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The Nexus Between Defense Expenditures, Geopolitical Risk, Political Stability and Macroeconomic Indicators: Evidence from Türkiye

Year 2025, Issue: 84, 283 - 301, 30.04.2025

Elif Efe , Üzeyir Aydın

https://doi.org/10.51290/dpusbe.1631179

Abstract

Defense expenditures are an item that exists cyclically throughout the world in every period and covers most of the public expenditures of countries. The effect of defense expenditures on inflation, employment, balance of trade balance, gross domestic product, geopolitical risk index, and political stability index within the scope of Türkiye has been examined. The findings, while the causality relationship from defense spending to balance of trade, geopolitical risk index, and political stability index is determined and there is a positive relationship from defense spending to foreign trade balance and a negative relationship to geopolitical risk index, there is a cointegration towards gross domestic product. Empirical findings support the military Keynesian approach in the long and short term, indicating that the increase in defense expenditures in Türkiye increases exports and the balance of trade. Increasing R&D activities and implementing policies that encourage investment in higher-density defense industry products will increase positive externalities in the balance of trade. Long-term, the rise in defense spending allows one to draw the conclusion that the country tends to lower geopolitical risks by boosting confidence in its political, economic, and security realities and lowering the threat of terrorism.

Keywords

Geopolitical risk index Defense expenditures ARDL bounds testing approach Political stability index Toda-Yamamoto causality analysis

