Does military expenditure determine Fiji's exploding debt levels?

Narayan, S and Narayan, P 2008, 'Does military expenditure determine Fiji's exploding debt levels?', Defence and Peace Economics, vol. 19, no. 1, pp. 77-87.


Document type: Journal Article
Collection: Journal Articles

Title Does military expenditure determine Fiji's exploding debt levels?
Author(s) Narayan, S
Narayan, P
Year 2008
Journal name Defence and Peace Economics
Volume number 19
Issue number 1
Start page 77
End page 87
Total pages 11
Publisher Routledge
Abstract Fiji's total debt stands at 65% of GDP. Domestic debt constitutes 55% of GDP. The goal of this paper is to investigate whether military expenditure has contributed to Fiji's exploding debt levels over the period 1970 to 2005. Our empirical analysis, conducted within a cointegration and vector error-correction framework, suggests that, in the long-run, military expenditure has had a statistically significant positive impact on both external debt and domestic debt, while income has had a statistically significant positive impact on domestic debt and a statistically significant negative impact on external debt. We explain the reasons behind this finding and draw some policy implications.
Subject Economic Development and Growth
Keyword(s) permanent shocks
transitory shocks
health expenditure
industrialized countries
DOI - identifier 10.1080/10242690701453784
ISSN 1024-2694
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