scare resources on non-military
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