References

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  • Alesina, A. & Weder, B. (1999). Do Corrupt Governments Receive Less Foreign Aid? doi: 10.3386/w7108
  • Asongu, S. A., Le Roux, S., & Singh, P. (2021). Fighting terrorism in Africa: Complementarity between inclusive development, military expenditure and political stability. Journal of Policy Modeling, 43(5), 897-922. doi: 1016/j.jpolmod.2020.01.014
  • Balan, F. (2015). The Nexus between Political Instability, Defence Spending and Economic Growth in the Middle East Countries: Bootstrap Panel Granger Causality Analysis. Economic Insights-Trends and Challenges: C. IV (Sayı 4).
  • Barış, S., & Barış, A. (2024). Do Geopolitical risks affect defense expenditures? An Analysis with panel ARDL approach. International Journal of Social Inquiry, 17(1), 69-85. doi: 10.37093/ijsi.1428209
  • Bayraktar, S. (2019). Savunma Sanayi ve Savunma Harcamalarının Makroekonomik Etkileri: Türkiye Örneği. Master's thesis. Marmara University Institute of Social Sciences.
  • Benoit, E. (1973). Defense and economic growth in developing countries. Lexington Books.
  • Bilgin, C. (2022). Effects of defense spending changes on economic growth: A Nonlinear cointegration model and asymmetric causality test for Türkiye. İzmir İktisat Dergisi, 37(1), 92-109. doi: 10.24988/ije.835979
  • Brown, R. L., Durbin, J., & Evans, J. M. (1975). Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society: Series B (Methodological), 37(2), 149-163. doi: 10.1111/j.2517-6161.1975.tb01532.x
  • Buzdağlı, Ö., & Özdemir, D. (2021). The Effect of geopolitical risk index on military expenditures. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 12(29), 188-203. doi: 10.21076/vizyoner.761633
  • Caldara, D., & Iacoviello, M. (2022). Measuring geopolitical risk. American Economic Review, 112(4), 1194-1225. doi: 10.1257/aer.20191823
  • Ceyhan, T., & Köstekçi, A. (2021). The Effect of military expendıtures on economic growth and unemployment: Evidence from Türkiye. Fırat Üniversitesi Sosyal Bilimler Dergisi, 31(2), 913-928. doi: 10.18069/firatsbed.898944
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  • Demirci, O., & Ayyildiz, F. V. (2023). The Relationship of geopolitical risks and defense expenditures with economic growth: The Example of MIST countries. Fiscaoeconomia, 7(3), 1929-1947. doi: 10.25295/fsecon.1277050
  • Destek, M. A. (2016). Military expenditure and economic growth in BRICS and MIST countries: Evidence from bootstrap panel granger causality analysis. International Journal of Management Economics and Business, 12(28), 0-0. doi: 10.17130/ijmeb.20162819853
  • Durgun, Ö., & Timur, M. C. (2017). The Relationship Between Defense Expenditure and Economic Growth: Türkiye Analyses. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 54, 126-137.
  • Efe, E., & Aydın Ü. (2023). The Effect of Macroeconomic Variables and Geopolitical Risk Index on Defence Expenditures. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi 24(3), 692-707. doi: 10.17494/ogusbd.1317847.
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  • Erbaykal, E. (2007). The Relationship between defence expenditures and economic growth in Türkiye [Master’s thesis, Balıkesir University Institute of Social Sciences]. https://hdl.handle.net/20.500.12462/1933
  • Erdugan, F., & Özçelik, Ö. (2020). Relationship between defense expenditures and employment: Panel data analysis. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi, 8(2), 152-168.
  • Esener, S. C., & Ipek, E. (2016). Expanding Effects of Military Expenditures on External Debt in Developing Countries. Journal of Business Economics and Finance, 4(4).
  • Görkem, H., & Işık, S. (2008). The relationship between defence spending and economic growth in Türkiye (1968-2006). 405-424. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 25(2), 405-424.
  • Gül, E., & Torusdağ, M. (2019). Analysis of the effects of defense expenditures on income distribution and economic development with panel asymmetric causality test: Brics countries and Türkiye Case. International Journal of Contemporary Economics and Administrative Sciences, 9(1), 1-24. doi: 10.5281/zenodo.3262188
  • Huskić, M., Satrovic, E., & Muslija, A. (2020). Revisiting The Military Expenditure–Growth Nexus for The Sample of Mist Countries. In Selected Topics on Defence Economics and Terrorism.
  • İpek, E. (2014). Expanding effects of military expenditures on external debt in developing countries. Anadolu University Journal of Social Sciences / Anadolu Üniversitesi Sosyal BilimlerDergisi, 14(3),113-125.
  • Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12(2), 231-254. doi: 10.1016/0165-1889(88)90041-3
  • Johansen, S. (1995). Identifying restrictions of linear equations with applications to simultaneous equations and cointegration. Journal of Econometrics, 69(1), 111-132. https://doi.org/https://doi.org/10.1016/0304-4076(94)01664-L
  • Johansen, S., & Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration--with applications to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 169-210.
  • Kalyoncu, H., & Yucel, F. (2006). An analytical approach on defense expenditure and economic growth. Journal of Economic Studies, 33(5), 336-343. doi: 10.1108/01443580610706564
  • Kaya, S. S. (2013). A Causality analysis on the economic effects of defense expenditure in Türkiye (1970-2010). Trakya Üniversitesi Sosyal Bilimler Dergisi, 15(2), 17-38.
  • Khan, K., Su, C. W., & Rizvi, S. K. A. (2022). Guns and blood: A review of geopolitical risk and defence expenditures. Defence and Peace Economics, 33(1), 42-58.
  • Korkmaz, S. (2015). The Effect of military spending on economic growth and unemployment in Mediterranean countries. International Journal of Economics and Financial Issues, 5(1), 273-280.
  • McGuire, M. C. (1995). Chapter 2 Defense economics and international security (C. 1, ss. 13-43). Elsevier. doi: 10.1016/S1574-0013(05)80004-3
  • Murat, Ö. (2020). The Impact on Foreign Trade Balance Balance of Defense Spending in Türkiye and the BRICS countries. Unpublished doctoral dissertation. İstanbul Ticaret Üniversitesi.
  • Naıimoğlu, M., & Özbek, S. (2022). Türkiye’de Savunma Harcamaları ve Ekonomik Büyüme İlişkisinin Yeniden Gözden Geçirilmesi: Fourier Yaklaşımı. İzmir İktisat Dergisi, 37(1), 174-188. doi: 10.24988/ije.909072
  • Narayan, P. K., & Smyth, R. (2005). The residential demand for electricity in Australia: an application of the bounds testing approach to cointegration. Energy Policy, 33(4), 467-474. doi: 10.1016/j.enpol.2003.08.011
  • Njamen Kengdo, A. A., Nchofoung, T. N., & Kos A Mougnol, A. (2023). Determinants of military spending in Africa: Do Institutions matter?. Peace Economics, Peace Science and Public Policy, 29(4), 401-440.
  • Odehnal, J., & Neubauer, J. (2020). Economic, security, and political determinants of military spending in NATO Countries. Defence and Peace Economics, 31(5), 517-531. doi: 10.1080/10242694.2018.1544440
  • Özen Atabey, A., & Karakuş, M. (2023). Analysis of causal relationships between defense expenditures, unemployment and economic growth: The Case of Türkiye. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 54, 39-55. doi:10.30794/pausbed.1130118
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. doi: 10.1002/jae.616
  • Phillips, P. C. B., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346. doi: 10.1093/biomet/75.2.335
  • PRS Group. (2022). The International Country Risk Guide (ICRG) Methodology. https://www.prsgroup.com/wp-content/uploads/2022/04/ICRG-Method.pdf
  • Sezgin, S., & Yildirim, J. (2002). The Demand for Turkish defence expenditure. Defence and Peace Economics, 13(2), 121-128. doi: 10.1080/10242690210973
  • Sharifi-Renani, H. (2007). Demand for money in Iran: An ARDL approach. https://EconPapers.repec.org/RePEc:pra:mprapa:8224
  • Sürücü, L., Eminer, F., & Sagbas, M. (2022). The Relationship of defense expenditures and economic growth examples of Türkiye and China (2000-2020). Güvenlik Stratejileri Dergisi, 18(41), 171-199. doi: 10.17752/guvenlikstrtj.1026084
  • Sweidan, O. D. (2023). Geopolitical risk and military expenditures: Evidence from the US economy. Russian Journal of Economics 9(2):201-18. doi: 10.32609/j.ruje.9.97733.
  • Şentürk, S. H. (2020). The Relation of external debt and military expenditures: An Econometric study on selected middle east countries. Maliye Araştırmaları Dergisi, 6(3), 93-106.
  • Song, Y., & Chen, B. (2024). Are the defense policy and military expenditure in China economically or politically driven?. Journal of Chinese Political Science, 1-28.
  • Taçyıldız, M. O., & Çukur, A. (2022). The Impact of Defense Expenditures on Macroeconomic Indicators in Türkiye: 2000-2020 Period. Journal of Security Studies, 24(1), 50-74.
  • Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1-2), 225-250. doi: 10.1016/0304-4076(94)01616-8
  • Topal, M. H. (2018). The Military expenditure and unemployment relationship in Türkiye:A cointegration analysis under multi-structural breaks and time-varying causality. In 4th International Congress on Political, Economic and Social Studies (ICPESS) (pp. 139-158).
  • Üçler, G. (2017). The Effect of defense spending on Unemployment in Türkiye: An Econometric Analysis for the Period of 1980-2014. Yaşar Üniversitesi E-Dergisi, 12(46), 161-170.
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Savunma Harcamalarının Makroekonomik Göstergeler-Jeopolitik Risk Ve Politik İstikrar Endeksi ile İlişkisi: Türkiye Örneği

