Lee, Chien-Chiang; Chang, Chun-Ping - In: Defence and Peace Economics 17 (2006) 4, pp. 361-385
Using the Solow-Swan growth model and the time-trend included in the aggregate production function, this study applies the multivariate cointegration approach to re-investigate the long-run and causal relationships between defence expenditures and GDP while controlling for capital and labour...