Year 2025, Issue: 84, 283 - 301, 30.04.2025

Elif Efe , Üzeyir Aydın

https://doi.org/10.51290/dpusbe.1631179

Abstract

Savunma harcamaları dünya genelinde konjonktürel olarak her dönemde var olan ve ülkelerin kamu harcamalarının büyük bir kısmını oluşturmaktadır. Bu çalışmada Türkiye kapsamında savunma harcamalarının enflasyon, istihdam, dış ticaret dengesi, gayrisafi yurtiçi hasıla, jeopolitik risk endeksi ve siyasi istikrar endeksi üzerindeki etkisi incelenmiştir. Bulgular, savunma harcamalarından dış ticaret dengesine, jeopolitik risk ve politik istikrar endeksine doğru nedensellik ilişkisi, savunma harcamalarından dış ticaret dengesine doğru pozitif, jeopolitik risk endeksine doğru negatif bir ilişki, gayrisafi yurt içi hasılaya doğru ise eş bütünleşme olduğunu göstermektedir. Ampirik bulgular uzun ve kısa vadede Askeri Keynesyen yaklaşımı desteklemekte, Türkiye'de savunma harcamalarındaki artışın ihracatı artırdığını ve dış ticaret dengesini iyileştirdiğini göstermektedir. Araştırma ve geliştirme faaliyetlerinin artırılması ve daha yüksek yoğunluklu savunma sanayi ürünlerine yatırımı teşvik eden politikaların uygulanması dış ticaret dengesindeki pozitif dışsallıkları artıracaktır. Uzun vadede savunma harcamalarındaki artış, ülkenin güvenlik, ekonomik ve siyasi gerçeklerine olan güveni artırarak ve terörizm riskini azaltarak jeopolitik riskleri azaltma eğiliminde olacağı sonucuna ulaşılmaktadır.

Keywords

Jeopolitik risk endeksi Savunma harcamaları Politik istikrar endeksi ARDL sınır testi Toda-Yamamoto nedensellik analizi

References

  • Akkaş, M. E., & Sayılgan, G. (2015). Housing prices and mortgage interest rate: Toda-Yamamoto Causality Test. Journal of Economics Finance and Accounting, 2(4), 572-578.
  • Alesina, A. & Weder, B. (1999). Do Corrupt Governments Receive Less Foreign Aid? doi: 10.3386/w7108
  • Asongu, S. A., Le Roux, S., & Singh, P. (2021). Fighting terrorism in Africa: Complementarity between inclusive development, military expenditure and political stability. Journal of Policy Modeling, 43(5), 897-922. doi: 1016/j.jpolmod.2020.01.014
  • Balan, F. (2015). The Nexus between Political Instability, Defence Spending and Economic Growth in the Middle East Countries: Bootstrap Panel Granger Causality Analysis. Economic Insights-Trends and Challenges: C. IV (Sayı 4).
  • Barış, S., & Barış, A. (2024). Do Geopolitical risks affect defense expenditures? An Analysis with panel ARDL approach. International Journal of Social Inquiry, 17(1), 69-85. doi: 10.37093/ijsi.1428209
  • Bayraktar, S. (2019). Savunma Sanayi ve Savunma Harcamalarının Makroekonomik Etkileri: Türkiye Örneği. Master's thesis. Marmara University Institute of Social Sciences.
  • Benoit, E. (1973). Defense and economic growth in developing countries. Lexington Books.
  • Bilgin, C. (2022). Effects of defense spending changes on economic growth: A Nonlinear cointegration model and asymmetric causality test for Türkiye. İzmir İktisat Dergisi, 37(1), 92-109. doi: 10.24988/ije.835979
  • Brown, R. L., Durbin, J., & Evans, J. M. (1975). Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society: Series B (Methodological), 37(2), 149-163. doi: 10.1111/j.2517-6161.1975.tb01532.x
  • Buzdağlı, Ö., & Özdemir, D. (2021). The Effect of geopolitical risk index on military expenditures. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 12(29), 188-203. doi: 10.21076/vizyoner.761633
  • Caldara, D., & Iacoviello, M. (2022). Measuring geopolitical risk. American Economic Review, 112(4), 1194-1225. doi: 10.1257/aer.20191823
  • Ceyhan, T., & Köstekçi, A. (2021). The Effect of military expendıtures on economic growth and unemployment: Evidence from Türkiye. Fırat Üniversitesi Sosyal Bilimler Dergisi, 31(2), 913-928. doi: 10.18069/firatsbed.898944
  • Değirmenci, T., Ünsal, Y., & Cengiz, Y. (2024). Türkiye’de politik istikrar, ekonomik politika belirsizliği ve ekonomik büyümenin askeri harcamalar üzerindeki etkisi. Politik Ekonomik Kuram, 8(2), 370-384. doi: 10.30586/pek.1422314
  • Demirci, O., & Ayyildiz, F. V. (2023). The Relationship of geopolitical risks and defense expenditures with economic growth: The Example of MIST countries. Fiscaoeconomia, 7(3), 1929-1947. doi: 10.25295/fsecon.1277050
  • Destek, M. A. (2016). Military expenditure and economic growth in BRICS and MIST countries: Evidence from bootstrap panel granger causality analysis. International Journal of Management Economics and Business, 12(28), 0-0. doi: 10.17130/ijmeb.20162819853
  • Durgun, Ö., & Timur, M. C. (2017). The Relationship Between Defense Expenditure and Economic Growth: Türkiye Analyses. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 54, 126-137.
  • Efe, E., & Aydın Ü. (2023). The Effect of Macroeconomic Variables and Geopolitical Risk Index on Defence Expenditures. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi 24(3), 692-707. doi: 10.17494/ogusbd.1317847.
  • Efe, E., & Aydın, Ü., (2024). The Relationship between political stability and geopolitical risk index with military expenditures: The Case of BRICS-T countries. In 3. Bilsel International Truva Scientific Researches And Innovation Congress (pp. 51-64). Çanakkale, Türkiye
  • Engle, R., & Granger, C. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica, 55(2), 251-276.
  • Erbaykal, E. (2007). The Relationship between defence expenditures and economic growth in Türkiye [Master’s thesis, Balıkesir University Institute of Social Sciences]. https://hdl.handle.net/20.500.12462/1933
  • Erdugan, F., & Özçelik, Ö. (2020). Relationship between defense expenditures and employment: Panel data analysis. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi, 8(2), 152-168.
  • Esener, S. C., & Ipek, E. (2016). Expanding Effects of Military Expenditures on External Debt in Developing Countries. Journal of Business Economics and Finance, 4(4).
  • Görkem, H., & Işık, S. (2008). The relationship between defence spending and economic growth in Türkiye (1968-2006). 405-424. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 25(2), 405-424.
  • Gül, E., & Torusdağ, M. (2019). Analysis of the effects of defense expenditures on income distribution and economic development with panel asymmetric causality test: Brics countries and Türkiye Case. International Journal of Contemporary Economics and Administrative Sciences, 9(1), 1-24. doi: 10.5281/zenodo.3262188
  • Huskić, M., Satrovic, E., & Muslija, A. (2020). Revisiting The Military Expenditure–Growth Nexus for The Sample of Mist Countries. In Selected Topics on Defence Economics and Terrorism.
  • İpek, E. (2014). Expanding effects of military expenditures on external debt in developing countries. Anadolu University Journal of Social Sciences / Anadolu Üniversitesi Sosyal BilimlerDergisi, 14(3),113-125.
  • Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12(2), 231-254. doi: 10.1016/0165-1889(88)90041-3
  • Johansen, S. (1995). Identifying restrictions of linear equations with applications to simultaneous equations and cointegration. Journal of Econometrics, 69(1), 111-132. https://doi.org/https://doi.org/10.1016/0304-4076(94)01664-L
  • Johansen, S., & Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration--with applications to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 169-210.
  • Kalyoncu, H., & Yucel, F. (2006). An analytical approach on defense expenditure and economic growth. Journal of Economic Studies, 33(5), 336-343. doi: 10.1108/01443580610706564
  • Kaya, S. S. (2013). A Causality analysis on the economic effects of defense expenditure in Türkiye (1970-2010). Trakya Üniversitesi Sosyal Bilimler Dergisi, 15(2), 17-38.
  • Khan, K., Su, C. W., & Rizvi, S. K. A. (2022). Guns and blood: A review of geopolitical risk and defence expenditures. Defence and Peace Economics, 33(1), 42-58.
  • Korkmaz, S. (2015). The Effect of military spending on economic growth and unemployment in Mediterranean countries. International Journal of Economics and Financial Issues, 5(1), 273-280.
  • McGuire, M. C. (1995). Chapter 2 Defense economics and international security (C. 1, ss. 13-43). Elsevier. doi: 10.1016/S1574-0013(05)80004-3
  • Murat, Ö. (2020). The Impact on Foreign Trade Balance Balance of Defense Spending in Türkiye and the BRICS countries. Unpublished doctoral dissertation. İstanbul Ticaret Üniversitesi.
  • Naıimoğlu, M., & Özbek, S. (2022). Türkiye’de Savunma Harcamaları ve Ekonomik Büyüme İlişkisinin Yeniden Gözden Geçirilmesi: Fourier Yaklaşımı. İzmir İktisat Dergisi, 37(1), 174-188. doi: 10.24988/ije.909072
  • Narayan, P. K., & Smyth, R. (2005). The residential demand for electricity in Australia: an application of the bounds testing approach to cointegration. Energy Policy, 33(4), 467-474. doi: 10.1016/j.enpol.2003.08.011
  • Njamen Kengdo, A. A., Nchofoung, T. N., & Kos A Mougnol, A. (2023). Determinants of military spending in Africa: Do Institutions matter?. Peace Economics, Peace Science and Public Policy, 29(4), 401-440.
  • Odehnal, J., & Neubauer, J. (2020). Economic, security, and political determinants of military spending in NATO Countries. Defence and Peace Economics, 31(5), 517-531. doi: 10.1080/10242694.2018.1544440
  • Özen Atabey, A., & Karakuş, M. (2023). Analysis of causal relationships between defense expenditures, unemployment and economic growth: The Case of Türkiye. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 54, 39-55. doi:10.30794/pausbed.1130118
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. doi: 10.1002/jae.616
  • Phillips, P. C. B., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346. doi: 10.1093/biomet/75.2.335
  • PRS Group. (2022). The International Country Risk Guide (ICRG) Methodology. https://www.prsgroup.com/wp-content/uploads/2022/04/ICRG-Method.pdf
  • Sezgin, S., & Yildirim, J. (2002). The Demand for Turkish defence expenditure. Defence and Peace Economics, 13(2), 121-128. doi: 10.1080/10242690210973
  • Sharifi-Renani, H. (2007). Demand for money in Iran: An ARDL approach. https://EconPapers.repec.org/RePEc:pra:mprapa:8224
  • Sürücü, L., Eminer, F., & Sagbas, M. (2022). The Relationship of defense expenditures and economic growth examples of Türkiye and China (2000-2020). Güvenlik Stratejileri Dergisi, 18(41), 171-199. doi: 10.17752/guvenlikstrtj.1026084
  • Sweidan, O. D. (2023). Geopolitical risk and military expenditures: Evidence from the US economy. Russian Journal of Economics 9(2):201-18. doi: 10.32609/j.ruje.9.97733.
  • Şentürk, S. H. (2020). The Relation of external debt and military expenditures: An Econometric study on selected middle east countries. Maliye Araştırmaları Dergisi, 6(3), 93-106.
  • Song, Y., & Chen, B. (2024). Are the defense policy and military expenditure in China economically or politically driven?. Journal of Chinese Political Science, 1-28.
  • Taçyıldız, M. O., & Çukur, A. (2022). The Impact of Defense Expenditures on Macroeconomic Indicators in Türkiye: 2000-2020 Period. Journal of Security Studies, 24(1), 50-74.
  • Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1-2), 225-250. doi: 10.1016/0304-4076(94)01616-8
  • Topal, M. H. (2018). The Military expenditure and unemployment relationship in Türkiye:A cointegration analysis under multi-structural breaks and time-varying causality. In 4th International Congress on Political, Economic and Social Studies (ICPESS) (pp. 139-158).
  • Üçler, G. (2017). The Effect of defense spending on Unemployment in Türkiye: An Econometric Analysis for the Period of 1980-2014. Yaşar Üniversitesi E-Dergisi, 12(46), 161-170.
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There are 57 citations in total.

Details

Primary Language English
Subjects Macroeconomics (Other)
Journal Section RESEARCH ARTICLES
Authors

Elif Efe 0000-0002-0281-6949

Üzeyir Aydın 0000-0003-2777-6450

Publication Date April 30, 2025
Submission Date February 1, 2025
Acceptance Date April 18, 2025
Published in Issue Year 2025 Issue: 84

Cite

APA Efe, E., & Aydın, Ü. (2025). The Nexus Between Defense Expenditures, Geopolitical Risk, Political Stability and Macroeconomic Indicators: Evidence from Türkiye. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi(84), 283-301. https://doi.org/10.51290/dpusbe.1631179
AMA Efe E, Aydın Ü. The Nexus Between Defense Expenditures, Geopolitical Risk, Political Stability and Macroeconomic Indicators: Evidence from Türkiye. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. April 2025;(84):283-301. doi:10.51290/dpusbe.1631179
Chicago Efe, Elif, and Üzeyir Aydın. “The Nexus Between Defense Expenditures, Geopolitical Risk, Political Stability and Macroeconomic Indicators: Evidence from Türkiye”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 84 (April 2025): 283-301. https://doi.org/10.51290/dpusbe.1631179.
EndNote Efe E, Aydın Ü (April 1, 2025) The Nexus Between Defense Expenditures, Geopolitical Risk, Political Stability and Macroeconomic Indicators: Evidence from Türkiye. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 84 283–301.
IEEE E. Efe and Ü. Aydın, “The Nexus Between Defense Expenditures, Geopolitical Risk, Political Stability and Macroeconomic Indicators: Evidence from Türkiye”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 84, pp. 283–301, April 2025, doi: 10.51290/dpusbe.1631179.
ISNAD Efe, Elif - Aydın, Üzeyir. “The Nexus Between Defense Expenditures, Geopolitical Risk, Political Stability and Macroeconomic Indicators: Evidence from Türkiye”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 84 (April 2025), 283-301. https://doi.org/10.51290/dpusbe.1631179.
JAMA Efe E, Aydın Ü. The Nexus Between Defense Expenditures, Geopolitical Risk, Political Stability and Macroeconomic Indicators: Evidence from Türkiye. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2025;:283–301.
MLA Efe, Elif and Üzeyir Aydın. “The Nexus Between Defense Expenditures, Geopolitical Risk, Political Stability and Macroeconomic Indicators: Evidence from Türkiye”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 84, 2025, pp. 283-01, doi:10.51290/dpusbe.1631179.
Vancouver Efe E, Aydın Ü. The Nexus Between Defense Expenditures, Geopolitical Risk, Political Stability and Macroeconomic Indicators: Evidence from Türkiye. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2025(84):283-301.
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